How much is that doggie in the window? How long has he been for sale?
Why do we cage our seller in when we list their property on the MLS? Would our sellers bite us if they knew? I think they would bark if they read the listing and questioned us. I, as a REALTOR®, am tried of rolling over on this issue.
The issue that I find harmful to our sellers is displaying their confidential days on market. The role of the REALTOR® is to work to promote the best interest of their client, the seller (Article 1 of the code of ethics). Is telling the buyer agent in an easy to calculate display, working to the best of our client? I think not. Our duty to the client is to obtain "top" dollar for them. The fiduciary duty is to our client, the seller. Without the seller, there would not be a MLS as we know it. (The "L" in MLS stands for listings.)
Do sellers know and understand that once their property is inputted into the MLS it starts a history? A history that is detrimental to them. Do we as listing Brokers, tell/explain this to sellers? In any market, buyers or sellers, the listing which has the best chance of selling is one that has NO history. This type of listing is known as a "virgin" listing, a property listing that has never been listed before on the MLS.
Do sellers of any other product, property or merchandise openly and freely disclose how long they have been trying to sell it? Do car sellers/dealers, does Macy's, does eBay, does the local pet store, and does the FSBO seller? DOM disclosure is not necessary as a FSBO. Perhaps sellers should remain a FSBO? If a seller tried selling FSBO before an agent listed it, should those DOM during the FSBO period be disclosed?
DOM is primarily a function of supply and demand. DOM is an artificial number. DOM is a flexible number. DOM is a magical number. It is a magical number which tells buyers if they should even look at the property, if it has a hidden problem and even how much a buyer should offer for it. DOM is NOT necessary in order for the buyer to make a decision. If this is/was crucial why don't we publish it on public and IDX websites?
DOM is a function of price.
DOM only works against the seller.
Why isn't the pending price that a seller accepted posted on the MLS? Why wait until the closing to reveal it?
Do sellers have a basis for a class action lawsuit against the MLS and listing Brokers?
Who's interest is the listing Broker working for? Theirs or their client, the seller?