With personal home security system such as Ring becoming more popular, what many people don’t pay much attention to is what about a home they plan to buy or sell. How are these residences secured during the process, especially once the deal is closed?
Interestingly, the National Association of Realtors has officially recognized Sentrilock as the standard for securing properties during the real estate transaction process. Not only does it have a reputation for security, but it also has a proven track record of reliability and dependability.
A Sentrilock is basically an electronic lockbox. Realtors need to have access to a seller’s property for the purposes of showing it to potential buyers. Once a Sentrilock is installed, the realtor can not only track who has entered the premises, but also have control of who can access the property. The way this is done is through the use of a combination code, but this is only one of several security measures built into Sentrilock. There are also key cards that have specific agent data programmed into them, as well as having two separate codes that are used to update the locking mechanism when needed. Simply having a combination code is not enough to enter the premises.
Sentrilock also has an app that allows it to be used from a smartphone, but it too requires specific agent data to be entered before it can be used. So even if a smartphone is lost or stolen, there are security measures in place to prevent an unauthorized person from entering the premises.
There are other people who can get access to Sentrilock, including appraisers and home inspectors. In most cases the unique 1-Day code feature can authorize access for these people but it expires at midnight of the authorized day, preventing anyone from using the card after they have completed their business.
The SentriLock company is relatively young, being established in 2003 and having their first Sentrilock installed in mid-2004. Since that event, it has more than one million of its flagship lockbox products in use and works with more than 430,000 National Association of Realtors agents and brokers as a primary function of their professional responsibility to buyers and sellers.
Because their product is crucial to the privacy of millions of people, the company has a list of core conduct practices it considers essential and inviolable. They see themselves as both an innovative and malleable when it comes to facing adversity as a company. Instead of just saying the customer comes first, it is a common practice to develop strong relationships with every customer to ensure their satisfaction and security. With the Sentrilock, anything less has the potential to become a disaster.
To date, Sentrilock is the only product the company offers, which is unusual in the competitive global marketplace. But rather view this as a limiting factor it attests to the excellent quality and reliability of the product, and its unique position in the real estate industry. The company holds true to its core values and continues to ensure its one product is uncompromising in its security and functionality day after day.
All this leaves the question of how long is it realistic to expect it will continue its dominant position in the real estate industry. As a leader for the last 10 years, its technology has obviously proven both superior in quality and innovation. There do not appear to be any serious competitors on the horizon.
Perhaps one of the key reasons that blunt competitors is price. A single lockbox goes for $117, with the keycards costing $137 along with a $50 one time activation fee. This may sound pricey to some people, but when you consider the hundreds of thousands of property value to protects, this is actually a very low price. Even if potential competitors are able to duplicate the technology, it will take years to duplicate the stellar reputation the Sentrilock has among the industry members.
It’s not certain whether there will ever emerge a serious competitor for the company, but what is certain is that it will require an innovative new technology to secure real estate properties for buyers and sellers to convince homeowners to trust switching from Sentrilock. If it is not broken, why fix it? The risk in changing the industry standard in the case can cost thousands of dollars in property losses and millions of dollars in business.