It's that time of year again! Do you have lock boxes under your couch, in the trunk of your car, or maybe the desk drawer? It's time to find them and bring them into GAAR for the Supra "True Up"!
What is a "True Up" Period?
Each September, the Association will begin a 30-day True Up Period. True Up is the time of year when we audit your accounts to determine how many lock boxes 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 lock boxes. If you have 20 lock boxes in your possession, then you have 7 excess lock boxes that will need to be returned.
The purpose of the True Up is to ensure that the lock boxes return to circulation. You will receive an email during the coming week notifying you of the number of excess lock boxes you need to return (if any).
This year's True Up Period will be from September 4th through October 5th.
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:
October 1st | 9 am - 4 pm
Taylor Ranch Community Center
4900 Kachina St NW | Albuquerque, NM 87120
October 2nd | 9 am - 1 pm
Los Lunas Transportation Center
101 Courthouse Rd | Los Lunas, NM 87031
October 2nd | 2 pm - 4 pm
Edgewood Community Center
27 E Frontage Rd | Edgewood, NM 87015
What happens if I don't return my "excess" lock boxes?
Under our Supra Policy, you will be invoiced $100 (plus tax) for each excess lock box not returned. Invoices will be emailed in October and are payable in accordance with GAAR's payment and collection policies.
What if I'm using lock boxes on other property types?
Please call GAAR Supra Support at 505-842-1433, Option # 2 to discuss your options.
When should I return lockboxes?
You can return your excess lock boxes at anytime before October 5th and we advise members to return them as soon as possible to avoid crowds. If you are unable to return your lock boxes in person, then you can call GAAR Supra Support at 505-842-1433, Option # 2 to schedule a pick up.