One of the nation’s top 10 largest multiple listing services has made its decision on an official lockbox by selecting SentriLock, one of two primary industry providers.
The Orlando Regional Realtor Association (ORRA) opted against Supra in favor of the National Association of Realtors-owned access technology provider, according to an Aug. 5 press release. ORRA has more than 20,000 members across multiple Central Florida markets.
“We are honored to have the trust of the industry and to be expanding our market share across Florida,” said SentriLock CEO and founder Scott Fisher in the news release. “We have been serving amazing customers in Florida for years now, and we are excited to expand our family of professionals into central Florida and have other markets coming online soon into next year.”
The lockbox business may seem like one of minor consequence in light of what looms for the industry later in August, but access to key holders, and how often they’re used and thus, purchased, is indeed an issue brokers and MLSs need to consider. After all, lockbox use data is a back door to highly accurate market insight.
In terms of the Aug. 17 deadline for implementation of the terms of the National Association of Realtors post-settlement agreement, SentriLock and its colleagues do have things to consider. For example, how will unrepresented buyers gain access if insistent on seeing a home on their own? Does offering lockbox access instructions in an MLS listing in some way constitute cooperation?
On the latter question, Scott Fisher, SentriLock’s CEO, said in a phone call with Inman that he can’t speak with certainty on specific legal issues regarding the settlement, but did address a few of the issues his team has been chatting about.
“I think the important aspect that I can definitely comment on related to the buyer agreements is there will be a requirement that buyer agency representation must be there before they’re allowed to tour the property,” Fisher said.
As for unrepresented buyers, Fisher said that will come down to individual association rules, and that they’ll support their clients’ wishes.
“I can tell you from certain states, when somebody gains access to your property and then they squat in it, you can spend several years of your life trying to get them out, so that there’s a greater sensitivity right now to ensuring that access is very well controlled, because without that, you know, a lot of a lot of unfortunate things can happen, appliance stuff, you name it.”
In the end, Fisher believes the market will sort it all out in time, from who pays whom how much to what documents get signed.
“Everybody’s best interest can be served if you allow market dynamics to take place,” Fisher said.
SentriLock offers its own home showing application, SentriKey Showing Service, launched in 2021 in the chaos of Zillow’s acquisition of ShowingTime, a one-time industry darling for scheduling buyer tours. The application and its connected lockboxes have a number of wins of late, announcing a partnership with rental software provider RentSpree and mobile marketing app DirectOffer.
SentriLock sued its chief rival, Supra, in 2022, Inman reported. The case hinges on a pair of patents SentriLock obtained in 2011 and 2013 that have to do with the construction and function of lockboxes agents use to store keys and open homes for prospective homebuyers.
Supra is owned by Carrier, the air conditioner company, and announced its own showing and marketing application in May of this year, Supra One.
The software is delivered in both desktop and mobile environments and also provides task-listing and upkeep, lockbox assignment and templates for each that apply pre-set access details, showing instructions and notification methods, among other benefits.
Fisher said in 2021 that SentriLock’s software received rapid support by the industry.
“Now that the service is available to customers, we’ve been overwhelmed by the positive response,” Fisher added. “The convergence of lockbox access, showing technology and experience management software all on the same platform is the future state of the technology — and we are proud to offer it now.”
Training and support for ORRA members on SentriLock’s systems is now underway, according to the release, which stated users can expect “a smooth implementation process.”
