May 27—The real estate market is booming, and a West Chester company that caters to the industry is expanding and adding 79 new jobs with the help of state job creation tax credits.
SentriLock provides real estate services such as lockboxes that are used for access to homes for sale and plans to add those dozens of jobs over the next three years with a new annual payroll of $4.3 million. The new hires will bring the company's employee total to 300.
It is already hiring assembly technicians, technical support specialists, customer support specialists, and IT developers.
"SentriLock has grown significantly over the past two years, and we look forward to continued growth that provides exciting opportunities in our people-first culture," Geri Morgan, SentriLock chief experience officer said. "Ohio's stable economy and business-friendly environment — and the commitment provided by JobsOhio, REDI Cincinnati, and West Chester Township — make Ohio a great place to live and do business."
SentriLock is a wholly owned subsidiary of the National Association of Realtors. Phil Morrical, who is a member of NAR's Real Property Operations Committee, is also chairman of the sub-committee for the SentriLock building. He said officials are moving manufacturing operations here from Lexington, Kentucky to the facility at the building at 7701 Service Center Drive.
"It has been a call center and repairs, now they're going to move the whole manufacturing facility there," he said.
West Chester Twp. Administrator Larry Burks said the expansion is boon for the township.
"Companies like SentriLock are thriving in West Chester due to investments in infrastructure, access and quality workforce," Burks said. "SentriLock's new investment is welcomed and demonstrates the value companies find in West Chester where families grow and businesses prosper."
SentriLock recently added an eight-person assembly team and the 15,000-square-foot expansion will accommodate lockbox assembly, storage, and shipping, as well as the addition of customer support and software development talent.
Morrical is also on the board of directors of the Cincinnati Area Board of Realtors and said the Cincinnati board is moving about 5,000 to 6,000 users to SentriLock later this year from another vendor.
The existing real estate market has seen a significant jump in the past few months. Morrical said with exorbitant construction material costs and other associated costs needed for new homes, existing properties are in demand.
"We are at a historic low for inventory right now but the selling is almost instantaneous," Morrical said. "Because there is such a demand for housing, we need new housing construction but the construction cost for materials has just gone crazy."
The SentriLock move was made easier with help from the state. This week Gov. Mike DeWine announced SentriLock and eight other companies received Ohio Tax Credit Authority tax credit approval to create 3,214 new jobs and retain 4,520 jobs statewide.
SentriLock will receive a 1.494%, seven-year job creation tax credit for its project with an estimated value of $415,000, according to the Ohio Development Services Agency.