In the past few weeks I’ve gotten several calls from listing agents who want to reset the Days on Market (DOM) to zero on an existing listing by canceling the listing in MLS and then reentering the property into the MLS with a new ML number to “refresh” the listing.
The problem with this idea is that the Listing Date in the MLS must be the actual list date as it appears on your listing agreement, not the date that the property was input into the MLS system. So a property, reentered into the MLS under the same listing agreement, would still have the same list date, and DOM would not change. In order to change the DOM the listing agent and the sellers would have to sign an amendment cancelling the old listing agreement and then a sign a new listing agreement.
But these calls have gotten me thinking. What is the most effective way to give a boost in the MLS to a property that’s been listed for several months, and isn’t getting any showings? Does just reentering it as “new” without any other changes make a difference? Let me play devils advocate and argue all sides. And let us hear your ideas too.
On the plus side, reentering a listing makes it come up on the hotsheet again, and the automated searches it matches will all resend it to buyers and agents. But does that make a difference? I maintain several prospect searches as a way of monitoring the function of the MLS system. I see the same properties come, and go, and come back, with no substantial changes, and the same old photos. I think that agents and buyers, once they have seen a property, must immediately recognize a ‘redo’ that really hasn’t changed.
So, what other strategies can be used to perk up a tired listing. The first thing that comes to my mind is the old real estate saying, “There’s nothing wrong with any listing that a price reduction can’t fix.” Obviously not every listing agent is going to be able to convince their Sellers that a price reduction is a good idea, but there are other things a listing agent can do.
Look at your listing in MLS with a buyers’ eye. Does it look a little sparse? Make sure you provide the information buyers are looking for. Look at your pictures. Are they good photos, well composed and flattering to your property? Or do you only have 1 or 2 exterior shots? Get your sellers to declutter, restage, and take some new ones. Finally, some of the best agents are lousy photographers, get professional help where needed. When information or photos are missing, buyers think the worst.
What other strategies have you used on your older listings? Share with us what’s worked for you. We want to hear from you.
Happy Holidays
Shelley LaPaugh
MLS Director
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When I take a buyer out I print out the history and the tax info on every house we look at, staple together, and give the client information to help them decide how serious they want to get on houses they are looking at. This definitely gives the buyer an advantage over the seller. The seller doesn't get to see how many houses the buyer has bid on, and their financials as a public record shared with all realtors. I personally think the history should be limited, not go on for years. If sellers had a choice in the matter, I'm sure they would vote no on history. Also - not all realtors share the information, hmmm- could that come back to bite them down the road?
ReplyDeleteList right to start! Agents should use the "history" of other sales in their presentation when discussing listing price and strategy. Homes should NOT be on the market for more than 120 days... there is an old expression yin or yout! Make a decision!
ReplyDeleteKeep the integrity of the data intact...
I don't mind days on market being available to agents, but I don't agree that it should be published where the Buyers can see it. It gives Buyers an advantage over the Sellers and is not in the best interest of the Sellers. There could be reasons other than price that a listing goes beyond 120 days.
ReplyDelete