If you have ever browsed real estate property listings on the Internet, like almost everyone who has shopped for a home in the last couple of years, then you have enjoyed the benefit of the great technology that made it possible to search for properties all over the country. The technology that brought you this first step in Internet search for properties is called Internet Data Exchange (IDX). Now, by the National Association of Realtors® (NAR) mandate, Virtual Office Websites (VOWs) will soon be a part of your life as a consumer, Multiple Listing Service, Broker or licensed Agent.
For those of us who are not real estate professionals, a VOW is an online brokerage conducting its activities on the Internet rather than, or in addition to, a "bricks and mortar" office. Most traditional firms can and do operate VOWs- which is just like shopping at a store that you can either visit personally or order from online. You will have to register on a VOW, but they promise to have more up-to-date searching capabilities and a lot more bells and whistles.
As in online retail shopping, there are a number of consumer information protection regulations and business intellectual property safeguards that have come into play when this new way of conducting real estate transactions became popular nationwide.
If you are in the real estate industry, a member of a Multiple Listing Service (MLS), and have a website, by now, or soon you will know that if you have a VOW or are an Affiliated VOW Partner (AVP), the clock is ticking to make sure that you have certain new privacy, information security and legal measures in place to comply with the NAR mandate which is a result of its settlement with the Department of Justice. The MLSs have just a few more weeks to adopt and implement the new VOW rules to meet the February 13, 2009 deadline.
There are a number of new rules that apply to all parties so be sure to consult with your Privacy Gurus® to assure that you are leaving no liability lurking when complying with these rules and regulations. We can review your rules and regulations, compliance guidelines, websites, privacy policy (Don’t just copy someone else’s! The FTC and the DOJ do not like that and your liability expands if you don’t know what you are doing), terms of use, and AVP agreements so you can know that your exposure to legal risk is reduced to a minimum and your assets are covered.
