Being able to show an apartment without the seller monitoring every move you made was a big step in right direction for the real estate market. Agents are aware of the scenario where a seller is able to stay in their home when they show it to buyers and "pretend" like they are doing nothing while the buyers stroll around the house trying not to impose while attempting to get an understanding of what it was similar to.
This is a distinct departure from the typical show when the sellers aren't present; buyers like to wander around to get a feel of the home. When the sellers aren't present, the buyers get the chance to get an idea of how the home feel and if they can visualize themselves living there. It allows for a better, more enjoyable presentation experience.
In response to this problem, the lockbox was born. A device that locks the keys for entry by authorized real estate professionals who could display their prospective buyers and also gave sellers (or their representatives) the possibility of having their home displayed without necessity of their presence. This reduced the time spent and provided a more pleasant show experience. It was definitely an win-win.
But, the first lockboxes were often a simple combination lockbox. They're definitely not expensive however one of the main drawbacks was the lack of security the property in question after they were identified by the lockbox's codes. Sellers would have to rely on professional ethics in real estate agent to ensure the confidentiality of the code however sometimes the code could fall into hands of non-agents. The code less often would be found by people with malicious intentions.
With the obvious shortfall of being reliant on the honor system to protect lockbox codes and secure, it opened up the possibility for a better approach that could allow accountability as well as the ability to show homes without the seller being present. Thus, it was not long before "smart" lockboxes using electronic technology to become available that revolutionized the process of showing homes. In the past, a homeowner and their agent couldn't even tell about the person who showed the home, other beyond the confirmation appointment that was made. Then, flash forward to today and you're now able to have the ability to pinpoint who is showing and when someone shows a property through the help of an electronic lockbox. With these intelligent electronic lockboxes only an agent or authorized party can access the lockbox , further strengthening the security for a seller that only licensed agents and authorized people are showing or entering their home.
Presently, there are two major companies that offer these electronic lockboxes to estate association associations. They are Supra key and Sentrilock. Together they comprise the majority of the marketplace for lockboxes There is no one else that comes close.
Supra (or SupraKey) is owned by General Electric and offers lockbox solutions for various niche industries and sectors, with real estate lockboxes just one of them. Bill Love, national account manager of Supra says that from a particular area or state within the nation, Supra, on average retains an 80 percent market share. Supra has offered several million locks over the years with real estate brokers and at present Love estimates that it has 1.5 millionplus Supra locks currently used by about 750,000 real agents across the nation.
The supra key itself features a cylindrical design up into the "shackle" (the loop part of the lockbox that will knot around something and keep it securely) The shackle blends seamlessly. The simple design of the key is pleasing to the eye, and for the purpose of activating the lockbox agents have an "digital key" that's about the size of a flip phone. It's got an electronic number pad and screen on it. The agent uses an access key for a box and point at an infrared-sensitive sensor within the box itself. If the lockbox detects it's been accessed with the remote key digital, it will release to allow access and the lower part of the lockbox will drop when forced by the agent and then the key to the house is there for the agent to grab and open the door for the showing.
Love claims that Supra will be making upgrades to the current model lockbox that will have the capability to use wireless Bluetooth access and syncing. In addition, instead the digital key when the user has access to a smartphone, Supra offers an app to access the lockbox using the phone instead, which makes it much more efficient and user-friendly with a monthly subscription. Love asserts that the major difference with Supra Lockbox Supra Lockbox is that "it keeps intelligence in the hands of the user." Instead of relying on extra equipment or other traders, the user has control. Supra has been using the current model for many years now with periodic software updates along the way. If an agent would like to purchase a brand new Supra lockbox, it is priced about $90, however the cost that the agent is set through the association they are a part of.
Sentrilock is the other major player in the real estate lockbox business. Sentrilock is based out of Indiana and is partially managed by the National Association of Realtors has been around for just under a decade . It currently serves approximately 250 of the 1000+ Realtor associations across the US and Canada and Canada as well. The associations are comprised of around 250,000 realtors and about 500,000 lockboxes in current use. Sentrilock has 2 main models currently in use; one is a silver lockbox that is reminiscent of a mobile phone from the late 1980's big and heavy, and slightly larger than the supra lockbox. It has a key pad located on the front of the box itself and holds the key within an open door that slides open when accessed.
The other lockbox they offer is one that is smaller and smaller blue lockbox that's more cube-like in appearance however, it offers the same features. The major difference between silver and blue lockbox can be seen in the way that the blue box allows for more space within the lockbox itself (which is important for people trying to sell a condo and needing to include the "access fob" in addition to the key for the front door of their unit it's just not enough space to fit multiple keys or the access fob with Sentrilocks' black lockbox). Sentrilock is selling their locking boxes for around $125 per box However, it is dependent on the location you're getting the box from, since the actual retail price is decided by your local realtor organization that sells the boxes.
Both lockbox companies offer substantial warranties for their products. Additionally, they have an support team that is always available in case there an issue with accessing the lockbox, or for help with troubleshooting. Both companies offer an extensive online tool to provide insights from showings and use of a specific locking box that agents can utilize to provide their clients with information.
Some of the most significant differences between these two are how the lockbox is opened. Sentrilock does not require an additional piece of equipment to open boxes. Instead, they make use of an "Smart-Card" which is essentially an ordinary credit card that fits inside the lockbox and has chips inside that shares your information with the lockbox which you're accessing. The card is all that you need to open the lockbox, unlike Supra requires a digital key, although they are addressing this issue with the help of offering the smart-phone app for agents to use their phone in place of the digital key. Both systems require an update; or, in other words, the smart card for the Sentrilock system needs that you insert your card in a "card reader" that you get when you buy your smart-card . It connects to your computer. Each few days (the number of days is determined by your regional Realtor association) you have to update your card using the card reader, which will allow you to showcase your property and simultaneously transfers the information about the https://app.gumroad.com/hronousmmn/p/the-no-1-question-everyone-wor... properties you've shown into the sentrilock system which will then be visible to agents that owned the lockboxes of the establishments that you visited. In the event of a crisis, you may make the change over by phone, however it's only possible to do this every once or twice.
However, supra keys can be updated wirelessly. There was a time when they didn't do this and you had be able to store your "digital key" docked on an charging station hooked up to a phone line. It was necessary to do this every day , which is how the system would both update your card and provide your show information to the system. The wireless update feature has been around for about a year at the moment, taking the stress out of the burden of having to update your key each and every day.
The back-end of the system used by Sentrilock permits an agent to create specific access codes for only one-time access to a particular lockbox. This makes it very convenient for an appraiser, contractor or termite inspector. to be able to access a property with a code however only once since the code expires when the date the code was intended to use. This is a great feature that Supra isn't able to provide an answer to.
Although there are advantages to each of the systems, agents cannot simply pick which lockbox system they prefer to use it is decided signed and legally binding between Sentrilock or Supra and an agent's local real estate association. The associations once they've reached an agreement on the option, can "tweak" the system to their personal preferences and preferences. Things like the price of locking boxes, whether the lockbox is sold or leased at a cost to the