Do you advise or do you practice the re-setting of “Days on Market”?
This question struck me as I showed a condo at 9am on a Sunday morning.
The buyer asked his agent (with me as the listing agent) standing near by: Is there something wrong with the place – it’s been listed for 6 months?
The buyer’s agent gave a reasonable answer: “the market is slower in the winter and properties do tend to stay on a bit longer”. OK…reasonable.
It’s not my place to speak to the buyer’s directly…but – some of the other issues we run into during the winter months are: It is the least favorable time of the year to move (pack and transport)…in the ski resort area we often have rentals going on in condos at the same time people would like to view them for sales (and paying guests don’t have to let you in)…and like this morning 9am on a Sunday is not always a great time to schedule showings. So the buyer is always right…even when they don’t get the whole story. 
So the question remains – do you take a property off the market to re-set the days and try to make the place look like it’s a new listing??
All the area agents know each others listing, they know when something goes off and comes back on 30+ days later that it is a ploy being employed.
So…Why do it? As I hinted it takes a month for a property to be off the market until you can relist…the seller can of course list with another agent the same day and it will appear as a new listing in the public’s eyes. But assuming the seller is loyal…Expiring the listing waiting a month and placing it back on will re-set the Days on Market to (1) again. If it is a seasonal market like mine a rest period can have a good effect.
Prospect management software: Most MLS software now allows a agent to enter his prospects criteria in an automatic notification system – that alerts a buyer of any “NEW” listing when it comes on (so long as it has what is being searched for)…will they notice it was sent before –maybe/maybe not?
Change the photos and the date: If expiring a listing in the spring allows new pictures to be updated…with the snow gone, new paint and a green landscape – that is a good idea. If in my case mud season is so quite you’ll miss no buyers by taking it off…What is the down side?
Calling all prior buyers: Like many agents we are looking for any excuse to call old prospects when something they have already seen changes in some way. Most of the time it’s a price change or an added incentive that changes. But – in most listing contracts, the listing agent has a period of protection, where a prior showing would be honored under the terms of the listing (grandfathered) for some time frame or until it is listed with another agency. So calling prior lookers to tell them it’s off the market but their offer would be allowed for a brief period of time – can be a fire under their butt.
Do you expire or withdraw a listing to re-set the days on Market…Why do you – or- why would you not undertake this practice?
Seasons change will you let a property stay on the market too long or do everything you can to move it to the sold column??
Comments(14)