Halstead first major NYC firm to grant VOW
New "Virtual Office Web site" lets customers search all city listings in one place December 21, 2009 02:00PM By Candace Taylor
Diane Ramirez, president of Halstead
Halstead Property announced today that it has completed the process of instituting a VOW, or "Virtual Office Web site," making it the first major city brokerage to do so.
According to Diane Ramirez, the president of Halstead, the company has received approval from the Real Estate Board of New York for a VOW, a new type of Web site expected to have far-reaching consequences for the industry. That means that Halstead customers may now search all of the industry's listings -- provided directly by REBNY -- without leaving an individual Halstead agent's Web site. In the past, site visitors could see only Halstead exclusives.
The result of a recent settlement between the Department of Justice and the National Association of Realtors, VOWs are a new phenomenon in Manhattan. Under the terms of the settlement, the Real Estate Board of New York is required by law to provide these listings directly to VOWs who are REBNY members, provided they agree to certain guidelines and pay a fee for an audit by REBNY.
This summer, Manhattan got its first VOW, an online brokerage known as CBS 2 Real Estate Market, located at CBS2REM.com. Halstead is the first of the city's major brick and mortar firms to go through the process of adding VOW capabilities, according to Ramirez, who said the brokerage was informed last week that it met REBNY's requirements, and is now just waiting for the official paperwork. The change comes in conjunction with new individual agent Web sites the company recently unveiled.
"We want our agents to really be ahead of the curve on this so that their customer wants to work with them," Ramirez said.
The brokerage prides itself on being technologically savvy, she said.
"We like the fact that we're doing a lot of things first these days," she said. "We're always looking to the future."
The city's largest real estate firm, Prudential Douglas Elliman, said it will offer a VOW feature to customers in spring 2010 as part of a Web site redesign, according to Stephen Kotler, an executive vice president at Elliman. The Corcoran Group did not respond to requests for comment about its plans regarding VOWs.
A few months ago, Halstead began offering individual Web sites to its agents -- in addition to the bio pages they have on the Halstead site -- after working on the platform for several years, according to James Cahill, Halstead's chief information and technology officer. The company provides the technology for the Web sites, which are consistent with the company's branding but separate from the main Halstead site, and help agents prepare videos and other content.
Originally, the company planned to allow visitors to search all of Halstead's exclusive listings from the agents' pages, Ramirez said. But more recently, Halstead decided to add the VOW capability as well, so a customer can search all of the city's listings without leaving an agent's page.
"What we already had in development was a perfect vehicle for the VOW," Ramirez said. "It truly lets agents differentiate themselves. The buyers will want to work with our agents because of the transparency -- they can get everything they need with this agent."
In order to see all of the city's listings, visitors to an agent's page must sign in and provide an e-mail address, as required by law. Halstead paid to develop the site, Cahill said, but agents pay a monthly fee, which the firm would not disclose, to use it. Some 100 agents have signed up for the individual Web sites so far, and they are expected to have access to all of REBNY's listings by Jan. 1.
Anna Kahn, a senior vice president at Halstead, said she's gotten a good response to her new Web site at annakahn.halsteadproperty.com. When Halstead offered brokers the opportunity to have their own Web sites, she jumped at the chance, especially since "I would never have done it on my own."
"I would rather get in now than be behind the curve," she said. "Once it became available to us, it was a no-brainer."
The addition of the VOW will be especially helpful in drawing traffic to her site, she said.
In the past, buyers had to jump around from site to site to get listing information, she said, noting that data available on other listings Web sites, like Streeteasy.com and Trulia.com, is not always accurate.
Now, customers "are going to look at everything we have in real time," she said. "The VOW is going to be a real tool for them; they can really do a search."
Most importantly, they'll stay on her Web page while doing it. "It's going to be much better for everyone involved," she said.
Manhattan has been slower than other markets to embrace information sharing, and unlike other areas of the country, does not have a comprehensive Multiple Listing Service. VOWs may help make the market more transparent for consumers, according to Kotler.
"As far as I'm concerned it's a gamechanger," Kotler said. "There's never really been a platform in New York City for consumers to see the entire market, and now there will be."
While VOWs are a step in the right direction, they still don't offer as much information as a traditional MLS, said Klara Madlin, the founder of Klara Madlin Real Estate.
"There are some problems with establishing a VOW," said Madlin, who is president of MLS Manhattan, a group that is working to establish a comprehensive MLS for the city. "Many customers resist the requirement to register with the VOW. Also, the buyer is still not privy to all the information that the brokers see."
Over the years, Manhattan firms have frequently resisted MLSs and other ways of sharing listings, preferring to keep their exclusive listings to themselves in the hope of finding a buyer and retaining the entire commission rather than co-broking, and having to share the commission with a buyer's broker.
Ramirez said that's an antiquated viewpoint in today's market. "Consumers are too smart now," she said. "A seller knows if you're not bringing in large numbers of customers, you're never going to get the best price in the quickest period of time. Any agent who is saying I'll keep it to myself or sell it within the company, they're not going to be hired. The consumer wants full access."
Or, as Kahn put it, co-broking "may not be the full commission for the broker, but that's what's best for the buyer. If we make it the best for the buyer, they'll come to us. Hopefully this is another step in the direction of sharing correct information that will make life easier for buyers and brokers."
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Comments
Anonymous
Sounds like a step in the right direction
Comment #1 Posted By: Anonymous 12/21/09
Anonymous
It is about time somebody embraced this.
Comment #2 Posted By: Anonymous 12/21/09
Anonymous
There is an MLS we just do not call it that. Any agent has access to any other agents listing. Co broking is the standard in the Manhattan market - plus minus 95% of transaction happen with 2 brokers -sellers and buyers. I think every ahency should have this. This is a good move for the sake of the consumer , yet a much better move for Halstead to gain a competitive edge for getting buyers to work with Halstead's brokers.
Comment #3 Posted By: Anonymous 12/21/09
Anonymous
Any REBNY sanctioned VOW will be far from accurate if they are leaving out the listings of non rebny ,members which amount to 50% of the market.
Comment #4 Posted By: Anonymous 12/21/09
Anonymous
Listings of non rebny members amount to a miniscule fraction of the market. Besides is it not true that even a non Rebny member is entitled to submit to Rebny, arent they ? they just DONT HAVE TO: This is coming form a rebny member
Comment #5 Posted By: Anonymous 12/21/09
Anonymous
Anyone who can will follow this formula as they would be left in the dust with getting buyers. Not that some of the large brokerages really like working with buyers...............but it will even be a disadvantage IN PERCEPTION to sellers to list with someone who does not have it..... Just watch everyone will follow/
Comment #6 Posted By: Anonymous 12/21/09
Anonymous
Its been embraced a long time ago.
Comment #7 Posted By: Anonymous 12/21/09
Anonymous
How does this help the market exactly? How is this transparent if the Halstead broker is listing something thats not their own exclusive? How does this differ from the majority of second and third and fourth rate bait-and-switch firms? How does this help the customer?
Comment #8 Posted By: Anonymous 12/21/09
Anonymous
Just ask Diane, the answer is buy, buy, buy!
Comment #9 Posted By: Anonymous 12/21/09
Anonymous
Who cares!
Comment #10 Posted By: Anonymous 12/21/09
Anonymous
Ridiculous. Most offices have MLS searches available to the public. Because NYC doesn't have an mls, it's just an incomplete idx feed that consumers can search- big deal. It's amazing how backwards NYC will remain until they get a REAL mls, the MAJORITY of brokers participate, input, and follow the rules forcing such input, and offer consumers REAL TIME DATA. Anything short of that is just a site with some houses.
Comment #11 Posted By: Anonymous 12/21/09
Anonymous
You really think it's a good idea??? Halstead also don't negotiate any fee's, so that mean's every time a renter went threw Halstead he probably paid more fee as against to if he would contact the listing broker directly and because it's direct he would probably get a discounted fee unless the exclusive agent is from corcoran. Sounds like a bad idea, what about owners that want their listings listed only on the website of the agent they signed exclusive with? and why would anyone co-broke 50/50 with Halstead, they are now like OLR or MLS but the client have to pay them now as well. I think like any other public listings website, each exclusive by other brokers listed on Halstead should also have a link to the original poster (exclusive agent). Or, all the brokerages could list all the exclusives. otherwise it's just not fair.
Comment #12 Posted By: Anonymous 12/21/09
Anonymous
Everyone will do it. It will only add to the confusion on the part of consumers. It will be a flash in the pan. The MLS sites I have worked with in other areas of the country ( New Jersey, Southern California, Southern Florida ) are confusing and difficult to navigate and you always wind up talking to a broker for information, just like the good old days.
Comment #13 Posted By: Anonymous 12/21/09
Anonymous
I wonder how sellers will react to this ? Don't know how happy I would be that the agent I hired is promoting the competing listings, or how happy I will be that Schlocky & Co. can use my apartment to promote their own business.
Comment #14 Posted By: Anonymous 12/21/09
Anonymous
How do you get on that site from halstead.com? There's nothing on the home page.
Comment #15 Posted By: Anonymous 12/21/09
Anonymous
Oh Diane..just a wanna be. Your pie is not that big....the market is already moving away from your pseudo firm. Get over it.
Comment #16 Posted By: Anonymous 12/21/09
Anonymous
#14 - how does Schlocky & Co use YOUR apt to promote their own listings? I am thinking you dont get this. The only thing that S&Co can do today that they couldnt yesterday is extend a comprehensive search to buyers. Overall - this move benefits sellers: their listings get to be seen in more places. Period.
Comment #17 Posted By: Anonymous 12/21/09
Anonymous
#12 - all brokerages CAN list all industry listings. they just need to adopt the new technology.
Comment #18 Posted By: Anonymous 12/21/09
Anonymous
How can we have accurate info about other companies' listings when we can barely submit accurate info about our own listings??? and I'm talking about one of those 'big' companies....
Comment #19 Posted By: Anonymous 12/22/09
Anonymous
This is just another tool. Tools are only as good as the person using them. Ultimately, the consumer will decide what is useful.
Comment #20 Posted By: Anonymous 12/22/09
Anonymous
Its just MLS accessed via Halstead as opose to Streeteasy. Its good for Halstead as the consumer will be on their sight instead of StreetEasy and while on that sight the consumer will ( hopefully ) contact the Halstead broker as opose to the listing broker. ( which he would do from Streetesy) This way the Halstead broker gets a shot at representing the buyer. The internet customer is the most flaky and unloyal kind there is . Halstead will see a whole new kind. Have fun
Comment #21 Posted By: Anonymous 12/22/09
Anonymous
#17 you are stupid, no correction you are stoopid. You clearly do not get it and clearly have not one iota of a clue as to what you are talking about. Schlocky & Co., if a rebny member, can do a comprehensive search currently in house and forward same, under their name to their customer. Period. You are WRONG, WRONG, WRONG and stoopid.
Comment #22 Posted By: Anonymous 12/22/09
Anonymous
THIS IS THE BEST THING THAT CAN HAPPEN TO A SMALL INDEPENDENT that does not have many of their own exclusives. Besides its giving your clients a real push by having their listings appear on every web site that has this service. Its pathetic that it took Halstead to say that they are the first. You idiots. Every rural little town in the U.S. has an MLS. Its the big guys that did not want anyone to share their exclusives publicly. Now its here, and I'm happy it happened. Finally my website will get hundreds of listings with floor plans and photos. This is what makes good business.
Comment #23 Posted By: Anonymous 12/22/09
Anonymous
The VOW is great. (I really call it MLS with no rules, except that of REBNY, which really doesnt have any policing of bad policies). But I think the biggest problem is going to be people signing in. Why not just have people search the web sites and the database without the siging in? Its a problem. Because once they sign in, I usually like them to fill out a form that qualifies them. Now they have to fill out 2 different forms. ALSO, PLEASE...REAL PLUS. DONT KILL US ON PRICES. I only pay $130 a month for my MLS and that even covers my LIBOR dues also.
Comment #24 Posted By: Anonymous 12/22/09
Anonymous
#24 welcome to the %$#@5ing 90s. rebny member or not, S&C can search listings. Most systems offer a "saved search" feature that even automates the process. What ppl can do now that they couldnt do before is "extend search capabilities" - meaning "allow the buyers to perform thier own searches on the same data" I should have written that clearly. Love, #17.
Comment #25 Posted By: Anonymous 12/23/09
Anonymous
Halstead customers may now search all of the industry's listings -- provided "directly" by REBNY! What a joke.... Rebny = Mafia!
Comment #26 Posted By: Anonymous 12/23/09
Anonymous
First of all, Halstead did not invent this nor did they initiate this. Many firms have been trying to launch VOW's for years and Halstead was one of the main companies preventing it. Now that it's here to stay they are taking the credit for it?
Comment #27 Posted By: Anonymous 12/23/09
Anonymous
There is nothing unique about using a Halstead broker. Soon every broker in town will have the same information on their websites. When all listing data is the same on every internet site including broker sites, Streeteasy, Trulia, and the New York Times, consumers will be able to pick their brokers based on professionalism not political alliances and meaningless brand names that attempt to monopolize information.
Comment #28 Posted By: Anonymous 12/23/09
Anonymous
VOW will eliminate consumer confusion by making accurate listing data ubiquitous. Brokers need to focus on selling expertise, not listing data. It's interesting how people will talk about listings as though there are owned by brokerages, as though Halstead listings are somehow better than other firms listings. These firms need to realize that they don't own the product they sell. Brokers are in a service industry. I only wish buyers and seller could better recognize the difference between good service and bad service instead of fictitious marketing advantages pitched to them by unscrupulous brokers. VOW proves that all firms have the same "reach" if they choose to use tools properly. Consumers need to focus on the individual broker and their quality of service, not the data they horde. There is much more to buying and selling than any information service alone can provide.
Comment #29 Posted By: Anonymous 12/23/09
Anonymous
The VOW is the result of a Dept of Justice ruling in a case against the Nat'l Assoc. of Realtors. The federal law goes into effect in 2010 across the board. Rebny has informed its member firms that they must be in compliance: MLS members must be actively engaged in real estate brokerage by actually helping people buy or sell homes. This will ensure that MLSs are used for what they were originally intended to do — to help real estate professionals find buyers for people who want to sell their homes. NAR has also agreed to adopt a revised 2008 Virtual Office Website policy that NAR will request MLSs to adopt. It's curious that this salient fact was not mentioned in the Real Deal article.
Comment #30 Posted By: Anonymous 12/24/09
Anonymous
#30 is on the mark, the Real Deal also FAILED to mention that the MANHATTAN ASSOCIATION OF REALTORS, which offers the only officially sanctioned MLS in New York City operates a fully functioning IDX (INTERNET DATA EXCHANGE). This allows the public to see every listing on each participating companies website, and best of all a seller gets the added bonus of having their property on multiple company websites, and no one is required to register. It's called true transparency, keep a close eye on MANAR IN 2010.
Comment #31 Posted By: Anonymous 12/26/09
Anonymous
here comes Redfin
Comment #32 Posted By: Anonymous 12/26/09
Malcolm Carter, Service You Can Trust
VOWs deprive consumers of a neutral source of information. Although they arguably are a useful first step, the journey toward a true MLS, not an impostor will be as long the big firms can stretch it out. I go into detail in my blog: malcolmcarter.wordpress.com/2009/12/28/manhattan-needs-a-true-mls-not-an-impostor/#more-2455
Comment #33 Posted By: Malcolm Carter, Service You Can Trust 12/28/09
Malcolm Carter
Apologies for commenting again, but the blog address above should be: malcolmcarter.wordpress.com/2009/12/28/manhattan-needs-a-true-mls-not-an-imposter/
Comment #34 Posted By: Malcolm Carter 12/28/09
Anonymous
Yea but if this happens where agents basically advertise all properties, where is the benefit to the exclusives they have that should be represented above the others. I think this is not beneficial to signed listings.
Comment #35 Posted By: Anonymous 12/31/09
Anonymous
Hello, McFly! Is anybody in there? Ever heard of STREETEASY? Halstead knocked off Corocoran's ad campign a few years ago, and is doing it again. How about an original idea? The SS Technology is out to sea and Halstead is on the dock once more.
Comment #36 Posted By: Anonymous 12/31/09
Marilyn Harra Kaye
The first VOW was IDX which the National Association of Realtors had over 10years ago. The Depatment of Justiced sued for more transparency on listings which were the IDX listings and became the "VOW lawsuit" which stands for Virtual Online Web listings. VOW is the name of the lawsuit and there are two Boards in Manhattan, BMAR, upper Manhattan and Manar,in Manhattan.Both had IDX listing years ago which is now called VOW, the name of the lawsuit, Only in Manhattan would the name of a lawsuit be used for a product. Marilyn Harra Kaye,President, MLBKaye International Realty
Comment #37 Posted By: Marilyn Harra Kaye 02/16/10