Ah the wonderful and controversial world of "relisting." In a BusinessWeek article by Peter Coy last January, he described how Everything Old is New Again:
"Everything Old Is New Again" isn’t just a song; it’s a real-estate sales strategy. When properties sit on the market too long and get stale, some agents yank them briefly, then put them back on the market. [Relisting] Depending on the jurisdiction, this gets them to pop up on the "hot sheets" of new listings that are seen by agents and, in some cases, by the buying public.
Relisting isn’t the only way to achieve a less-than-accurate days-on-market. [DOM] At least in the Phoenix area, with a little "creative" data entry, realtors have been able to fool the MLS- not any more. In an announcement this week from the Arizona Multiple Listing Service (ARMLS) it stated: [Hat tip M]
Days on market (CDOM and ADOM) continues to be the number one listing violation. Many Agents intentionally enter incorrect data to fool the days on market calculations so their listing will zero out the cumulative days on market. Some of these errors are unintentional, due to a typo; however, whether intentional or unintentional, a days on market violation can cost you a $200 fine per listing.
To help reduce the violations due to intentionally entering false data, the ARMLS Board of Directors has voted to introduce a days on market lockdown. This will occur on May 8, 2007. This means that all the fields used to calculate days on market will no longer be editable. What you enter when you add a new listing must be accurate as you cannot revise the address fields, lot number, map/grid codes or assessor’s number after you save the listing as active.
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