Mike's Macomb County Real Estate Blog

You're Not Fooling Anyone, Especially Buyers!

 

 

A listing has been on the market for 30 days, agent withdraws listing and re-lists it as new so it comes up fresh with a new ml#. Another 28 days or so goes by, still not sold, and the agent repeats the process and relists it again. I see some agents do this again & again & again & well you get the idea.

 

 

This is such an old school trick to me. I cannot believe that agents are still doing this. First of all, in my opinion,
 buyers do not fall for this. With all of the IDX and search sites out there, they usually know when this has happened. I've had buyers say to me, that house came up as new on my morning report but I know it's been on the market for months.

 

The buyers that do think it's new or hasn't been on the market that long are more than likely working with a buyers agent and are going to find out the total days on the market from their agent anyways.

 

 

I can see doing this strategy maybe one time, under certain circustances and that would probably include a drastic price adjustment to go along with it.

 

For the most part though, in my opinion you're not fooling the consumer, you are just screwing up the actual market statistics.

 

 

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 Mike Mitchell -REALTOR®                                                               
 Real Living Kee Realty 

 

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 Mike Mitchell - Real Living Kee Realty     

                

Comment balloon 11 commentsMike Mitchell • November 14 2012 06:48PM

Comments

It was a clever ploy a long time ago.   Now, as you point out, it no longer works.   Many MLS's show "Cumulative Total Days on Market".   There is also Realtors Property Resource (RPR); more and more Agents will be sharing that Data with Buyers.

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) about 6 years ago

I can't believe an MLS system is that outdated. Ours keep the address and all dates through the years

Posted by Charles Stallions Real Estate Services, Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl. (Charles Stallions Real Estate Services Inc) about 6 years ago

So true Mike.  Listing and relisting is not going to solve the problem of a most likely overpriced listing.

Posted by Jim Patton, Realtor - Stanislaus & Merced county Realtor. (Century 21 M&M - 209-404-0816) about 6 years ago
Mike, That is so true and if the Buyer's Agent is doing their job, they will call the agent out. The buyer's agent should be doing comps and looking at the sales history and use that to assist their buyer in making an educated offer. By educating your buyer, you will be much more appreciated and you will have more referral business. Nakia
Posted by Nakia Brooks, Selling GA, One yard at a time! (GaRealtyGroup | 2ShortSaleGuys) about 6 years ago

Fred - our mls does show cumulative total days on the market, that's why I can only assume they are trying to fool buyers on public sites thorugh IDX??

Joyce - it's not the MLS that is outdated, it's the agents strategy!

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) about 6 years ago

Jim - I agree that's usually the problem.

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) about 6 years ago

Nakia - absolutely, this isn't going to get by a good buyers agent!

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) about 6 years ago

A classic tactic to try and get additional visibility and skew days on market statistics employed by persons who are out of options and don't know what else to do.

Posted by Ki Gray, SkiHomes.com - the ultimate snowsport home search! (SkiHomes.com LLC) about 6 years ago

Doesn't work with our MLS, you have to have 60 days in between listings or the days of the first listing still count.

Posted by Anne Hensel, Realtor - Broker - St. Pete Beach, Treasure Island (South Beaches Real Estate Professionals) about 6 years ago

Ki Gray - nicely summarized. Thanks for stopping by and commenting!

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) about 6 years ago

South Beaches Real Estate - hmmm I think I kind of like that rule.

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) about 6 years ago

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