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[Bryant Crista]

Being able to showcase an apartment without the seller on hand to scrutinize your every move was a huge step in the right direction for the real estate market. Agents have a good understanding of the situations where sellers will stay at home for the duration of a showing, and "pretend" like they are at work, the buyers tip-toe through the property, trying not to make themselves appear to be in control while trying to get an understanding of what the house is like.

This is a distinct departure from the normal showing where the sellers aren't present; the buyers are enticed to peek around to gain a clear view of the house. When the sellers aren't present in the room, buyers have the chance to get an authentic impression of the way that home will feel and to visualize themselves living there. Simply put, it allows an improved, more pleasant showing experience.

The lockbox was born from this issue. was developed. A device securing the key for entry by accredited real estate agents who could display their prospective buyers as well as allowing the sellers (or their representatives) the possibility of having the house shown without requirement of their presence. It saved time, as well as facilitated a better display experience. It was definitely an excellent win-win.

But, the first locks were just a combination lockbox. They're not costly however the primary drawback was the lack of security for the home that was targeted once the code for the lockbox was made public. Sellers would depend on the professional ethics in real estate agent to ensure the confidentiality of the code however sometimes the code would end up in the hands of people who weren't agents. The code less often could be found by people with malicious motives.

With the obvious drawback of trusting in the honor system to ensure that https://canvas.instructure.com/eportfolios/688477/lukasztku489/5_Laws_Thatll_Help_The_The_House_Market_Industry lockbox codes are kept secret It also provided the chance for a new solution that would provide accountability along with the ability to show a home without the seller being present. Therefore, it didn't take long for "smart" lockboxes using electronic technology to be created and revolutionize the process of displaying a house. Prior to that, the seller and agent didn't know about the person who showed the home other than the confirmed times that were scheduled. In the modern world we have the ability to determine who and when you can show a property by electronic locks. With these smart electronic lockboxes, only an agent or designated person can access the lockbox's contents, giving a sense of security to sellers that only licensed agents and properly permitted individuals are showing and accessing their property.

Today there are 2 main firms that supply these intelligent electronic lockboxes to estate agency associations. They are Supra key and Sentrilock. Together they form the majority of the marketplace for lockboxes and no other lockbox manufacturer comes close.

Supra (or SupraKey) is owned by General Electric. It provides lockbox solutions to all sorts of niche industries like real estate, which is one of the most popular. Bill Love, national account manager of Supra claims that out of any area or state within the country, Supra, on average retains an 80 percent market share. Supra has sold several million lockboxes throughout the years for real estate professionals and, at present, Love estimates that the number is 1.5 millionplus Supra lockboxes in use by about 750,000 real estate agents across the nation.

The supra key features the shape of a round piece that extends down to the "shackle" (the loop part of the lockbox to wrap around something to keep it securely in place) which is where the shackle will fit perfectly. Its basic design is pleasing to the eyes, and to activate the lockbox, the agent will have the "digital key" that's about the size of a flip phone. It also has a number pad and a screen on it. The agent sets the key to open the box and then points it in the direction of an infrared-sensitive sensor within the box. If the lockbox notices it's been accessed with the remote digital keys, it will release to allow access and the inside of the lockbox's bottom will drop when being pushed by an agent, and voila, that key key inside the home is available for the agent to use and let the door open for the presentation.

Love says that Supra plans to add upgrades to the current model lockbox that will have the capability for wireless Bluetooth access as well as synchronization. Also, rather than having the digital key for the agent who has smartphones, Supra offers an app for phone access instead, which makes it simpler and easier and affordable, with a monthly charge. Love states that the primary benefit of the Supra Lockbox is that "it keeps intelligence in the hands of the user." Instead of relying on other equipment or traders, the user has the control. Supra has had the current model for some years now , and has made gradual software updates on the route. When an agent needs to purchase a new Supra lockbox, it will cost about $90, however the actual amount that an agent is set through the association they are part of.

Sentrilock is the other major player in real estate lockbox industry. Sentrilock is based in Indiana and is partially operated by National Association of Realtors has existed for just less than a decade and currently services around 250 of the 1000plus Realtor associations across the nation and Canada as well. The association is comprised of about 250,000 realtors and about 500,000 lockboxes being used at the moment. Sentrilock has 2 main models in use which is a silver lockbox, which is similar to a cell phone that was made in the 1980s, bulky and heavy and somewhat longer in size than the super lockbox. It has a key pad located on the front of the box itself and houses the key inside the drop-down door which pops out when you open it.

The other lockbox available is a smaller, more compact blue lockbox, which is slightly cube-shaped however it has the same functionality features. The major difference between blue and silver lockboxes is that the blue one can allow to have more space inside the lockbox itself (which is crucial for those trying to sell a condominium and who must include the "access fob" in addition to the key to the front doors of the unit it's just not enough space to fit multiple keys or the access fob with Sentrilocks' Silver lockbox). Sentrilock offers their locks for about $125 a piece However, it is dependent on where you're getting it from, as the exact retail price is established by the regional real estate association selling the boxes.

Both companies provide substantial guarantees on the products they sell. Additionally, they have an customer support team that is almost always on hand in the event of difficulties accessing the lockbox, or for assistance with troubleshooting. Both companies provide an online tool to provide an analysis of the data from the shows as well as the usage of a specific lockbox that agents can use to share with their clients.

One of the major differences between them is the way the lockbox itself is accessed. Sentrilock does not require an additional piece of equipment to access a box. Instead, they use a "Smart-Card" which is essentially the size of a credit card that can be inserted into the lockbox and has an embedded chip which shares your personal information with the lockbox which you're accessing. The card is the only thing you need to get access to the lockbox but Supra requires a digital key, although they have addressed this by means by offering a smart-phone app to allow agents to use their mobile in lieu for the key. Both systems need to be updated; or, in other words the smart card used by the Sentrilock system requires the user to insert their card into the "card reader" that you get when you buy your smart-card . The card connects with your computer. Every few days (the duration of the days is determined by your local Realtor association) you have to update your card by using the card reader, which will allow you to exhibit your property and at the same time uploads the details of the places you have shown in the system to Sentrilock which will then be visible to agents that owned locks of the premises that you visited. In an emergency, you may upgrade your card via the phone, but it's only possible to do this only once or twice.

However, supra keys are updated wirelessly. They didn't always do this which is why you had be able to store your "digital key" docked on an charging station connected to a telephone line. You had to update this every day and that's how the system would both update your card and transmit your information about the display to the system. The wireless update feature has been on the market for a year or two now, and takes away the task of having to change your password every day.

The back-end of the system used by Sentrilock allows an agent to generate specific access codes that allow only one-time access to a particular lockbox. This can be very useful for a contractor, appraiser or termite inspector. to gain access to any property by using a number however only for a single time since the code expires on the date it was designed to be used. This is a great feature that Supra isn't able to provide an answer to.

Although there are benefits to both systemshowever, agents can't simply choose which lockbox system they would like to use This is decided, contracted to and legally binding between Sentrilock or Supra and an agent's locale real estate group. They, after they've agreed on a method to be used, are able to "tweak" the system to their individual preferences and choices. Things like the price of an individual lockbox, the extent