If you're a real estate professional, no matter how successful you may be, you're always looking for ways to generate leads. Finding new tools to do so isn't always easy. Here's one thing you can try: VOW. As we'll explain, VOW offers a unique lead generation opportunity, as well as myriad benefits to your existing clients.

IDX vs. VOW

Internet Data Exchange (IDX) allows brokers to display other participating brokers' listings on their website; of course, they must reciprocate and allow those other brokers to display their listings. Participating brokers receive a data feed from the MLS containing the active listings for all participating brokers; they can then use this information on their own website. IDX rules are very specific, and do not permit the use of the data by anyone who is not a member of the MLS.

A Virtual Office Website (VOW), on the other hand, is a broker website that allows the public to register in order to view all non-confidential MLS data. VOW is different from IDX in two ways:

1. The registration requirement;
2. The more complete data (such as days on market, original list price, price changes over time, and sold data).

Quantum Leads

Benefits of VOW

First, let's talk about that more complete data set. To clarify, VOW contains all IDX data while IDX does NOT contain all VOW data. For example, VOW displays properties with both active and non-active statuses; IDX shows only active properties.

To learn more about the benefits of VOW, we turned to an expert – Dennis Vaughn, founder of Quantum Leads. "VOW puts clients in the driver's seat. The ability to view non-active statuses within property search is key. They can see how quickly properties are being sold or going under contract, thus discovering whether they're in a buyer's market or a seller's market."

How to Use VOW

The benefits of VOW to consumers are clear, but how can VOW help agents generate leads? It's all about education, says Vaughn. He offers a couple suggestions:

1. Write articles for your blog, website, or local newspaper about real estate trends. The data you uncover from VOW will offer a much clearer perspective about what's happening in your local market. Readers will see you as a local expert and seek you out for their real estate transaction.
2. Because of the registration requirement, visitors must sign in. Thus, you can track activity. "Essentially, an agent can 'eavesdrop' on buyers on their VOW. With our solution, this includes their saved searches, viewed properties, shared properties, and when/how long they're logging in." That information can be used to craft a strategy for marketing specifically to that buyer – for instance, sending them properties you think may interest them.

In addition to generating leads, VOW can help you to better serve existing clients.

• Knowing the original asking price and how long a property has been on the market can help you make a strategic offer for your buyer clients because you'll understand the seller's motivation.
• The increased information will also help your buyers feel more confident about their decisions because they're more informed about a specific property and overall market conditions.
• For seller clients, the data about other properties in the market can help set a listing price, guide negotiations after an offer has been made, and even help make marketing decisions.

If you mention all the points above when you're meeting with a prospective buyer or seller client ("If you choose me, I will use VOW to do all these things for you"), it may help you to land their business. So, as you can see, from generating leads, securing new business, and serving existing clients, VOW is an excellent tool to have in your arsenal.

Next Steps

• Discover your options for VOW solutions in our Product Directory
• Read articles about VOW for agents and brokers
• Learn more about Quantum Leads.