IDX vs VOW Explanation and Information
1-What is IDX?
As a simplified explanation, IDX stands for Internet Data Exchange and is an agreement between different brokers to share their data (listings) among each other. If Broker A (associated with franchise ABC) allows their listing´s data to be shared, then Broker X (associated with franchise XYZ) can show Broker A's listings on their own web site and must list that Broker A is the listing broker of the listing. As you have to allow your listings to be shared to take another broker´s listings, Broker X´s listings are on Broker A´s website and Broker A´s listings are on Broker X´s website. Basically it´s data sharing on a voluntary basis. If one Broker does not want to share data with the other brokers, than that Broker can "opt out" or not-participate in the data sharing.
2-What is VOW?
As a simplified explanation, a VOW is a Virtual Office Website, it´s almost as if you were sitting in our office searching ALL the listings. When you search the listings on a VOW, you search ALL of the listings that are downloaded daily from the local MLS (multiple listing service) that the broker (whose website you´re visiting) is a member of. You are NOT actually searching the MLS, but you are searching the data that is downloaded from the MLS on a daily basis. We MUST make this extra clear. You are NOT searching the actual MLS. The MLS is a proprietary database for Realtors® only and NOT available to the general public.
As there is NO opt-out option, NO broker can elect to NOT have their listings show up on a VOW, so in other words, you get to see ALL of the listings currently on the market.
3-What other benefits do I have by searching a VOW vs an IDX?
- You can save your search on a VOW. You can return to the website and re-search the same criteria a lot easier by going in the first time, conducting your search, then saving your search. The second, third, forth or tenth time you re-visit the website, you can click on "saved searches" and see new results for the saved searches.
- You can have the computer e-mail you new listings. Lets say you´re searching for a 3 bedroom, 2 bathroom home with a 2 car garage on 1 acre of land in the city of Happy Town. If you instruct the VOW to e-mail you whenever a new listing comes on the market, then without going back into the website, you can receive a daily e-mail showing you any new properties that came on the market with 3 bedroom, 2 bathroom, a 2 car garage on 1 acre of land in the city of Happy Town. It "pushes" the data to you instead of you having to return to the website and retreive (or pull) the data from the database.
4-Which is better, IDX or VOW?
Depends on your viewpoint. An IDX allows you to do a quick search of probably 60-70% of all the listings on the MLS, while a VOW allows you to search 100% of the listings that are downloaded from the local multiple listing service (MLS) on a daily basis.
Here's the catch? You, as a visitor, MUST sign up for and log into a VOW while you can search an IDX without signing up or logging in. In the Chicago, Illinois market, where there are roughly 100,000 residential homes on the market, is signing up one time to obtain data on 30,000 to 40,000 homes (30% to 40% of the 100,000 listings on the market) worth it, you decide. We´re leading you to the data, but we cannot force you to take it.
5-Why do I have to register?
Believe us, it´s not our rule. The Northern Illinois MLS [called Midwest Real Estate Data, LLC. (MRED, LLC) and formerly known as the Multiple Listing Service of Northern Illinois(MLSNI)] mandates that anyone providing a VOW must have the visitor sign up and log into the website that is providing the search criteria. This means ANYONE providing service to the data from MRED, LLC. While some Brokers do not mandate a sign up, or log in, in order to get access to the data, this means they are NOT providing you access to 100% of the listings, but in reality are providing you access to an IDX search or 60-70% of the listings.
6-Okay, I´ll bite, but what do you and/or the ReCoBu Realty Team do with my information?
First, we WILL NEVER ask for your social security number, any bank information or any financial information, and if ANY real estate website asks for that information, don´t walk, but run away from that website. Any information you do provide us, will NEVER be sold, loaned, or provided to anyone outside our Team and you will NOT be put on any spam e-mail lists by our group. We must ask for the information to abide by the rules of MRED, LLC. (Midwest Real Estate Data, LLC.) and may use it to help you with your home/property search. Even afterwards, if you don´t want to be contacted, just e-mail us and we won´t contact you any further. Our objective is to help you with your real estate purchase, not make you upset. After all, good customer service is what keeps us in business and what keeps our customers returning to us.
Thank you for your time and for reading our InforPage and Explanation of "IDX versus VOW". We hope this has answered some of your questions, but should you have any other questions that have not been answered on this page, please don't hesitate to contact us. We will be happy to answer your questions or if we don't have an answer for you, we'll research the answer and get back to you. (Disclaimer - We are NOT, nor do we ever claim to be, real estate attorneys / lawyers so if you need legal assistance, please contact your local attorney / lawyer.)
Thank you and have a great day.
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