Re-listing likely to draw ire of consumers
Letters to the Editor
By Inman News, Thursday, November 13, 2008.Bookmarking Sites
Re: 'NAR addresses 're-listing' practice' (Nov. 10)
Dear Editor:
With the scrutiny under which we find our MLS these days I wonder if it is not time, perhaps past time, to just do it right. "New" should perhaps mean new to the MLS. Maybe we should look at a time period of, say, six months or so since last being on the market. I think it is time for all of us to start building a reputation for living up to the code of ethics even when it hurts and not just when it serves our purpose.
Canceling and re-listing not only can be misleading, it is intended to be misleading! There is a reason our industry rates so low every year in consumer "respect" polls. Just a thought.
Jim Townsend
Broker
Mountain Valley Properties
Boise, Idaho
***
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Submitted by Robert A. Hulme on November 13, 2008 - 2:54pm.
Our industry rate so low? I can't see how our industry rates so low because of re-listing. Too bad we have to show a negative aspect of Realtors to help reflect your low opinion of re-listing. As a whole I don't think we (Realtors) have that bad of a reputation.
Robert A. Hulme
Realtor, GRI, e-PRO
Prudential Utah Real Estate
robert@RobertHulme.com
www.UtahCountyRealEstate.us
www.UtahCountyHomes.ws
Blog : www.UtahHomes.ws
801-885-2586
Submitted by Barry Noble on November 13, 2008 - 4:37pm.
re-listing, if you mean, to make it appear to be a new listing after multi-months on the market, cannot fool the reader, at least in the Southern California Desert resort cities around Palm Springs, because the property history is right there for anyone to see with one click - and multiple relists by the same agent just glares out at any astute viewer. I assume most MLS sysems have this feature. The available history shows every change - whether its a rise or lowering of the price, any potential offers, cancellations or temporary removals from the market for the past few years. Those that have been listed on and off for a number of years become good examples of whre the market has been and its obvious recent market changes. As a broker who's primarily a Certified Residential Appraiser - I use the MLS property histories to partially support neighborhood trends as well. www/MyPropertyIsWorth.com
Submitted by Marlow Harris on November 14, 2008 - 12:30am.
Sometimes listings expire without selling. If the MLS automatically tags those re-listed homes as "new", it's not the lack of agent ethics that is causing the misunderstanding, it's the labeling by the MLS.
Perhaps homes re-listed that were on the market anytime in the last 6 months with the same agent can be labeled "Relisted" instead of "New". This would solve this problem.
However, if it's relisted with a NEW agent, it should probably still be labeled as "new". To not do that is unfair to the new listing agent.
Submitted by Walter Boomsma on November 14, 2008 - 3:25am.
I have seen a number of agents play this game, particulary on "broker owned" (their own) property. Seems a bit like misrepresentation to me. Might even be fraud since it's done intentionally.
Be that as it may, the major reason "days on market" seems to be important to buyers is they think length of time on market somehow correlates to willingness of seller to negotiate.
Sometimes the seller's LACK of willingness is the reason!
Thus, it's not of itself a huge issue.
There are other problems with the MLS including missing or erroneous data and there is thus an even larger opportunity to build customer confidence.
Submitted by Dan Gobis on November 14, 2008 - 5:04am.
Re-Listing a property can be an effective marketing tool if there is justification, major price reduction, substantial upgrades. I have Re-Listed New Construction that was originally 'to be built', once the property was completed.
Re-Listing can also be a lazy technique, but I don't think Re-Listing can or should be banned.
How does Re-Listing affect value anyway? As mentioned previously, hit the history button.
Dan Gobis
RE/MAX Preferred
Racine, Wi
Submitted by Bill Lublin on November 14, 2008 - 9:03am.
Bill Lublin CRB,CRS,GRI
CEO CENTURY 21 Advantage Gold
Visit me at MovePhilly & REreflections Click Here to
Find Homes in PA & NJ
The issue of what comprises a "new listing" is much more complicated than it would seem at first glance, which is why a "White Paper" was developed by the NAR's Law & Policy Staff for consideration by the Intepretations and Procedures Subcommittee, Reviewed by the Professional Standards Committee, and then presented to the Executive COmmittee and the Board of Directors. The purpose of the White Paper was to give guidance to local associations in our effort as an Industry to do the right thing - somthing that REALTORS have been wokring on since the organization's inception in 1908, and the adoption of the first version of our code of ethics in 1913.
As REALTORS our commitment to the Code of Ethics is second to no other profession's commitment to theirs, and an appreciation of the time and effort spent by tens of thousands of our members over the past 95 years to address the concerns of customers, clients, and collegaues should be reflected by the comments made here - I know that consumers are quick to point fingers and that people to often highlight the lowest level of performance as the norm, but to me that reflects an ignorance of what is done every day by volunteers and staff - I am proud of the mechanisms we have in place and encourage anyone to use them , consumer or professional - and challenge them, after having done so to say that we as a profession do not hold ourselves to estimable standards.
Submitted by Missy Caulk on November 17, 2008 - 6:42am.
Unfortunately I see it all the time in Ann Arbor, it messes up our data. Don't they know a good buyer agent checks the history of a listing before they write an offer.
I see it most when a listing agent re-lists with a new price. You show the home, it looks like it has been on the market for 2 weeks. Then you go home do a history search and find out it has been listed for a year and repeatedly come down.
Missy Caulk
Ann Arbor, MI
Missy@MissyCaulk.com
www.AnnArborRealEstateTalk.com
www.SearchAnnArborHouses.com