Understanding IDX and VOW's

This was part of my April newsletter. Understanding and using IDX or a VOW is crucial to having a successful website.

What is the difference between IDX  and a VOW ?

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 Vow's.

Yikes!

I think I need one but… Here comes the pitch… Call me, Jeff Stone 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 of Next Level Solutions For Real Estate at 877-832-6224.

By using IDX or 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.