Commercial PropertyNAR Hopes To Put A Lock On Lockbox Business
NAR"s new venture with Sentrilock, LLC has announced the first installations of the SentriLock REALTOR Lockboxes. Designed to bring competition to the marketplace dominated by GE (Supra, Risco,) the SentriLock boxes will be feature-rich and easy-to-learn, promises the company.
The Realtor-sanctioned lockboxes are already securing 8000 MLS properties in Charleston where 2,800 Realtors turned in their old lockboxes for a chance to try something new.
The lockboxes are supposed to be "high quality, easy-to-operate electronic" boxes featuring "smart card technology." The smart cards contain embedded microprocessors ensuring advanced security for the property, as well as downloadable information on Showing Agents and optional showing instruction features.
The lockboxes are a return to the simple life when boxes just protected property keys and didn"t go beyond the call of duty to try to be anything else. The lockboxes were invented because of an outcry by some brokers and agents that GE brand Supra was forcing obsolescence on lockboxes that are still working just fine by refusing to renew support. The publicly-held company, like all publicly-held companies, can"t content shareholders with a lockbox that lasts for years and never needs renewal, so the company switched to more complex products that could be leased on a subscription basis. But some agents complained that they are paying for functions they don"t want or use. While some agents love the new keys and boxes by Supra, others want more choice.
SentriLock"s Realtor solution is deliberately middle-tech, with just enough features to be current, but not so many as to drive up the price. The system is designed to meet the following needs: security, simplicity of operation, easy administration from the association to administer access, and speed of entry, so Realtors can get in, get the key and do their job. An audit trail tracks who has been in the home and controls access times through a simple local device, and that"s it.
“We created the SentriLock REALTOR(TM) Lockbox in full consideration of the growing needs of our members,” said Walt McDonald, president of the NAR. “NAR and SentriLock worked effectively and efficiently to develop the REALTORTM Lockbox. Innovations and functionality aside, it was important that Realtors have a choice in the marketplace.”
“SentriLock is proud to be part of this historical milestone providing Realtors and Realtor associations a cost-effective lockbox alternative,” added Scott Fisher, president of SentriLock, LLC. “SentriLock’s focus on the critical day-to-day needs of the busy real estate professional and our use of “off-the-shelf” smart card technology makes the REALTOR(TM) Lockbox a very competitive and compelling choice,” added Fisher.
“We are extremely pleased with the smooth installation,” said David Kent, president of the Charleston Trident MLS. "SentriLock delivered what was promised, an easy-to-learn system for both the association and the members with plenty of features an agent can use to their benefit."