TREB Logo
According to recently announced changes introduced by the Toronto Real Estate Board (TREB), consumers’ privacy rights and the quality of the services provided by realtors’ websites should be on the rise once again. The TREB Board of Directors passed new rules concerning a Virtual Office Website (VOW) Policy on August 25 and is looking forward to seeing the new policy being implemented.
Getting over the hurdle
In July 2010, TREB organized a session that was devoted to the careful planning of the new VOW policy and the discussions about the strategies for efficiently responding to the recent developments in the real estate field, changing the traditional business environment that most realtors used to know. The outcome of the session is a comprehensive VOW policy that adheres to the ideas of fair competition and ensuring the top quality of services for clients, as well as considering consumers’ privacy rights.
TREB believes that the newly adopted rules will allow REALTOR® Members to improve their current portfolio of services in favour of their clients. According to the new VOW policy, customers will be able to access REALTOR® Member’s websites, which will be securely protected by passwords, to browse MLS ® listing data and benefit from the supervision and guidance of the chosen REALTOR® Member at the same time.
TREB, an umbrella organization that includes over 32,000 members, is already well-known for having a strict Code of Ethics that permits no indecency toward consumers, but many claim that the newly implemented changes took the real estate business even further toward clients. Richard Silver, president of the Toronto Real Estate Board, remarked that “the approval of VOW is a great step forward for the Greater Toronto real estate system.” He further added, “This new and exciting policy will increase competition within the system, while most importantly protecting consumers’ private information. It strikes a balance between consumer privacy concerns, the protection of consumer rights, and fostering competition.”
Over the next two months, TREB will be working on the process of finalizing the last preparations of its technological infrastructure so that nothing will stand in the way of putting the new VOW policy into practice. All TREB Members hope that the newly accepted rules will serve to greatly benefit the real estate field and will only bring further advantages for both real estate agents and buyers in the Greater Toronto Area.
