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.
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?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.
It does not. Unless you change price, it'll go to "PC" for price change and sit.
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.
It does on TREB.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.
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.
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?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!
Yes and no. No it is not fraud.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?
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.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.
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.
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.
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.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.
