What is a Virtual Office Website (VOW) broker?
Virtual Office Website (VOW) is an internet website through which a broker offers brokerage services online to their registered clients, who have entered into a terms-of-use agreement with the VOW broker.
The unique feature of a VOW operator is that the broker offers his or her clients the ability to search online the same MLS information that other brokers provide to their clients through other delivery methods, such as in-office only, hand delivery, mail, fax, or email.
Under National Association of Realtors (NAR) Rules and Regulations, VOWs provide registered clients with more MLS information than can be provided by publicly-accessible broker websites that are governed by NAR's Internet Data Exchange (IDX) policy.
Access to the VOW and its listings search features is limited to prospective buyers or sellers who have entered into a terms-of-use agreement with the VOW operator.
The VOW permits clients to search the database at their leisure until they are ready to contact their broker for assistance in viewing the home, making an offer, etc.
While many buyers see this as a benefit because it allows them greater control over their home buying process, the broker also benefits. The VOW reduces the amount of face-to-face time the broker spends servicing each customer because customers are conducting a portion of the time-consuming listings searches on their own.
Although a VOW broker differentiates themselves from their competition through their innovative use of the internet, they typically operate in a similar manner to their traditional brokerage competitors, in all other respects.
For example, most VOW brokers maintain physical offices in the markets in which they operate, staff those offices with licensed brokers who participate in their local MLS, and represent both buyers and sellers.