Something that you do not see very often in real estate is a lockbox vendor replacement. They rarely happen because of the number of lockboxes out in the field. Unless the vendor relationship breaks down or the vendor is mandating that the old lockboxes be replaced or are unsupported – ultimately, change does not happen.
When MIBOR sent out the press release announcing their change, we asked a few questions that we wanted to share with our MLS and Association clients. We did not represent MIBOR in this selection, but the information about the conversion is good to know. It appears the coupling of the showing solution was a factor here.
Why did MIBOR choose Master Lock? What was the vendor selection process?
Answer: As a real estate association that serves 8,500 REALTORS® across Central Indiana, MIBOR exists to provide the best-in-class solutions to their members.
After months of conversations, it became clear that our integrated Master Lock Vault Enterprise software, and secure Bluetooth-enabled lock boxes, paired with our Master Lock’s supply chain experience, was a perfect solution for MIBOR’s Broker Listing Cooperative.
MIBOR cited the following factors when choosing Master Lock as their official electronic lock box provider:
• Showing solution integration: With the option to fully integrate with popular showing solutions including BrokerBay, Master Lock offers a simplified experience for MIBOR’s members, who can use one convenient solution to manage the entire property showing process, from scheduling to accessing properties.
• Flexible, secure access: With Master Lock, REALTORS® can access listings via Bluetooth-enabled technology or manual keycodes provided by the listing agent. This allows the lock box to work even if there is a technology failure, spotty service, or if the lock box needs to be accessed by someone without Bluetooth or app access.
• Expertise in supply chain management: As global supply chain issues continue to affect the production and issuance of many items, including lock boxes, MIBOR stated that Master Lock’s reliability and experience in global distribution and supply chain management was a primary factor in the newly announced partnership.
Who paid for the new lock boxes? What did they do with the old ones?
Answer: As part of the partnership, MIBOR purchased Master Lock Bluetooth-enabled lock boxes to provide new devices for each of their members. This month, MIBOR members can return their eligible old devices to be exchanged for Master Lock new lock boxes. For any old devices not eligible for exchange, MIBOR encouraged its members to recycle them separately.
How is the service superior?
Answer: Master Lock understands that every organization requires its own personalized product and integration needs, which is why Master Lock has spent years interviewing key contacts and customers across organized real estate to improve their solutions.
Master Lock’s Bluetooth-enabled devices are their most advanced real-estate security solutions, as they allow showing agents and affiliates to easily grant access to properties via the Master Lock Vault Enterprise smartphone app or with a temporary manual passcode. The app also makes it convenient to schedule temporary, permanent, or future access for a property, along with the ability to monitor access-history through a device’s robust audit trails. Each of the Bluetooth-enabled lock boxes also features the option to integrate with popular showing solutions like BrokerBay and ShowingTime, providing a more simplified and connected experience than many competitive products.
Overall, the Master Lock Vault Enterprise platform and Bluetooth-enabled solutions can offer keyless, convenient, and cost-effective security solutions for real-estate professionals without any long-term contracts, monthly fees, or shared access fees.
Has the conversion happened already? If so, any tips for best practices with conversion?
Answer: To ensure a seamless conversion, Master Lock hosted multiple events for MIBOR members earlier this month to collect their old security devices and exchange them for Master Lock’s Bluetooth-enabled lock boxes. This on-the-ground event approach was extremely successful, with more than 7,176 old lock boxes collected and more than 9,381 new Master Lock devices issued. Any members who did not attend in person have until the end of the month to swap their devices on an individual basis.
When it comes to conversion, it really took the full coordination of both Master Lock and MIBOR to figure out a system that worked best for their Broker Listing Cooperative. Strong communication and diligent coordination have been vital to this partnership.
With such a collaborative planning and execution process between both MIBOR and Master Lock, we were able to develop a custom lock box exchange program that successfully meets MIBOR’s everchanging needs. Overall, it was truly a team effort and we’re very pleased with the positive feedback received from members so far.
Is this conversion to Master Lock a bigger trend in the industry? If so, what is driving it?
Answer: Security needs are changing within real-estate, and Master Lock is continually adapting its offerings to better serve this audience. Master Lock’s global reach and technology-forward solutions are meeting the needs of the real-estate industry at a particularly critical time when supply chains frequently face disruption and the shift toward remote work has led to an increased reliance on connected products.
With Master Lock’s strong portfolio of both Bluetooth-enabled, tried-and-true mechanical security solutions, we’re confident that Master Lock will continue to be the preferred vendor for leading MLSs across the country.
- Master Lock x MIBOR Lock Box Event Series Overview
- Lock Box Program Overview + FAQ
- MIBOR Member Video Resources:
- Lock Box Exchange Event: First Steps(shared prior to event registration)
- Lock Box Exchange Event: Walk-Through(shared with registered attendees prior to the event)
- Getting Started with Master Lock Bluetooth Lock Boxes(training video for event attendees)
For sales inquiries, contact Kevin Anderson, Product Marketing Manager for Master Lock (firstname.lastname@example.org)