Occasionally, an agent will have a listing that expires (meaning it didn’t sell within the term of the listing contract). There are lots of possible reasons for that, such as a) the property being priced too high – usually the seller’s fault, b) inadequate marketing – usually the agent’s fault, and c) a just plain crappy market (nobody’s fault).
One of the tools that buyers use to determine the price they will offer on any given property is the number of days the property has been on the market. If it’s only been on the market for 2 days, it might be difficult to get a seller to accept a really low offer. On the other hand, the seller of a property that has been on the market for 200 days might be willing to accept a less-than-full-price offer.
So the days on market indicator is a tool. It also helps agents when they’re doing a market analysis. (BTW, if you read our listings, DOMM means the number of days a property has been listed under a specific MRIS listing number. DOMP means the total number of days the property has been listed regardless of the listing number.) And we REALTORS® are bound by our code of ethics to present a true and accurate picture of the status of the property.
Some agents try to mask the actual number of days on market by manipulating the data when entering the listing into our listing service. And now our listing service (MRIS) is getting tough.
As they say, the cost of doing business is going up.
- 1st violation – a warning.
- 2nd violation – a $1000 fine (up from $50).
- 3rd violation – $2000 fine (up from $100).
- 4th violation – 30 day suspension from using MRIS and a total of $3000 in fines.
I say it’s about time.
(C) 2007 Susan Pruden.