When GAAR launched the new Lockbox Library Program, we selected September as the start of the "True Up" Period. 

What is a "True Up" Period?

Each September, the Association will begin a 30-day True Up Period. The True Up is the time of year when we audit your accounts to determine how many lockboxes you are entitled to under the current Supra Policy.

To determine how many boxes you are authorized, GAAR evaluates the number of residential listings you have in Flexmls and adds 30%. For example, if you have 10 active, pending or under-contract listings, you are entitled to 13 lockboxes. If you have 20 lockboxes in your possession, then you have 7 excess lockboxes that will need to be returned.

The purpose of the True Up is to ensure that the lockboxes return to circulation. You will receive an email during the coming week notifying you of the number of excess lockboxes you need to return (if any). 

This year's True Up Period will be from September 19th through October 21st. 

During the next 30 days, you can return your boxes to the GAAR REALTOR® Building at any time. For an added convenience, we will also accept boxes at remote locations on the dates listed below:

Westside/Rio Rancho: October 4th | 9 AM - 4 PM
Taylor Ranch Community Center 
4900 Kachina St NW |  Albuquerque, NM 87120
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Valencia County: October 5th | 9 AM - 4 PM
Coldwell Banker Legacy - Los Lunas
1775 Main St NE  |  Los Lunas, NM 87031
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East Mountains: October 6th | 9 AM - 4 PM
Edgewood Community Center 
27 E Frontage Rd  | Edgewood, NM 87015
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What happens if I don't return my "excess" lockboxes?

Under our Supra Policy, you will be invoiced $100 (plus tax) for each excess lockbox not returned. Invoices will be emailed on October 24th and are payable in accordance with GAAR's  payment and collection policies.

What if I am using lockboxes on land or commercial properties?

If you are using GAAR lockboxes on property types other than Residential, Residential Rental or Residential Income with a status of Active, Pending or any variation of Active Under Contract, you can continue to use your lockbox, but you will need to pay the invoice of $100 (plus tax) per each you retain. This will exclude that particular lockbox from future True Up Periods for the entire term of GAAR's contract with Supra. That means, that lockbox will not be included in your "listings plus 30%" calculations in the future.

Please note, the $100 is the fee for a pre-paid lease so your lockbox will need to be returned to Supra in six to ten years (when the Association renegotiates a new lockbox contract).

When should I return lockboxes?

You can return your excess locboxes at anytime before October 21st and we advise members to return them as soon as possible to avoid crowds. If you are unable to return your lockboxes in person, then you can call GAAR Supra Support at 505-842-1433, Option # 2 to schedule a pick up.

If you have any questions about the Supra 2.0 Lockbox Library Program, please click here to refer to the Supra FAQ sheet or contact us at supra@gaar.com.