What a welcome addition in Raleigh-Cary, NC, area Real Estate!

As of today, we have two Days On Market details in the TMLS:

"LADOM" and "CDOM."

LADOM is for "Listing-Days-On-Market" and will tell us how many days that specific MLS number has been Active.

CDOM is for "Cumulative-Days-On-Market" and will tell us how many days that specific property has been Active, across all the MLS numbers.  Buyers routinely ask for DOM when considering the Sellers' level of motivation.

So, if relisting is done with a new agent, CDOM reflect the entire time that it has been on the market.  And if pulled and relisted by the same agent to "freshen" the listing, CDOM will give an accurate number.  Yes, we have been able to calculate the CDOM, but now we will have it right in the Agent information on the listing.

A benefit for the Home Seller?  We have had a ton of listings Withdrawn from Market and re-entered as New Listings to refresh the DOM count, and often Expired listings are then re-entered.

When interviewing a Listing Agent who claims to sell homes quickly, it would be a good idea to ask about their CDOM, to include any re-listed homes in that average DOM when determining how fast a Realtor moves homes.

 

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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.CaryRealEstateSales.com

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Independent Broker/Owner, Michael P Jaquish, REALTOR®

Cary, NC

 
This post has been included in North Carolina Real Estate News Wake County, NC Real Estate News Cary, NC Real Estate News
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11 Comments on Good news! LADOM and CDOM come to the Triangle MLS today!

NOV
11
2008
655,247 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Mike, I wish our MLS would follow yours.  We can of course pull up the archive record and make the calculations ourselves but how nice to have it done for you.
7:59pm • #1
741,959 Points 18 Featured Posts Outside Blog Called Shot Master

I hope you get it, Marchel.

We have Tempo 5.   I thought you folks did too?
9:49pm • #2
655,247 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Mike, we are constantly getting Tempo upgrades so maybe it is in our future.
10:29pm • #3
NOV
12
2008

Mike -- We are getting a little bit of the trend you have seen -- inventory is shrinking --- some sales -- but mainly people pulling homes off the market -- most are overpriced -- so this is a good thing -- Good post -- JE
5:55am • #4
741,959 Points 18 Featured Posts Outside Blog Called Shot Master

Marchel,

Is T5 well-accepted by your colleagues?  Our changeover has been a little bumpy...

Jason,

Thanks.  Our inventory is still level to increasing.
6:57am • #5
215,481 Points 28 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I miss read that CDOM part in the title and thought you were going somewhere else ENTIRELY with this Good News!  OMG!  LOL!  Anyway- I think it's a great practice - hope to see you tomorrow at the Technology Fair for the Board!
8:22am • #6
741,959 Points 18 Featured Posts Outside Blog Called Shot Master

Hi, Eleanor!

If you see me tomorrow, it will be early...
9:02am • #7
NOV
13
2008

Mike - I was glad to see the addition of this field too.  It's a great way to see if someone is trying to play the system.  When we first cutover I didn't really like T5, but now it's turning out to be ok.
7:41am • #8
741,959 Points 18 Featured Posts Outside Blog Called Shot Master

Tracy,

I know that T5 is better than T3, and I know that some of the updates are aimed at improving MLS members adherence to NAR standards.

It is sooooo slow.  If only I could give them $10/month for "T5 TURBO!" 
7:47am • #9
NOV
16
2008
357,444 Points 15 Featured Posts Localism Sponsor Outside Blog

I find this to be extremely challenging from a listing perspective. You go on a listing appointment and want to have the sellers sign right away.  If they have several things to do around the house - paint, new carpet, declutter, etc. and the home doesn't go on the market for four weeks the clock started ticking several weeks back.  Once you get the listing agreement signed the CDOM starts ticking.  I called the TMLS on Friday and if you don't put the listing in the MLS within 48 hours you are considered to have withheld the listing.  In either case the clock starts ticking when you have the listing agreement signed.

I intend on getting a listing commitment but waiting to get the listing agreement signed right before it goes on the market....

PS.  If you customize the fields in T5 it will motor right along at a much faster speed.  Call me if you have any questions.
4:28pm • #10
NOV
21
2008
741,959 Points 18 Featured Posts Outside Blog Called Shot Master

Tracy,

 I understand the dilemma involved with the clock starting as soon as you have agreement and the need for improvement.

It seems that there has to be a better way.

I can customize Tempo5.  It is still too "click-happy."
9:54pm • #11

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Mike Jaquish 919-880-2769 Cary, NC, Real Estate

Realty Arts

Cary, NC

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