Last month, we talked about how brokers can use Virtual Office Websites (VOW) as a tool to compete with portals. Today, we're going to continue that line of thought by focusing on how brokerages can leverage VOWs to compete with other firms for top agents.

VOW as Differentiator

One of the primary reasons that agents don't use broker tools is because they think that it's only important that they have access to the MLS. In this sense, the MLS puts every agent in a marketplace on equal footing. MLS data looks the same to every agent in an area and doesn't hand individual Realtors a way to make themselves stand out.

Consumers, on the other hand, are awash in a sea of IDX websites and property search portals that offer only limited information. When they use broker VOWs, they recognize that these sites are giving them access to the "good stuff" -- MLS property data like days-on-market, price changes over time, sold data and more that's not allowed on IDX sites.

VOW solutions give consumers the same search power they would have if they were sitting in the office with an agent, but it enables them to do that work on their own, if they so choose. "It puts your client in the driver's seat," is how VOW provider Quantum Leads describes the benefits of Virtual Office Websites. This "driving power" creates a more educated consumer--sellers know what comparable homes have sold for in their area, and buyers are better equipped to write realistic offers from the get-go.

And once consumers have found a superior source of data, few will want to return to the limited information that other sites offer. This access to better data enhances the consumer's relationship with both the agent and broker.

VOWs and the Recruiting Process

Despite the value of VOWs to both real estate professionals and consumers, if you were to analyze the web and tech tools that brokerages are offering, the likelihood of them offering a VOW solution is limited.

Few brokers who have a VOW or even understand them. If you're in a situation where your competitor has VOW and you don't, you will have difficulty recruiting agents away from that firm. On the other hand, when you're recruiting agents from a firm without a VOW, by explaining the role your VOW plays in success of your business, you'll attract agents who are aware of a VOW's value. (After all, no agent wants to go with a client meeting with an MLS print-out in hand.)

Real estate agents are attracted to brokerages who offer tools that give them an unfair advantage over other agents in their area. For many brokers, Quantum Leads and other VOW solutions act as that unfair advantage that supports them in recruiting.