Real Estate

Terminated on sold history

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  • Aug 9th, 2017 3:20 pm
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[OP]
Sr. Member
Feb 3, 2015
970 posts
192 upvotes
Toronto

Terminated on sold history

I'm looking at Toronto some houses price history a d I'm seeing a house list a for 700k then says terminated. Then it relist a month later for 690k. Whats really going on here?
Last edited by JohnS821 on Aug 8th, 2017 8:42 pm, edited 1 time in total.
20 replies
[OP]
Sr. Member
Feb 3, 2015
970 posts
192 upvotes
Toronto
I'm looking at Toronto some houses price history a d I'm seeing a house list a for 700k then says terminated. Then it relist a month later for 690k. Whats really going on here?
Deal Fanatic
Dec 5, 2009
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JohnS821 wrote: I'm looking at Toronto some houses price history a d I'm seeing a house list a for 700k then says terminated. Then it relist a month later for 690k. Whats really going on here?
House didn't sell at $700k. So they took it off the market, waited a month and then relisted for a bit lower to try again.
[OP]
Sr. Member
Feb 3, 2015
970 posts
192 upvotes
Toronto
I was thinking maybe it was sold but buyer pulled out due to not getting approved for mortgage? But yours makes more sense.
Jr. Member
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Oct 21, 2016
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Toronto, On.
I tend to do the same.

Using a basic example, if a house sits on the market for $700k and after "x" amount of days, the Seller has agreed to lower the price, it's actually better to terminate then re-list so that the listing doesn't fall to the way-side. Simply put, if you terminate and relist, your listing goes back to the top for the area whereas a price change on MLS may go un-noticed since you only edited the original listing.

Hope that makes sense.
Sales Representative, Right at Home Realty, Toronto.
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Jul 3, 2011
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Thornhill
The listing goes back to the top with a simple edit.

It can be from a change to a letter or a punctuation mark.

Realtor1981 wrote: I tend to do the same.

Using a basic example, if a house sits on the market for $700k and after "x" amount of days, the Seller has agreed to lower the price, it's actually better to terminate then re-list so that the listing doesn't fall to the way-side. Simply put, if you terminate and relist, your listing goes back to the top for the area whereas a price change on MLS may go un-noticed since you only edited the original listing.

Hope that makes sense.
Deal Guru
Feb 22, 2011
13139 posts
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Toronto
Realtor1981 wrote: I tend to do the same.

Using a basic example, if a house sits on the market for $700k and after "x" amount of days, the Seller has agreed to lower the price, it's actually better to terminate then re-list so that the listing doesn't fall to the way-side. Simply put, if you terminate and relist, your listing goes back to the top for the area whereas a price change on MLS may go un-noticed since you only edited the original listing.

Hope that makes sense.
Aside from it working, isn't this a bit of a problem? Isn't there a fee to relist? Seems like the system is rigged to favor making people do a new listings vs adjusting the existing one. What benefit to society is there in a "new" listing to justify the cost?
Jr. Member
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Oct 21, 2016
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Toronto, On.
licenced wrote: The listing goes back to the top with a simple edit.

It can be from a change to a letter or a punctuation mark.
It does not. Unless you change price, it'll go to "PC" for price change and sit.

Not sure what system you use, but on TREB Stratus, it's sorted by contract date.
Sales Representative, Right at Home Realty, Toronto.
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Aug 18, 2005
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If you do a price drop and the DOM (days on markets) starts to pile up, people will start to wonder what's wrong with the house and they start to avoid it just on that basis alone.

Better to re-list to reset the DOM. New listings typically get a burst of interest and activity.
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Oct 21, 2016
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rjg4235 wrote: Aside from it working, isn't this a bit of a problem? Isn't there a fee to relist? Seems like the system is rigged to favor making people do a new listings vs adjusting the existing one. What benefit to society is there in a "new" listing to justify the cost?
I'll be honest, I feel doing the opposite is lazy and doesn't do the client any good. Some agents don't take the time to look at the listing history (had an agent call me two days ago on a property without having knowledge of our higher price in the past and gradual price reduction.

That said, you would see the terminate and re-list a lot during the 'offer day' scenarios. This was due to marketing practices and having to advertise what you wanted to sell it for (actually, not superficially) should your offer day flop.
Sales Representative, Right at Home Realty, Toronto.
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Realtor1981 wrote: It does not. Unless you change price, it'll go to "PC" for price change and sit.

Not sure what system you use, but on TREB Stratus, it's sorted by contract date.
It does on TREB.

if you make a change in any fashion as I mentioned the listing is placed on the day's changes.

If you have any sectors set up go into your home page and they are right there front and centre.
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Oct 21, 2016
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licenced wrote: It does on TREB.

if you make a change in any fashion as I mentioned the listing is placed on the day's changes.

If you have any sectors set up go into your home page and they are right there front and centre.
Not sure we are talking about the same thing. We are speaking about a termination to new meaning, DOM/Contract date get sorted with it going back to the top of the search. Those with prospect searches (assuming no criteria is selected for status), will get the SC, PC or importantly, NEW.

Hope this clears it up.
Sales Representative, Right at Home Realty, Toronto.
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The listing goes back to the top with a simple edit.

It does NOT require a termination and relist to do that.

We can have a listing hit every Realtor's home page with their parameters for that community neighbourhood and it will do so everytime we make a simple change. These are the areas I constantly monitor and every time I sign in, I need only tap on those to see what the day's activity is. You and all of us have the same ability. It does not require a relist!
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Deal Guru
Feb 22, 2011
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licenced wrote: The listing goes back to the top with a simple edit.

It does NOT require a termination and relist to do that.

We can have a listing hit every Realtor's home page with their parameters for that community neighbourhood and it will do so everytime we make a simple change. These are the areas I constantly monitor and every time I sign in, I need only tap on those to see what the day's activity is. You and all of us have the same ability. It does not require a relist!
Image
Man if this is true you just completely destroyed someones justification for charging someone to relist a property. What is the fee associated with a relisting? If the seller was misinformed isn't this grounds for a lawsuit? I mean chronically lying to clients that paying again to relist is the only way to bring your listing to the top is fraud isn't it?
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Jul 3, 2011
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rjg4235 wrote: Man if this is true you just completely destroyed someones justification for charging someone to relist a property. What is the fee associated with a relisting? If the seller was misinformed isn't this grounds for a lawsuit? I mean chronically lying to clients that paying again to relist is the only way to bring your listing to the top is fraud isn't it?
Yes and no. No it is not fraud.

The justifucation to relist is frankly largely bullshit.

Yes, I said that however,

It depends on where the information is being searched. If it is realtor.ca then realtor.ca doesn't give two damns about age or price changes, it returns a range, period!

if it comes from a Realtor originated initial and that's bolded because initial only means from the first search date, then only those selected as having X days on market will be returned in the search, thereafter every time a listing is adjusted even for a comma it will be updated and forwarded.

This idea that relisting resets the date will present itself as though its a new listing is smoke and mirrors and any Realtor worth their entry level course fee knows to do such a search.

That said, I have no issue terminating and relisting however I do it strategically and can substantiate why I do it which is never to terminate and relist a few days later.
Deal Guru
Feb 22, 2011
13139 posts
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Toronto
licenced wrote: Yes and no. No it is not fraud.

The justifucation to relist is frankly largely bullshit.

Yes, I said that however,

It depends on where the information is being searched. If it is realtor.ca then realtor.ca doesn't give two damns about age or price changes, it returns a range, period!

if it comes from a Realtor originated initial and that's bolded because initial only means from the first search date, then only those selected as having X days on market will be returned in the search, thereafter every time a listing is adjusted even for a comma it will be updated and forwarded.

This idea that relisting resets the date will present itself as though its a new listing is smoke and mirrors and any Realtor worth their entry level course fee knows to do such a search.

That said, I have no issue terminating and relisting however I do it strategically and can substantiate why I do it which is never to terminate and relist a few days later.
Okay that makes sense. From what I understand it would stand out to realtors some of whom may be less experienced which is a reality you have to deal with considering many people will hire friends, family or novice realtors when buying.
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Oct 19, 2016
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Toronto
More importantly, you need to also find the Days on market. That will give you a better idea of what happened.

If the DOM was a small number like 0 or 1 .. .it could just mean they simply created a new listing with the more attractive pricing.
JohnS821 wrote: I'm looking at Toronto some houses price history a d I'm seeing a house list a for 700k then says terminated. Then it relist a month later for 690k. Whats really going on here?
Sr. Member
Aug 15, 2013
848 posts
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Guelph
JohnS821 wrote: I'm looking at Toronto some houses price history a d I'm seeing a house list a for 700k then says terminated. Then it relist a month later for 690k. Whats really going on here?
More day on market is perceived to be not a good stat for the listing, so realtors use the delete and relist scam tactic to fool would be buyers into thinking it is a new listing. This practice should have been banned long time ago, but ethics go out the window when the industry regulates itself.
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Oct 19, 2016
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As far as I know realtors cannot delete a listing off TREB.

By "delete" you might be referring to realtors terminating the listing. It still remains on the system but will show Status as Terminated... Ofcourse they can create a new listing and this would fool many people into thinking its a brand new listing. But any agent can easily search in TREB and see that it was previously listed.
dundeal wrote: More day on market is perceived to be not a good stat for the listing, so realtors use the delete and relist scam tactic to fool would be buyers into thinking it is a new listing. This practice should have been banned long time ago, but ethics go out the window when the industry regulates itself.
Sr. Member
Aug 15, 2013
848 posts
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Guelph
mrtrump wrote: As far as I know realtors cannot delete a listing off TREB.

By "delete" you might be referring to realtors terminating the listing. It still remains on the system but will show Status as Terminated... Ofcourse they can create a new listing and this would fool many people into thinking its a brand new listing. But any agent can easily search in TREB and see that it was previously listed.
Correct, thats what i meant. And as you said, the buyer can't know if its relisted. Sure, the agent has access to this information but clearly, he is not the buyer.

I don't want to go into another rant here why the realtors are not trust worthy, but it is beyond doubt that, by limiting the access to basic information (like sold history, listing history, number of offers, blind auction, double ending.. etc.) to the actual buyer, the RE industry and regulatory body are hell bent on leaving the buyer handicapped and at the mercy of the realtor.. Coz if you end up with a bad one (and lots and lots of them out there), you are SOL.

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