Since Supra announced almost three years ago that it was upgrading its lockbox systems to more expensive subscription-based models and discontinuing support on older lockbox systems that are still functional, some associations and individual agents have complained that the GE Interlogix-owned company is behaving a little too much like a monopoly. (The only other major competitor in the electronic lockbox category is Risco, also owned by GE.)

In response, two companies including a National Association of Realtors majority-owned company called Sentrilock and a North Shore Barrington Association of Realtors majority-owned company called Seqwill, have announced the manufacture of alternative lockbox solutions to Supra. A third company, Rapattoni, is also on track to provide an Internet-based lockbox solution to the industry, says CEO Andy Rapattoni.

By mid-year 2004, Supra will no longer have a lock on the lockbox industry, vow its three new competitors, who say they offer significant advantages. Two of the companies are not third-parties - they are Realtor-owned and operated. The third, Rapattoni, has served a majority of real estate associations with back-end management software for decades. All three have long-standing service histories to the real estate industry. Both Rapattoni and Sentrilock say their products will be available for wide-spread adoption by mid-year 2004, and the Seqwill product, Sentry System, is ready to ship now.

The three new products are expected to fill a range of service holes from low-tech to high-tech solutions.

Editor's note: More about these other solutions will be presented in the next edition of Agent News.

Where Supra says it will compete is at the highest levels of technology in all ranges, says the company, and the way it will do so is by supplying Realtors choice in the manner in which they access Supra lockboxes.

The leading edge, says Supra CEO Greg Burge, will be lockbox access via PDAs and cellphones, and wireless access at the top of the line.

"Choice is what our customers have said they want," says Burge, "if we can integrate emerging technologies with a lockbox system and provide their agents with alternatives to get information, that is a desirable direction.

About competition, Burge says, "If you wanted to look at cars and there were only one car on the market, if you didn't have other choices, it is tough for the manufacturer to establish value. Each lockbox vendor will clearly differentiate their approach and value to the customer."

About the monopoly issue, he adds, "There is a perception that GE's owning both Risco and Supra means that there wasn't choice in the marketplace, but we compete just like GM car brands compete. Now there is more choice, which is a positive development, but it doesn't change our direction. We have clearly made a decision that in technology, one size does not fit all, so what you are going to see is that we have a simple low-cost solution that doesn't require a PC or smart card reader for basic access, and we offer choice."

Burge insists that association and individual agent dissatisfaction with its newer lockbox product features and pricing isn't as widespread as some competitors would like the marketplace to believe, and that Supra's direction is in keeping with what many agents say they want.

As supporting evidence, Burge offers the results of an internal survey the company did of 250 randomly-selected Supra customers in all income/activity production ranges across the country, which he says validates the company's direction toward a single device-to-carry-around solution for lockbox, MLS data and e-mail access. Realtors want to carry fewer, not more devices, he says.

The survey says:

Published: August 25, 2003

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