GAAR held its first Supra Town Hall on Thursday, December 3 with over 100 members in attendence. If you were unable to make it we will have two more Town Halls in January 2016 (see below for details & registration).

Upcoming Town Halls

Thursday, January 7
1:00 pm - 3:00 pm
GAAR REALTOR Building

Thursday, January 21
1:00 pm - 3:00 pm
GAAR REALTOR Building

A lot of questions came up during the town hall, and we have a list of the most frequently asked questions about the new program below. You can also always find information about the new Supra 2.0 program by visiting www.gaar.com/supra.

Frequently Asked Questions

If GAAR is staying with Supra, why is the program changing?

Our current lockboxes are nearly 10 years old and failing quickly. Supra no longer manufactures the box and will be discontinuing their support. Therefore, GAAR has worked with Supra to bring you their newest technology at the lowest cost to each member and to the Association as a whole.

Why is this lease program with Supra different than those in the past?

While completing the due diligence, the Board of Directors quickly realized that there were over 20,000 boxes in our market. Yet, the highest number of active and pending listings at any given point over the past 8 years was only around 6,500. The disconnect was obvious.

The solution was a a matter of basic economics. If GAAR can do a better job of controlling inventory and eliminate idle boxes, we can save $1 million over the 6-year life of the contract.

Since each box costs about $150, it simply made no financial sense to pay for boxes that won’t be used.

What does “lockboxes are leased and maintained by GAAR” mean exactly?

The boxes that will be provided to you are leased under a new agreement between GAAR and Supra. GAAR is responsible for the lease and will provide you lockboxes to use on every one of your listings – at no additional cost. That means you don’t have to buy boxes!

However, under the terms with Supra, GAAR must account for every lockbox. The boxes are the property of GAAR and may not be traded, gifted or otherwise disposed of. When you are finished using them, you must return them to GAAR or pay a fee.

Do I have to drop off the lockbox after every close?

NO. We understand your time is valuable. During the implementation of the new program, you will receive more than enough boxes to cover your active and pending listings.

Once a year, the Association will have a 30-day “True Up” Period. That means we need you to return any boxes that you aren’t using and haven’t used for the past 6 – 12 months. This ensures that the boxes get back into circulation to ensure all the active and pending listings in our market get a box.

On the other hand, if you need more lockboxes at any time, simply come to the REALTOR® Building and sign them out.

How do I get my new boxes?

The Association will be holding an Implementation Event when our current contract ends in February.  At the Implementation Event, you will be enrolled in our new Supra 2.0 Library Plan and can take advantage of our “2 for 3 Option.”

This means you will be eligible to receive 2 new boxes for every 3 old ones you bring in.

When you return your old lockboxes, you will also be provided with a report that determines your Initial Allotment. This is your average number of active and pending listings over the last five months plus 30%.

If your Initial Allotment is lower than the 2 for 3 Option, you can voluntarily take the lower amount.*

Example:

Old Lockboxes	100
You could get 2 new boxes for 3	67
Highest number of actives and pending in the past 5 months	24
Plus an additional 30%	24+8=32
Excess you can voluntarily forego	67-32=35

If you have several listings pending, then take what you need. Just be sure to return those excess boxes once they are no longer in use so you don’t incur a fee.

*If you voluntarily reduce your unused inventory, you will be entered in a drawing to win one of ten $1,000 cash cards as a special “Thank you” for helping us solve this problem.

How many boxes can I get if I haven’t had any listings in the past 5 months?

If you are a listing agent that has had no listings over the past 5 months, you are automatically eligible for 2 boxes for every 3 old boxes you turn in.

Example:

 

Old Lockboxes	10
You could get 2 new boxes for 3	7
Highest number of actives and pending in the past 5 months	0
Plus an additional 30%	0

During the “True Up” Period next year, we will once again calculate your Annual Allotment. This is the average number of your active and pending listings over the past year plus 30% padding. Any lockbox in your possession above your Annual Allotment is considered an Excess Lockbox. Excess Lockboxes must be returned to the Association during the 30 day “True-Up” Period in September.

What happens if I don’t want to return boxes every year?

If you want to keep the Excess Lockboxes you are required to return during the True-Up, you may do so for a Plan Opt-out Fee of $150 each.

The $150 Plan Opt-Out Fee is the prepayment of the full lease price of each lockbox. While these lockboxes will not be subject to future True-Up Events, they must be returned to GAAR when the Association’s contract with Supra expires or upon their termination from their membership from GAAR (whichever comes first).

Because these boxes are leased and not purchased, they may not be gifted, traded, sold, loaned or otherwise disposed of.

If the Plan Opt-Out Fee invoice is unpaid, you are subject to the normal collection policy which includes suspension for non-payment.

The market is heating up. What happens if I’ve used all my boxes and need more?

Come in.  We will give you enough to cover all your active and pending listings plus 30%.  We don’t want you to run out.

I am a new listing broker. Am I qualified to get boxes?

Come and get a box.  Get 2.  We want you to have plenty. But, remember, you must return Excess Lockboxes during the “True Up” Period because the lockboxes are the property of the Association.

What if my office controls the inventory?

All of the items discussed above still apply.  The Association will work with the brokerage designee to adjust inventory levels.

What happens if I lose a box?

If you lose a box, you will be charged $150.  If it is damaged by a third party just return it.