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Transparency is at the heart of our business and gives trust and confidence to those we serve. As we adapt to new practice changes, some MLSs no longer provide a consistent and clear picture of what happened in closed transactions in terms of compensation and concessions.
All eyes are now on the future of a clear cooperation policy and how it will work. The idea that Days on the Market (DOM) should be removed from the list, as some are calling for, is not what our industry or consumers need right now, and frankly There is no need for this in the future. Not all MLS reporting requirements are the same, so you can see what was easy to identify before August. 17, 2024, the outlook is not so clear.
The real estate industry has long been accused of being less transparent, but there are always bad apples that give good agents an unprofessional reputation.
Days on market is part of transparency and is a fundamental element that helps buyers and agents understand the full picture about the largest investment a consumer will make in their lifetime. Wipe away Days on the Market and we’re back to the dark and seedy days of the real estate industry. Although the industry has just emerged from the turmoil, there are still counterfeit and spin-off lawsuits to resolve. Should you take the risk of creating more?
As we’ve seen, rising interest rates, along with rising selling prices and premiums, are impacting marketing time, but that doesn’t mean you should hide this information. Perhaps the property has been out-of-contract several times under contract. Consumers have a right to know why. Is it due to the buyer’s financial situation, inspection results, or other reasons?
We don’t need to confuse ourselves or consumers with the confusion that comes from not knowing how long a property has been on the market or not having accurate listing history. How should an agent respond when asked how long a property has been on the market since it is no longer listed on the MLS or related websites? Anything other than the truth is an ethical violation. Your license will be subject to further penalties.
Disclosure explains why
In some cases, a long DOM is just a matter of timing regarding properties, conflicting targets, and when. For example, resales are highly competitive with new construction, and sales may take longer in certain areas. Other times, a property may be priced too high for its condition and start to show its age.
Is it difficult to introduce properties? Do you have pets? Are the tenants living there, or is the home not being kept in top condition? Can we make some improvements on the outside or inside?
In some cases, properties that were previously ignored or received little attention may find themselves with little competition and become the next most sought-after property as surrounding properties are put under contract, reducing options in a particular area. It may be a property with. In either case, this information should not be hidden.
Publishing Days on Market also creates responsibilities for sellers and listing agents. If your property is unsold, what is stopping you from selling it and what do you need to do to sell it?
As we know, many sellers resist the listing agent’s recommendations every step of the way because they don’t always cooperate or want to hear the truth. This establishment will sit and sit and sit some more because they think they know better.
Offers that were perceived as “low” were rejected. The seller then ends their relationship with that listing agent, decides to relist with another agent, and in some cases does everything the previous agent recommended, and the property sells very quickly. .
The number of days on the market does not define a listing. As you know, there are many hacks you can use to update listings that become stale with the number of days they are on the market. Relisting as a new listing with a slightly different price, new photos, changing the original listing photos, or leaving the MLS for a certain number of days or months before returning as a new listing will result in an immediate reduction in days on market. The counters are reset as follows: Zero, but the cumulative DOM remains posted and the list history also provides clearer information.
Deliberately trying to hide information begs the question, “Why?”
Is it flexible or confusing?
There may be some things that should be more flexible regarding explicit cooperation, but showing days on the market should not be among them. If a seller wants to list their property for sale but does not want to participate in the MLS, they can certainly do so. There are multiple ways you can sell your property without an agent and without having to follow these rules.
If a seller would like to be represented by an agent, they can request an exemption from the MLS. The agent may submit appropriate documentation to the MLS, including a copy of the listing agreement. Although this limits the marketing that can be conducted, sellers should be aware of the limits of their exposure by not participating in the MLS. In these situations, the buyer may not have a clear idea of how long the property has been on the market.
“I’ve never had a seller look me in the eye and say, ‘I want to sell my house, but I don’t have the guts to put it on the MLS,'” said eXp CEO Leo Pareja. It only benefits agents who want to pursue “underground real estate” and is overhyped on so many levels. (I have a secret, I have a secret, but I can only tell you in bits and pieces.)
Agents have so much information at any given time that it can be easy to forget about off-market listings when information is limited. If the only way to learn more about it is to go see it, you also risk wasting the buyer’s time, and they’ll quickly see why it doesn’t work for them.
In such a dynamic and challenging market, it really takes all of us to help match sellers and buyers. Consumers want context, insight and advice, and being able to provide only part of the story does a great disservice not only to consumers but to the integrity and professionalism of the real estate industry.
Cara Ameer is a licensed Coastal Agent with Coldwell Banker in California and Florida. You can follow her on Facebook or X (previously known as ). Twitter.
