TREB ANNOUNCES VIRTUAL OFFICE WEB SITE POLICY

On June 24, The Toronto Real Estate Board announced a policy that would enable brokerages to offer enhanced reporting services of statistical information contained within the board's MLS System® to their customers and clients via virtual office web sites (VOWS). TREB's initiative in this regard began in July of 2010. The policy is currently open for review and input by all TREB members before being instituted.

 The policy provides for the following:

• Consumers will be required to enter into a user agreement with the VOW and provide their name and a valid email address.
• Access to the VOW requires a password.
• Consumers will be able to view no more than 100 listings on an inquiry.
• *Certain statistical information not previously available via realtor.ca  will be available.
• The searchable statistical information includes all non-confidential information: address; listing types; photographs; virtual tours; sold data where it is readily available to the public.
• Additionally, third parties may write comments or reviews or display a hyperlink to such unless the seller requires this feature to be disabled or discontinued.
• Exclusions: seller's name and contact information; any address not authorized for publication by the seller; expired, withdrawn, terminated or *pending solds and leases; commission amount offered; instructions or remarks intended for brokerages.

* Sold amounts would be searchable only when the sale becomes public domain which is established once the sale has been recorded in the land titles/registry system.

Although the Competition Bureau knew of this pending initiative, it launched a suit against TREB last month and while one of its demands is that VOWS be allowed to provide sold data, real estate practitioners are governed by the Real Estate Business and Brokers Act and the Personal Information Protection and Electronic Documents Act (PIPEDA) which inhibit us from releasing this information arbitrarily. It remains to be seen then if the bureau will accept TREB's VOW policy.

I had four issues with the bureau's filing - It's timing even though they knew this was in the making; the requirement to release sold data; what seems as its requirement for all TREB members to foot the bill for creating and managing VOW protocals and what I believe are mis-representations made to the public. So, aside from the sold amounts being available at all, I'm happy with the policy, think it best that TREB err on the right side of consumer privacy protection and congratulate them for taking this initiative 11 months ago.

If it is one thing I have come to learn about TREB it is that the staff are forward-thinkers in that they are always thinking of ways to enhance their members and the public's experience. In that they are second to none!   

To read the news release visit TREB