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The Trulia Voices Top Real Estate Question of the Week

This weeks top question on Trulia Voices deals with a homes true days on market (DOM). TheHob, who is just looking in Philadelphia starts his statement by saying, “This is a little trick that TrendMLS participants like to play”. He goes on to say that in his local MLS in Philadelphia, real estate agents are known to withdraw a for sale property and then immediately re-list it. Apparently, the goal is to keep the home looking like it’s a fresh listing rather than a stale one. Is this flip flopping ethical?

Trulia Voices Community Comments:

Barry DeGroot, was the first real estate agent to answer this question, which now has over 50 comments, and said, “I agree that the same listing agent should not withdraw and re-list the same property for this purpose. A price change can be implemented without withdrawing the property, except in cases where an owner has truly advised an agent to withdraw a property for a period of time and does in fact take it off the market.”

Deborah Madey, Principal Broker of Peninsula First Realty Group says, “I belong to several other MLSs. Some strictly enforce the no-relist policy by the same agent, others do not. Some have a CDOM (cumulative DOM), others do not. I believe what Eileen was saying about balance applied to the challenge of controlling data integrity in an open information market.” In addition, she says, “The practice of resisting to refresh listings is one which should end.”

T-Man, who is a real estate investor says, “There’s a *huge difference* in the negotiation style (and the price!) of a home that’s been on the market 32 days versus 332 days …”

Elvis, a real estate agent from Evanston says, “There’s no question that agents are using the relist, as a method to “refresh” the listing (DOM being part of that), and bring it up on the hotsheet again (which is probably the more important motivator for most agents) and get the home a fresh-look by agents. But restarting the DOM (even though it’s intended audience may be other Realtors) is misleading, and should not be allowed, in my opinion.”

My Thoughts:

Knowing a homes true Days on Market (DOM) is a valid question - for both real estate agents and home buyers. Any manipulation or misrepresentation of a homes Days on Market is clearly not the right thing to do. If you’re the home buyer, you really want to understand how long this home has been on the market. It is one of the most important factors when analyzing the home for purchase. It will play a direct role into your bidding and negotiating strategy for that particular home for sale. In my opinion, it’s really important. Think about it. Besides considering a host of other home analysis factors, if you know the home has been on the market for 300 days straight, you will most likely present a different offer than if it was on the market for 30 days.

As a buyers broker, knowing the true Days on Market is crucial when helping your home buyers make better informed home buying decisions. It’s important for the listing agent too. Their credibility with fellow agents and home buyers is at stake. The listing agent should be forthright about how long they have been marketing their clients property and, if applicable, the true days on market the previous real estate brokerage had it for.

How do you handle the presentation your real estate listings true Days on Market (DOM) - in your MLS and in person?

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