By Baldev S. Gill, Chief Executive Officer

Today’s eMemo contains the following updates:

  • SentriLock supply chain issues impacting lockbox production and pricing

SentriLock has advised they are experiencing supply chain issues caused by the COVID-19 pandemic that will impact product availability and pricing. Supply chain disruption is affecting the availability and pricing in almost every industry, including automotive, household appliances, and electronics. 

What You Need to Know

  • A shortage of materials, such as microchips, plastic resins, and steel, has caused their suppliers to delay raw materials orders. These materials have become increasingly difficult to source and more expensive, making it challenging to build new lockboxes and reducing the availability of new SentriLock lockboxes.
  • SentriLock will be temporarily limiting deliveries of lockboxes to boards and associations. Their priority will be to keep product available for listings and managing demand throughout North America.
  • Effective September 8, 2021, the price of lockboxes will increase. Because of the substantial price increases in the raw materials required to build the lockboxes, prices are being impacted.

What You Can Do

  • Ensure you know where your current inventory of lockboxes is located. Got a few collecting dust in the garage? Check them out to see if they are in good working order, or whether you might need to replace the batteries. Each lockbox requires two 3V Lithium CR123A batteries, which are available at the board.
  • Borrow a lockbox from a colleague who may not be using some of theirs. Check with your brokerage – there are usually members in offices who have additional lockbox inventory not currently being used.
  • For now, limit your lockbox purchases to only what you need. If you only need one lockbox for a new listing, please purchase only one.

The board will continue to place and receive smaller quantity orders on a regular basis. While the orders we are able to place are a bit smaller than usual and taking longer to arrive, we are still receiving lockboxes.

We are hopeful that this is a temporary situation but during this time we ask that you purchase only what you absolutely need to cover your new listings. We will keep you updated on any new developments.

If you have any questions please contact our Lockbox Services Lead Raj Virk at 604-930-7640.