Thanks for your question. No that is not standard practice Kerry. Although, there are realtors out here that will try just about any tactic to generate interest in their property that is a dangerous one as far as ethics is concerned. I am sure that every board of realtors has their state and city specific guidlines but outside of them are the National Association of Realtor Ethics. Changing prices is just bad business practice. Under article 12 of the National Association of Realtors please read:
REALTORSÂ® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORSÂ® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)
Also Please refer to Standard of Practice 11-1 :
Standard of Practice 11-1
When REALTORSÂ® prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following:
identification of the subject property
defined value or price
limiting conditions, including statements of purpose(s) and intended user(s)
any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants
basis for the opinion, including applicable market data
if the opinion is not an appraisal, a statement to that effect (Amended 1/01)
I hope this was helpful to you if you need further assistance contact me direct.
Ramona Johnson, Licensed RealtorÂ®
Coldwell Banker Mid Plaza Real Estate Office
They do it to attract buyers and then direct you to another property within that price range. The brokers are very irresponsible, and that is putting it mildly. If real estate agents are doing something that should not be done, one cannot even report it to their brokers, because they are even worse.
As others have stated, not only is it NOT standard practice, it is not ethical and could prove to be illegal.
Here's the problem....
The data you are looking at is on a aggregate real estate website - Trulia and Zillow are two.
Real estate professionals have nothing to do with the data appear here. The data does NOT come from the local MLS or any source directly related to a real estate professional. In Trulia's own words, the data comes from ListHub. These aggregate websites can and do suppress data, change data, substitute data, modify data and spindle, fold and mutilate the data at their pleasure.
Unfortunately, citizens like yourself do not understand this and blame the only face you ever see....the real estate professional.
If you are a serious buyer, and you appear to be, you need to promote yourself to reliable data sources. Contact a Hempstead NY agent and get connected to the most accurate, timely, comprehensive, relevant data base available. Then you can hold the agent accountable.
Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
So - what did they say when you questioned the big difference in list prices?
If this was done on purpose, as a bait and switch ploy, then it should be reported.