Is it unethical? As long as they're following the rules of the local MLS, and everyone is on the same level playing field, then no... it's not unethical, nor does it break the Realtor code of ethics.
I don't want to get the email for your house every 90 days!
I say that becuse I get the emails for homes that meet criteria automatically. These relists appear to show up. It annoys me. Most people don't look to see who represents the home, but I do and it angers me.
I posted an answer and a clarification today. The practise of withdrwaing a listing before the listing has expired can be done only by a written request of the seller with the written consent of the listing broker. This is all contained in Trend's rule 1.5. My answer yesterday was incorrect. I do apologize. This practise is the result of the markets we find ourselves in and that doesn't make it right. But it is seldom that a realtor is called on it.
But, I must tell you that this is not as serious a problem as you make it to be. Today most buyer agents know how to correctly identify all important data for their buyers relating to a property. They know how to maximize their clients negotiation power. Days on market is only one small ingredient of information a buyer requires to make an informed decision.
Again, my apologies.
I strongly oppose relisting to refresh….and any of my prior comments are justifications. However, one must acknowledge the causes, and objectively acknowledge the benefits brought in order to effect a workable change.
There are inherent problems w/ minimum 180 day periods off the market. Yet, 30 days may not be long enough. Does the rule apply the company level? Office level? Same broker, same office, same agent? The anticipated solutions and drawbacks to each need to be evaluated.
Regardless of what rules are placed, some will be unhappy. I agree that relisting to refresh should be prohibited. All MLSs across the US are not going to draft the same policy and regulations. Since it will never be the same across the country, it is important that buyers are educated.
When I stated earlier that MLS regulation of relist policy is not my crusade, it does not mean I do not support it. What does meet my priority as a crusade is consumer education. That is a reason I dedicate hundreds of free hours to Trulia and other informational sources for consumers.
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I think you understand, that the sellers do not always want to reduce the price (even by the few dollars that it would take to refresh onto the hotsheet). So this is the agent's method of getting back on the hotsheet. As many have stated, nobody's fooled, all the agents know it's a relist. In markets where CDOM (Cumulative Days on Market) are used, the cumulative number shows... so it's CLEAR it's not a relist... in markets where CDOM isn't on the front sheet, they merely have to check the history, and "boom" it's clear.
In our MLS, if you relist you then have to relink any virtual tours or floor plans. So it's a pain in the a**. And since it's not fooling anyone, it's not worthwhile.
This was merely an explanation. I am NOT an advocate of relisting. Like Deborah, I believe it's misleading, at best, and a waste of time. It's not a good marketing ploy, I'd rather find other ways to get my property in front of agent's eyes.
The property would come up in the search regardless unless they are only searching for "new on market" listings. If this is the case, the title "new on market" is self-fulfilling. These listings are not "new on market." If the objective is to get the home to hit the "hot sheet", then reduce the listing price.
There are markets where relisting is rare, and select markets where it is more common. In the markets where it is prevalent, we see Realtors who are in opposition to the practice actually succumb and refresh their own listings. Sometimes, that might result from seller pressure to do so, since the seller’s competition has done so. The listing Realtor in that type of market has an obligation to the seller, and the situation presents a dilemma for the lister.
Purely from the MLS member usage, the practice skews data that the Realtors use. If no consumer print out MLS sheets were ever presented to the pubic at all, I still oppose the practice of relisitng. Statistical summaries of market performance are impossible to create if the data input is compromised.
DOM data should not be used in a vacuum as a basis for an offer or buying decison. If a property shows extensive DOM, but other circumstances changed (condition, price, external conditions, etc.), those factors need to be considered. Buyers who rely too heavily on DOM, at the exclusion of other data are doing themselves an injustice. A buyer is entitled to an accurate history of the property, including prior listings, but also all other relevant data. That doesn’t appear on a single MLS sheet, but it is available quickly and easily from multiple sources.
There are many challenges associated with determining DOM count. Is 30 days long enough; what about 180 days? What if the agent changes, but the broker remains the same? What if it is the same office of the broker vs. another office? Regardless of what decisions are made, it will be unfair to someone, and that someone will cry foul. Example: Assume the relist policy counts CDOM unless the property is off the market for 180 days, and the control is driven by the tax ID and cannot be altered. An investor who purchases the property and rehabs it, cannot relist it 160 days later, whether work is complete or while work is still in progress, unless the investor accepts the penalty of the CDOM count. Is that fair to the investor? There will always be people who try to get around rules, and some rules that are unfair to some people.
When you quote me, please do so without the removal of passage to distort or manipulate my words. When you do this, it actually says more about you, than it does about me. It is quite interesting that on a thread that is entirely about truth in representation, you choose to selectively adjoin statements from different parts of my post to distort the intended meaning.
Here’s your distorted quote: -->>"It’s a ridiculous time waster, -Thehob, If your purpose in this thread is to bring improvement to the industry, why not write a letter to TREND as a consumer and suggest that TREND implement a policy change?
What was your purpose in adjoining the phrase, “It’s a ridiculous time waster.” with a different paragraph? And, you hold yourself out as a crusader for truth and honesty? Really?
You go on to assert a translation that is far reaching into the depths of fabrication. It again speaks more about you than it does me.
You wrote: “Translation: I acknowledge your right to fight the good fight Mr. Consumer .. but my future financial success depends on your failure.”
You translate that I derive financial success if MLS policy allows relisting. How do you conclude that when I wrote I provide full disclosure, and take the time to gather accurate data for my clients? It sounds as if you, Tman, are attempting to be slanderous. Your behavior, here and otherwise, wrong facts, other distorted comments and facts out of context, pure fabrications of nonexistent items and rates, etc….fails to meet the criteria necessary of one who wants to preach ethics and truth to others.
Deborah
Great point! Now that we have Mr. Minnis outright endorsing the practice, stating "it is not unethical", I'd love to hear an explanation as to why it's appropriate to skew data.
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How does "new listing"= listing that has sat on the market and agent keeps relisting?
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I'm not about to turn this topic into that one, but the mother was not attempting to cut out the agent. As a matter of fact, she PAID THE BUYER AGENT!
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After she asked if she "had" to pay them because all they did was "follow" the buyer in. Get real. I don't know why the thread was posted here anyway. Some troublemaker did it.
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I'm not about to turn this topic into that one, but the mother was not attempting to cut out the agent. As a matter of fact, she PAID THE BUYER AGENT!
I am not a realtor and therefore not a member of Trend. However, I HAVE IN FACT emailed their helpdesk to no avail.
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I believe you. Why not take it to a higher office? You're very concerned about this. Complain to someone who can do something.
http://www.trulia.com/voices/Home_Selling/removed-40786--
- this from a hard working mother trying to get by in this world.
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The question was removed, but that was a hardworking dishonest mother who asked if they could cut out the agent. I'm a hardworking mother also. I like to get paid. Go figure.
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Nor does it fool buyers, who have also been driving by, or seeing the same homes listed for months.
Just Looking in Pennsylvania stated:
"range in which the agents presented CMAs differs markedly then the listing price, then the home is obviously overpriced."
On this one you are really lost; find me two appraisers, the ones accepted by all the major banks that arrive at the same value.
CMA's are an opinion of value and will vary in outcome.
Question:
When would a pool worth more? Please no realtors answer this.
Did everyone see the raid on the mortgage brokers? I helped a past buyer to the point he showed Wells Fargo how he was duped, they are now working with the FBI. Two top local real estate attorneys in the business for years gave him the free half hour consultation and after looking at the same doc’s I preview told him that the best thing to do was file bankruptcy and said see ya. I write about it someday, you would be surprised at the player’s family/real estate attorney’s son who has a real estate license/New York based Florida Real Estate Company/New York based Title Company/New York based Mortgage Company. Oh and he turned to me because I sold his home before this happened, stated he will never use anyone else.
Dave Lowe
407-330-0060
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You also had four agents "acknowledge" that they routinely search the property history and tell their buyer clients how long the property has truly been on the market. Don't forget that part.
And I'm not suggesting that thehob needs to "to contact - connect - approach - get in touch with" anbody. Relisting is a practice that occurs in the MLS, a Realtor-to-Realtor database, and we have access to the property history, and as you so eloquently pointed out:
"Does the price changes "fool" the agents..? .. heck no, they've been driving by that same home(s) and looking at the same picture(s) on the same computer screen for the last 10 months"
You wonder whether the agents will tell their clients.... I say "yes", you seem to feel that overall the answer is "no". There's where we disagree.
Yes, you can come up with article after article and link after link, where some magazine has "exposed" some lowlife excuse for a Realtor not disclosing a relist to their client. That is not an indication that a major percentage of Realtors are misleading their clients.
MLS across the country, are making it more and more difficult to "phantom relist" their properties without a legitimate reason. They are addressing the issue, and recognize the validity of the complaint. It may not be moving as quickly as you or thehob would like, but it is in the process of change. A complaint from a layperson, to the local MLS would probably help, (more than a member complaint)... but thehob is under no obligation to make that complaint.
Some just thought that since he was so passionate about the issue, that he might want to take it to the MLS board (rather than the help desk, which is just there for agents).
good luck.
BUYERS WERE NOT IN THE MARKET THE LAST FEW YEARS BASED ON THE PRESS SAYING 'STAY OUT'.
DOM in the future may be a tool for buyers but when you have 25,000 plus homes in our area on the market and only a couple hundred sales you will have long DOM.
Dave Lowe
407-330-0060
JR.? .. I'm sure you didn't mean this JR:
http://www.trulia.com/voices/Home_Selling/removed-40786--
- this from a hard working mother trying to get by in this world.
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You just had four agents "acknowledge" it goes on, but they want "*you*" to contact - connect - approach - get in touch with somebody..? .. their certainly not going to do anything about it, it effects their immediate paycheck --- that in itself should scare you to death.
This issue isn't so much about the "relist practice" ... the issue is about "disclosing" it to the potential buyer(s)
Keep in mind .. agents do this 12 times a month, consumers do it every 12 years .. a consumers buying experience is based on what happened on their last purchase, their sisters last purchase and a few conversations with their golf buddies and a few more discussions between the Thanksgiving dinner and Easter ...
This issue barely makes it on the consumers radar, let alone stay on it ... so unless they've been doing their homework, pulling the history (hopefully) and they've been following that market before it becomes "showtime", they could get hammered ...
I'm tracking 27 homes right now, some have been on the market now for 15 months, some less than 90 days ... when *discovered* you hear the very same thing from the agents whether they're in Boca or Butte Montana:
.. "they took it off for Christmas.." (but it's June.?)
.. "their son just graduated high school.." (yeh, but he's 23 years old.)
.. "it's just been listed" (why are there no leaves on the trees in the pictures.?)
Then comes the price point ... most consumers don't know where to price their homes simply because the agents don't know, most will use their listing agents advice, and the listing agent is hoping the MLS and one of the 2,712 agents in that area will sell that home ... or hopefully get educated by another agent - or both ..
Realtors just came off a 5/6 year market where prices exploded on birdcages and dog houses, let alone on homes .l.o.l.. ... In todays market most agents are wondering the streets with tea leaves, a compass and trying not to stair into the sun ... comps are great, but they could be changing every 30 days and it's strictly by a "block by block" value nowadays ...
Unless the consumer is actually walking through them and feeling, touching and seeing the difference, then comps are just Papier-Mâché ... they need to do their homework - if nothing else verify e-v-e-r-y-t-h-i-n-g from the agent ...
Another problem is the sale price to list price ratio as time goes on and agents don't disclose it:
sale date: 5/06/2008
listing price when sold: $309,900
sale price(net): $305,719
sale price to list price ratio: 98.7%
.. The issue here .. this house has been on the market since 9/18/2007 and the original listing price was $359,900 .. actual sale price to list price ratio: 85.1% .. certainly not 98.7%, not even close .. but, the agent is swearing by it and the broker is sticking to it --- this is what happens when agents fudge, forget, adjust, shuffle, prevaricate, distort or whatever word you'd like to use ....
Does the price changes "fool" the agents..? .. heck no, they've been driving by that same home(s) and looking at the same picture(s) on the same computer screen for the last 10 months ...
The question is "will they tell their next client...?" ... hot sheets are just like hot sheets at your local car dealer .. "oh, this blue one in the back was cleaned up and they put new tires on it.." -- but to the next consumer - "it was just traded..."
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I am not a realtor and therefore not a member of Trend. However, I HAVE IN FACT emailed their helpdesk to no avail.
This tactic doesn't fool a good agent any more than "relisting" does. When a property comes up as a price change, if we're not familiar with the property, we can pull the history easily and see that they've only reduced by a dollar (or few), and that this is not a true reduction.
If it is a real reduction, then it's worthy of the hotsheet.
Great links exploring the improprieties encountered every day. The scandalous withdraw relist practice is certainly one that has been noticed by name and which seems to have a contingent of people that adamantly approve of the practice.
While I agree with J R that some of your statistics are unfounded, the articles provided, like many of the highly ethical agents here, indicate a problem facing the industry.
I do have one piece of food for thought. Do properties not hit the "hot sheet" when there has been a price reduction? I believe they do in Trend. If this is the case, then I simply find no rational explanation for this pervasive and nefarious process of relisting solely to "hit the hot sheet." The market has informed the agent that the home is stale, therefore indicating the need for a price adjustment. Had the property been appropriately priced at the outset, the need for such clandestine tactics would be greatly reduced.
Does this sound like just a "few" violators..? .. it stretches from San Diego to Portland Maine -- and the consumer is stuck in the middle.
- Realtors' culture not tough on fraud:
http://www.sptimes.com/2008/02/17/Columns/Realtors__culture_
- Warning to Homebuyers - Some Realtors Are Relisting Homes to Make Them Appear as a New Listing:
http://ezinearticles.com/?Warning-to-Homebuyers---Some-Realt
- Starting the Clock Again
Rule Change Reduces Waiting Period Before Relisting:
http://www.washingtonpost.com/wp-dyn/content/article/2008/02
- New Jersey Real Estate Report - Relisting - “It’s Got to Stop”:
http://njrereport.com/index.php/2008/02/20/relisting-its-got
- MLSs attack for-sale home 're-listing' practices:
http://www.inman.com/news/2006/09/4/mlss-attack-sale-home-re
- Maybe someone is thinking here:
Phoenix Realtors- No More “Adjusting” Days-on-Market,
http://housingdoom.com/2007/05/03/phoenix-mls-cracking-down-
- Gaming the Data: Realtors Fudging the Numbers:
http://bigpicture.typepad.com/comments/2007/06/gaming-the-da
- Days on Market? None of Your Business: (thats pretty much the picture)
http://latimesblogs.latimes.com/laland/2007/07/days-on-marke
Nefarious Real Estate Practices - Canceling and Re-Listing a Home (not that it matters)
http://activerain.com/blogsview/Nefarious-Real-Estate-Practi
-->>"It’s a ridiculous time waster, -Thehob, If your purpose in this thread is to bring improvement to the industry, why not write a letter to TREND as a consumer and suggest that TREND implement a policy change?
Translation: I acknowledge your right to fight the good fight Mr. Consumer .. but my future financial success depends on your failure.
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You have not gotten replies from agents here saying they endorse or suggest the practice of relisting to refresh a listing. You have gotten acknowledgement that it happens. You said no one gave you justification for the practice. I did not really understand that comment. Are you looking for justification that relisting for the sole purpose of refreshing? You are complaining because the agents here agree that it is wrong to relist to refresh? You have heard explanations of why it happens, but no one said they approved of the behavior. An identification of the cause and reasoning behind a behavior is not an endorsement.
It’s a ridiculous time waster, it adds a layer of unnecessary explanation, and it is an annoyance……but, buyers agents consistently said here that they pull this history and provide it to their buyer clients.
BTW….I am a TREND agent….I just practice in NJ, not PA. It’s the same MLS that covers both states, so I am familiar w/ TREND. I am a member of several MLSs in FL and NJ. The posts here on this thread came from all over the country. If you surveyed the agents from only TREND, it would closely mirror the replies you see here.
Thehob, If your purpose in this thread is to bring improvement to the industry, why not write a letter to TREND as a consumer and suggest that TREND implement a policy change? I, as many of the contributors here on Voices, support change that betters the real estate experience for all.
If I, personally, were to undertake a crusade for change, I would probably find a different one. But, this is definitely a hot button for you…..so, voice your opinion to the MLS in your area. When MLS hears from enough members and public that the change should be made, they may respond.
The foundation of this thread is “truth in representation” on MLS listings. Tman has repeatedly been called out for the fact that his posts on Trulia are frequently and repeatedly exaggerations. His posts consist of data out of context, and even blatant fabrications. This is not a game to me, and I do not wish to “play” with Tman. I do have a concern that his posts, laden with spite, malice and falsehoods are a disservice to the public.
Deborah
Sorry I have to jump in. It is not isolated as you can see from some of the posts. I am not a fan of "relisting " a property and on the buy side it is one of the first things I do if one of my buyers likes a home. is to pull it's MLS archive. This will show the history of that address. Of course here the answer is no they are not supposed to do it either. Of course one way they see around that is to withdraw the listing for a week or two or sometimes even a month and then relist it. I have seen it and always warn my clients of such tactics.
I challenge you and anyone one else that uses the American consumer as a doormat ..
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Is that the topic, Tman?
Hob:
What makes me mad is that Trend recognizes the trick. For listings of property that have been withdrawn and then relisted by the same brokerage within 30 days, trend automatically converts the status from either withdrawn or expired to withdrawn relisted or expired relisted respectively. It is safe to assume that Trend is therefore aware of the issue but yet refuse to take any kind of enforcement action.
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Perhaps this is something that might be accomplished by taking it up with that Penn. attorney general's office, if you believe what they are doing is to be purposefully deceptive. Posting it her makes it just another smear that none of us are able to even address because we are not in that MLS nor do we know how that particular MLS works other than to take your word for it.
Yes, it's safe to assume that ...
Sadly for consumers, issues like this would rather get dropped or swept underneath the carpet .. it's the protect the herd syndrome and all that nonsense - pretend there is propriety where there is none...
The bottom line is commission, it's the ability to make a faster easier sale ... it's easier to conceal, then to lose the deal ...
It's up to the consumer to study long and study hard to protect their next buying decision...
-- http://activerain.com/blogsview/388465/Caveat-Emptor-is-alive
.. and this from ABC News:http://abcnews.go.com/Business/Economy/Story?id=4316775&page=1
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What makes me mad is that Trend recognizes the trick. For listings of property that have been withdrawn and then relisted by the same brokerage within 30 days, trend automatically converts the status from either withdrawn or expired to withdrawn relisted or expired relisted respectively. It is safe to assume that Trend is therefore aware of the issue but yet refuse to take any kind of enforcement action.
- >>>1. I am from a family of Realtors->>>
Ok, maybe we should be talking with your parents because you didn't answer the topic at hand.
_________
->>> 2. I have been in commission sales for over 20 years.->>>
But less than 4 of those years have been in real estate .. but that still doesn't answer the topic at hand.
_________
->>>3. In the years that I have been a Realtor, I have well outperformed most Realtors in the country according to the statistics provided by NAR and our local Board.->>>
I applaud you, but that doesn't answer the topic at hand.
________
->>>4. 7-8 selling months? I don’t think so. Unlike you, and many other Real Estate Professionals, I see the winter as an opportunity and don’t neglect my clients (both sellers and buyers). I sell just as much in the winter as I do the rest of the season.->>>
Again, I applaud you .. you'll be the very first agent from Green Bay Wisconsin to Halifax Nova Scotia to accomplish this .. but again, it doesn't answer the MLS question.
_______
->>>5. I also teach home buying classes for first time home owners.->>>
Good, we have something in common .. the only difference here, I show folks how to save thousands and you convince them how to spend thousands more .. again, you missed the topic at hand.
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->>>I have seen and heard of Doctors, Priests who molested, and teachers who filed->>>
And what part of that topic has to do with misleading and evading home buyers ..?
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You're making no sense (again) so I'll ask .. When you get pulled over for a minor traffic infraction, do you tell the officer you know the captain of the local bowling team..? .. you haven't made any sense yet, plus your story is weaker than pond water.
Chris, I never said anything about clandestine efforts or anything of the kind - "you did" .. there's a small minority of quality agents out there. I challenge you and anyone one else that uses the American consumer as a doormat ..
You need to build some trust instead of thinking your the Captain of Titanic, and if you just keep asking the band to "play on" the ship won't sink .. guess what, it's sinking.
Consumers today are savvy, they're reading a huge amount of quality info from real estate to finance and everything inbetween --- where are you going to be in 30 months..?
As you know 80% of the quality work in your industry is done by 20% of the quality agents, and thats also why most consumers ended up paying $450,000 for $320,000 homes - so they unfortunately ended up with the rest. ... and now you can't even answer the topic at hand..?
I was hoping for a battle of wits, obviously you came unarmed ... next time, bring your "A" game - and the "A" doesn't stand for Agenda.
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