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Buyer Beware or Marketing Technique

Not sure how many caught the story on ABC Nightline on 2/20/08 titled Buyer Beware: Unsold Homes Are Often 'Re-listed' but it got me thinking. Before clicking on the link and reading the story as a Realtor I want you to try and see all sides. This story did not attack us but a practice or strategy we employ. I honestly believe that keeping an open mind will help us understand better how marketing can separate the true professionals in this business. I would love to hear your thoughts on the re-listing strategy as well as the effect it may have on corrupting the market data. Numbers can dance to any beat you play, it is the choreographer who makes it all look so pleasing.

I personally think that the re-listing strategy can work well in getting the property marketed to the public but the Realtor must be sure to follow local regulations in order to do it right and be sure that the property is being properly represented to the general public.

And for the buyers of that home that "just hit the market". Your agent may not have even known about it being listed before unless they do their homework. So be sure to ask questions. Even if it was listed by another agent you should be able to get the listing period and maybe even pricing history.

There is a whole laundry list of items that Realtors must look into on each prospective property to keep themselves educated about the property in order to answer prospective buyers questions. Educate yourself and your clients, it will strengthen your business relationship and consumer confidence in you.

In any market there are three major reasons why homes do not sell...

- price
- condition
- location

There are always going to be buyers looking to buy and sellers looking to sell. Mix that in with the right price, condition and location for a buyer or seller and consider the home sold. You have a win-win, win-win.

What are your thoughts?

All the best

Posted by David F Joslin, Jr on 02/21/2008 09:42 PM

Comments (11)

relisting, marketing, buyer beware, win win

11 Comments on Buyer Beware or Marketing Technique

FEB

2008

Withdrawing and relisting homes, or letting listings expire and then reinputting for a new MLS number are becoming more common during this slower market. I pull the entire history of all homes I am showing now, because the most recent "list" date is often a far cry from the actual original date.

I dislike it when agents withdraw a home and then immediately relist it because it has a negative result on our MLS statistics.

With all the technology available - not only to the professionals, but to the general public - it's hard to pull the withdraw /re-list game. Most folks are too smart and too savvy these days to fall for that trick.

In the MLS where I am a member - there are CDOM - which includes all the days on market even though the agent "relisted" it and tried to make it look like a new listing.

I really dislike this practice. Sometimes a property comes off the market for very legitimate reasons for very short periods of time but when they come off today and are relisted tomorrow, with the same agent, shame! I always do a history. Unless the address can be noted different ways, as in S. Maple or South Maple, the history is a click away in my MLS. The surest way might be searching by tax code, if the agent used it in the listing. I see some pretty sloppy listing efforts too.

I agree with Lisa, I pull a history on all the homes on the buyer's tour to show them the TRUE days on market.

With our MLS it doesnt matter if a home is relisted, even with another company...it will still keep the days on the market running. You have to be off the market for 90 or 120 days before the days on the market would start back at 0.

Overland Park Real Estate

As a virtual assistant I see agents from different areas of the country do this, but in different ways. One of my clients, we will call him Agent A, simply re-lists the home, using the same pictures, tour, everything. Nothing changes but the MLS#. He usually doesn't have much luck generating new interest. Another client of mine, Agent B, will also re-list, but for him that also activates a new marketing plan. New photos are taken, a new virtual tour is created, new flyers designed and all marketing is given a fresh look. Many times the MLS sheet looks like an entirely different property due to the new marketing plan. Sometimes just moving the sign in the yard creates a stir! Subsequently Agent B generates a new round of interest with the new marketing campaign on the re-listed home.

Perspection is the key. Something new captures attention and usually warrants a 2nd look. The same ole' thing is normally overlooked. Right?

Jeri Winkler
The Secret Assistant
Jeri@TheSecretAssistant.com
www.TheSecretAssistant.com

It's common practice around here and I don't like it. But when I'm listing a property, my obligation is to the client and no one else....so if "freshening up" a listing helps get the job done for - I play the game. Not because I like it, because its my JOB.

Pretty common reaction and response, now let's get the word to the agents that likely are those, no offense, those who are order takers. It just makes no sense to me. In our market place, the buyers are alerted, if set up for automatic email alerts, anytime a property has a status change within their guidelines.

It isn't common on the properties I see to withdraw and re-list, but expire and re-list is a completely different story. Of course I always look at the history of the address to see what I might find, especially if my client has an interest. The ones I love are when the agent alters the address so that it is harder to find. There is one right now that has been on the market for a couple of years and shows different addresses for the expireds.

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