SentriLock offers a robust technology solution—far more than just a piece of hardware used for storing a key.
More than two decades ago, the National Association of REALTORS® (NAR) helped launch a lockbox company that continues to shape the future of real estate technology. REALTOR® Magazine spoke with Scott Fisher, SentriLock’s CEO, and Bob Goldberg, former CEO of NAR and SentriLock’s Chairman of the Board, about the genesis of the company, its core values, and what drives its innovation today.
The Genesis: Partnering with NAR
Where did the idea for SentriLock come from?
"My business partners and I had been in the real estate technology space for about 10 years. One of our customers wanted a lockbox alternative and came to us. That led us down the path of developing a competitive solution. We got through all the engineering work but realized that, to get traction, we needed a partner. I read an article about the lack of competition in the lockbox market, so I knew NAR was aware of the concern, and I reached out to Bob."— Scott Fisher, CEO, SentriLock
"Scott said to me, 'We think we’ve got a great product, and we’d love to talk to you about it.' So, I start to explain to Scott how our affinity program works, and I remember this pause... It was sort of like, 'Bob, to go forward with this, we need investors.'"— Bob Goldberg, Former CEO, NAR
(Note: After board of directors' approval, NAR initially became a 59% owner before later acquiring SentriLock outright.)
What Sets SentriLock Apart?
Fisher: For one thing, we’ve integrated an entire showing service platform into our app. Also, we know safety is a major concern for real estate professionals, so we pioneered an alert system that agents can easily use during a showing. And we’ve made the transition for associations who choose SentriLock almost effortless.
Goldberg: The company can innovate quickly because it’s independently run. It has a five-person, volunteer board of directors made up of active people in the business.
Fisher: We’re proud to have a 45-second average response time in our call center, because we know when members call, they’re probably with a client and don’t need to be sitting on hold.
Goldberg: By the way, that call center is U.S.-based. If there’s a customer service issue or a question, our support people are right there in Scott’s office in West Chester, Ohio.
Fisher: Product assembly is also done in the United States, and 85% of the content of the lockbox is domestically sourced.
Features Association Executives Need to Know
Fisher: In some markets, agents put two lockboxes on a property—an electronic lockbox for agent access and a mechanical box for all other access, such as repair or inspection. With our one-day FlexCodes®, agents can provide temporary access with electronic credentialing, making it a much more secure experience while providing agents with complete access data.
There’s also Access by Appointment, which restricts access strictly to the scheduled showing window so homeowners don’t have to worry about somebody showing up at the wrong time or staying too long.
How Property Data Drives Real Estate Strategy
Fisher: Showing data is a leading indicator of home buying and selling activity. It’s also a great retention tool for agents. We track how long prospective buyers are in the house, which helps complete the full picture of what’s happening with that property. Overall market stats give agents a clear picture of where consumer interest is heading.
Goldberg: The data is also an opportunity for Association Executives because they can provide local media with leading indicators for the marketplace and position the association as the authoritative source.
The Future of Lockbox Technology
Fisher: With consumer electronic locks becoming more prevalent, some people believe it’s the end of the line for commercial lockboxes. I’d challenge that assumption. Consumer products might be convenient, but none of them are connected to each other, and the agent isn't receiving the data. The core use case will evolve, and SentriLock will continue to adapt and lead the industry.