 NAR's New Policies
Date Released: June 29, 2009 Ask Your Sellers These 4 Questions Remember, Internet Display Is THEIR Choice!!
Unlike IDX where the Broker decides on the marketing of their listings, VOW decisions are to be made by the Seller. Per the new rules, here's what you've got to now ask... Question 1: On MLS-authorized websites, do you want your property displayed?
- YES...their property will appear on MLXchange, VOWs, IDX sites and consumer portals like RILiving.com and REALTOR.com.
- NO...their property will appear in MLXchange but cannot appear on any other sites regulated by MLS. Further, a "Seller Opt-Out Form" must be completed and a copy returned to MLS within 48 hours. | Question 2: On MLS-authorized websites, do you want your property's address displayed?
- YES...their property's address will appear on MLXchange, VOWs, IDX sites and consumer portals like RILiving.com and REALTOR.com.
- NO...their property's address will appear in MLXchange but cannot appear on any other sites regulated by MLS. Further, a "Seller Opt-Out Form" must be completed and a copy returned to MLS within 48 hours. Lastly, this selection may prevent their property from being posted in on-line open house calendars (like RILiving's). | Question 3: On MLS-authorized websites, do you want to allow automated value estimates created and displayed for your property? (Automatic Valuation Estimates or AVMs are computer-generated estimates of a property's worth based on related property sales and neighborhood data)
- YES...AVMs are becoming increasingly popular among consumers in comparing like-properties and similar areas within geographic proximity.
- NO...Incomplete data sources can lead to inaccurate representations of a property. For existing listings, although a "Seller Opt-Out Form" does not need to be completed, it is suggested that a new MLS listing data sheet be completed accordingly and retained by the broker for their own documentation. | Question 4: On MLS-authorized websites, do you want to allow visitors to write comments or reviews about your property?
- YES...Consumer reviews are a popular and influential way of evaluating the experiences of others.
- NO...Reviews are unscientific and may not be totally objective. For existing listings, although a "Seller Opt-Out Form" does not need to be completed, it is suggested that a new MLS listing data sheet be completed accordingly and retained by the broker for their own documentation. |
What exactly is a VOW?
A "VOW" or "Virtual Office Website" is a broker or agent website through which the broker or agent is capable of providing real estate brokerage services to consumers with whom they first have established a licensee-client relationship. Isn’t that what IDX is?
No. "IDX" or "Internet Data Exchange" is a collaborative program created to allow for the display of active properties belonging to other MLS Members on an agent’s or office’s website. Whereas IDX’s fundamental purpose is simply for the advertising of listings to consumers, VOWs mirror the functionality and accountability of your physical office over the Internet. |
Owner paid, but forclosed Source: CNN, June 16, 2009 
A homeowner is stunned to get a foreclosure notice, despite having made her payments on time. KVBC reports. |