When GAAR launched the new Lockbox Program, we selected September as the start of the "True Up" Period to ensure that excess lockboxes return to circulation. Once a year, members have a 30-day “True Up” period to return lockboxes in their possession that are in excess of their qualified listings plus 30%. This year, there will be no remote drop-off sites, so please plan accordingly.
The 2020 Annual "True Up" is September 8th to October 9th.
Later this week, you will receive an email with the number of excess lockboxes you need to return. If you do not receive a notice, you are in compliance. Please return excess boxes to:
GAAR REALTOR® Building
Monday to Friday
8:00 am - 5:00 pm
What is a "True Up" Period?
Each September, GAAR has a 30-day True Up period 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).
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 in October and are payable in accordance with GAAR's payment and collection policies.
What if I'm using lockboxes 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 lockboxes at any time before October 9th 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.