Stale Listings Increasingly Cancelled/Relisted?
An anonymous reader sent me the following email:
I have to stay anonymous with this. I just got an e-mail from an appraiser that sends in good information to me from time to time. It appears that agents are doing this old trick to manipulate exposure for their listings that are languishing. This means that listing numbers are not accurate. Ouch.If it is true that there has been "an increase in the practice of cancelling and relisting property," might that be an early sign of a turning in the NW market? What are your thoughts? Has anyone else seen this posting or any evidence of an increase in this practice?
On the NWMLS this is a main page message to Realtors (here is the pasted response):Attention:
Once again, NWMLS is seeing an increase in the practice of cancelling and relisting property. In most circumstances, the practice is a violation of NWMLS Rules. Rule violations of this nature are easy to identify, and NWMLS will initiate disciplinary proceedings against agents and brokers who cancel and relist properties, except in accordance with the following guidelines:
- Agents do not have the ability to cancel and relist property without the aid of their broker or the broker’s designated staff.
- You may never cancel and relist a property without a new listing agreement and new listing input sheets fully signed and initialed by the parties.
- You may not cancel and relist a property, even with a new listing agreement and new listing input sheets, unless there is a material change to the listing (e.g., a significant change in the price of the property, a remodel, a change in zoning, or a change in ownership).
- You may not cancel and relist a property in order to make it appear as a new listing when it is not or to make changes to the property information contained in the listing. For example, it is a rule violation to input a new listing with an insignificant price change, even if the seller executes a new listing agreement.
- In almost all cases, changes to a listing should be made on either Form 18, Amendment to Exclusive Sale and Listing Agreement (price changes, extension of listing) or Form 19, Status Change Input Sheet (changes in status, changes to property information contained in the listing, changes to marketing remarks, etc.).
13 comments:
dukes, with that logic, most businesses, from oil companies to clothing retailers are greedy too. Their mark-ups are ridiculous! If I am selling a hot product, I'd be damned if I don't try to push the price as high as I can until the market tells me it is not worth the price. What is the fixation of buying a home when renting is better at this point in time anyway?
Posting private e-mails and listing realtor's address is a really low class act. Tim, the blogger, shame on you for letting this ride.
Yes, my effort may prove to be fruitless, but it gives me some fun, and it provides me with insight into the mindset that exists at this moment in time within our local real estate industry.
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An alternative is being reported to police for harrasment. Which is what it is.
Yes, not only the cancel/relist trick is being widespread abuse, they are also relisting closings! So they will show old closings instead of new ones because they don't have any. What happens is in some cases, they actually count a home sold twice. So it artificially inflates sales volume!
There are even trolls going into some forums and saying how busy the market is...
Posting private e-mails and listing realtor's address is a really low class act. Tim, the blogger, shame on you for letting this ride.
Could you please explain exactly what is low class about Dukes' posting of real estate agents' email addresses and his cordial conversations with said agents? I fail to see what is wrong with either of these things. The email addresses are public information, posted on real estate websites for all the world. I also would argue that emails sent by a real estate agent involving their business are not the same thing as "private e-mails."
An alternative is being reported to police for harrasment [sic]. Which is what it is.
You keep using that word. I do not think it means what you think it means.
ha·rass (hə-răs', hăr'əs)
tr.v., -rassed, -rass·ing, -rass·es.
1. To irritate or torment persistently.
2. To wear out; exhaust.
3. To impede and exhaust (an enemy) by repeated attacks or raids.
Dukes-
I see your shenanigans are causing quite a ruckus in "don't mention it and it'll go away" Seattle.
Personally, I love reading your correspondence with local realtors and hope to heaven you keep it up and keep sharing with the rest of us.
Right now, my favorite sleazy Seattle realtor is the local NAR mouthpiece, Lawrence Yun.
You can catch him regularly on CNBC on the 5 min. Comcast local interviews- waxing poetic about how undervalued Seattle property is and how we've got "a long way to go" to catch up with the prices of California real estate(!).
He also wrote an article about hip, cool and underpriced Seattle for the January '05 NAR report.
Yes, I think we can all agree that there are many Seattle Realtors who are working overtime to try to keep this monster going.
And a lot of them, I think, are reading this blog.
Question:
Is there a Seattle realtor out there who will share with us EXACTLY what is going on?
Whoops- meant the January '06 NAR report, not the "05.
This includes the outrageous crap that is regurgitated to me by so called "professionals"...prosecute me!
Wed Jan 25, 08:20:29 AM PST
Life did that already.
ha·rass (hə-răs', hăr'əs)
tr.v., -rassed, -rass·ing, -rass·es.
1. To irritate or torment persistently.
2. To wear out; exhaust.
3. To impede and exhaust (an enemy) by repeated attacks or raids.
Number 1 it is. He is doing it "for fun". I did not really expect different reaction from you. In fact you probably approve it with all your heart.
My,my...!
The hostility here in Seattle from the "there's no bubble" crowd is embarassing.
Relax folks, if there really is no bubble, your property value will increase year after year without your even having to think about it.
Don't even think about it, everything is fine. Everything is fine.
Stay away from the bubble sites and everything will be fine.
Your financial future is secure.
Everything will be fine.
Just stay away from the bubble sites and everything will be fine. Everything will be fine everything will be fine evrything....
anonymous,
If you think that one or two amicable emails makes up a campaign of "persistent torment" then I am forced to assume that you lack the capacity to argue a point in a calm, rational manner.
No offense, but seriously—come on. Go back and re-read Dukes' emails. They're far from harassing.
inseattle said...
My,my...!
The hostility here in Seattle from the "there's no bubble" crowd is embarassing.
Relax folks, if there really is no bubble, your property value will increase year after year without your even having to think about it.
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The market in Seattle is slowing down. There are properties with reduced prices, houses on the market longer and some builders offer incentives (over $900,000 in particular). This nonwithstanding, harrassing agents with obnoxious e-mails "for fun" and posting their e-mail addresses on the blog is deplorable. Don't like it, don't buy, or make a low offer.
If you think this is perfectly OK, try this number at a car lot and let me know how it comes out for you.
The duplex that I moved out of in July has been relisted 3 times. The second time it was listed @ $25K less than the original asking price. The seller has not lower the offering price this time around.
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