vow overview

Download VOW Overview

Post on 09-May-2015

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The settlement between the Department of Justice and the National Association of REALTORS mandates that Multiple Listing Services must provide a data feed of all MLS data to Brokers for display on their public websites. This ruling will once again place Brokers in the center of the conversation with the online consumers.

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  • 1.NAR/DOJ Settlement Impact To Your Business February 11 th , 2008 W A V Group Victor Lund [email_address] 805-709-6696

2. DOJ/NAR Settlement

  • Enables brokers to download all NON- CONFIDENTIAL mls information for display on broker VOW solutions
  • Enables brokers to appoint vendors as VOW service providers
  • MLSs my not adopt rules or regulations that conflict with the settlement or otherwise restrict the operation of VOW participants
  • MLSs may charge a reasonable fee

www.wavgroup.com 3. Confidential Data

  • Defined as only that data which Participants are prohibited from providing to customers orally and by all other delivery mechanisms

www.wavgroup.com 4. VOW defined

  • An internet website that allows MLS participants to offer brokerage services to consumers with whom the broker has a broker-consumer relationship
  • Consumers need to register and agree to these terms of use but generally the broker-consumer relationship is defined by state law
  • All MLS supplied data available through the MLS (solds, tax, etc) must be made available

www.wavgroup.com 5. VOW registration requirements

  • Name, Username and validated password
  • Each user must be unique
  • Participant (broker) must maintain a record for 180 days
  • Consumer Accounts must expire, but also must be renewable (minimum expiration is 90 days)
  • Consumers must explicitly agree to terms of use
  • An MLS may require a reasonable security protection or require brokers to maintain an audit trail.

www.wavgroup.com 6. Broker Participants

  • Must be MLS Members
  • Must be willing and able to respond to inquiries of registered users
  • Must be in the business of representing buyers and sellers of properties, or express the intent to do so in the immediate future (not for referrals)
  • Sellers may opt out of listing display
  • A VOW may exclude listings only by objective criteria like geography, price, property type not by broker or REALTOR affiliation
  • A Participant may operate more than one VOW site
  • Advertising is allowed
  • Listings may be enhanced with third party (non mls data), but not altered
  • RETS and FTP are to be supported

www.wavgroup.com 7. Time to Comply

  • This settlement is expected to be finalized in Mid-November.
  • MLSs are afforded 120 days to respond with access

www.wavgroup.com 8. History of Why

  • In the opinion of the Department of Justice, some MLSs had VOW policies that restricted discount broker business models creating a barrier to the free practice of trade

www.wavgroup.com 9. How VOW is different

  • Consumers can now Search the MLS data.

www.wavgroup.com 10. www.wavgroup.com 11. The Opportunity

  • Whether or not you choose to be part of the dialogue, the dialogue is going to happen, I believe that the challenge is to make it happen with local real estate agents in the center of the conversation

www.wavgroup.com 12. VOW for Buyers

  • Notifications when new listings match their search criteria
  • Notifications of price changes
  • Notifications when listings go pending or sold
  • New level of information for informed home searches

www.wavgroup.com 13. VOW for Sellers

  • Notifications when new listings compete with theirs
  • Notifications when price changes effect their listed price
  • Visibility into the same information that buyers are looking at

www.wavgroup.com 14. VOW for Existing Customers

  • Keep them informed of the market place for their property
  • Notifications of homes being listed and sold in their neighborhood.

www.wavgroup.com 15. VOW for new customers (Leads)

  • IDX/VOW combination websites
  • The following information is available to registered users Heres Why

www.wavgroup.com 16. VOW Vendors on the Horizon

  • Listingbook.com
  • MLSfinder.com
  • Cleanoffer.com

www.wavgroup.com