BrokerageIndustry News

Redfin: VOW data will help us expand

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A legal settlement that strengthened the ability of real estate brokers to provide expanded property listings information through "Virtual Office Web sites" will help Redfin expand into new markets by partnering with other agents, the company claims. Redfin is now divulging details about listings previously accessible only to real estate agents -- including a property's cumulative days on market, and asking price history -- to members of the public who register to use the company's Web site. The richer data set for listings in some markets is the latest repercussion of a settlement the Justice Department reached with the National Association of Realtors last year over NAR's policies governing the online sharing and display of property listings. The settlement required NAR to adopt a policy allowing member brokers, like Redfin, that participate in multiple listings services (MLSs) to operate "Virtual Office Web sites," or VOWs, and provide a broader ran...