Vows and Real Estate Commitment

Since this is going to be a fairly long and meaty newsletter, I thought I would change the order and  first review the comments from last month’s newsletter (Real Estate and Life,  which was a look back at my Dad’s life and how the principles he lived by could be applied to real estate). The response was overwhelming as I received almost 50 comments, some from people I had never met.

To all of you, a sincere thank you for the kind words and your personal insights. Anyone who ever came into contact with my Dad found him to be an inspiration. If you didn’t get a chance to read it you can find it on my web site, NextLevelSolutionsForRealEstate.com.

Vow is an interesting word. I looked it up in my American Heritage Dictionary (the online version that I bought back in the days of Widows 3.1) and it came up with- promise, agreement, assurance, and bargain as the first 4 words of the definition. I admit to being slightly on the nerdy side and enjoy looking up words to this day. Well, what does my nerdy obsession with words and especially vow have to do with real estate?

Bear with me as I explain to you about VOWs and as a bonus I’m going to throw in an explanation of something called IDX. By the way those 4 words above sound like words we have all used at one time or another in our real estate lives. This article only indirectly has to do with the words.

Before I launch into discussing VOW’s and IDX I have to tell you why this month’s article is so timely. Just this week, Coldwell Banker in Chicago is letting their agents have their virtual offices and IDX feeds for the first time, catching up with most of the rest of the world, causing a lot of buzz about the topic. (For those of you who don’t know a lot about me, I ran offices for Coldwell Banker for 26 years and managed to have a VOW since 2002 before they were "bad".  [I didn’t think they were so bad!])

Why should you know or care about IDX/VOW’s?  Both terms have to do with displaying listings on web sites. The number one reason the public goes to a real estate web site is for listings, which is your reason for caring. The public cares about listings on web sites, so you should too.

What is the difference between a VOW and IDX?

The letters IDX stand for Internet Data Exchange. Real estate companies who are Participants/Subscribers to IDX give permission to other real estate companies to advertise their listings. Companies do not have to do this, they can opt out. Companies are IDX members because they want to give their listings wider exposure and often the public demands it.

With IDX, to access listings, it is not mandatory that the public gets a password or give information to view the listings. Real estate agents or companies may require a password to see the listings, or require a password to see listing details or require a password after a number of searches. Basically, there is no obligation for the public to give any information to view listings but it is an option available for the website owner to request information in return for the opportunity to view listing data.

To sum up IDX;

*Voluntary participation by real estate company,

*No information required from person who views listings,

*Optional as to whether or where to request information from the viewer.

*Listings of some other companies are available on your company web site.

The letters VOW stand for Virtual Office Website. A VOW is looked at like a regular "brick and mortar" office just on the Internet. Prospective clients are required to give information before they can view listings. Virtually all MLS listings are available to see, there is no broker opt out.

To sum up VOW;

*Almost all listings are available;

*Person viewing the listings must give personal information to see the listings.

*MLS companies can not opt out.

Why wouldn’t everyone just go for a VOW? Not every web site visitor is ready to part with their information quite so quickly. Some agents find it important to have the information readily available to make things easy for visitors. They try to establish a relationship with their visitors. Put yourself in the shoes of a visitor, how easily do you part with information to someone you don’t know?

Confusing, eh?

Why bother at all? Several reasons: The name of the game in real estate is PROSPECTS. Having listings on your web site attracts prospects. To turn a prospect into a customer, you need some information from the prospect and to develop a relationship. By supplying listings and capturing prospect information, you are on your way to getting a new customer.

So now the question is, what do I choose Vow/IDX or some combination of the two? If I choose IDX, do I require registration? When do I require it? Good questions. Like everything else in real estate there is not a cut and dried right answer. To further complicate matters, most IDX and VOW situations cost money. There are variations of set up fees, monthly fees, annual fees and fees for add-on products to work with IDX and VOWs.

Yikes!

I think I need one but… Here comes the pitch… Call me at 877-832-6224. I help you choose the solution that is right for you. I help you set it up dealing with both the solution vendor and your web company or I help you set up a web site with the right solution for you.

If you have a question you can email me at jeff@jeffstone.org and I will answer it.

If you got this far you deserve a summary to see if you have the concept.

IDX- listings on web site from other companies, customer information optional, not all listings but most are available

VOW- listings on web site from other companies, customer information mandatory, almost every listing is available.

How do you get IDX or VOW? Use is subject to approval of your real estate board or MLS and your company. If approved, there are different vendors such as your web vendor and independent companies. The products they offer vary greatly in features and price. Like everything else in life the cheapest is usually worth what you pay for it and the most expensive has more bells and whistles than you’ll ever need or use.

Who can help you understand all this? Jeff Stone, 877-832-6224.

I know this wasn’t one of my more exciting topics, but it definitely one you should be aware of and act on. Doing things right with your VOW or IDX can be an awfully good source of income.

Back to the definition of vow-- By using a vow you deliver on the promise of having the best service available, you help clients come to an agreement by supplying the information they look for, you can give clients your assurance you are doing everything possible to make their search easy, by having access to information, clients have the opportunity to find a bargain. By having listings available through VOW/IDX you are in a position to meet clients where they start their search for listings and information.

Monthly Tech Tip

My tech tip this month is simple, learn about VOWs and IDX. Check out your top competitor’s site to see how they handle listings. You will find either an opportunity or a challenge