Judy Peterson-How Long Has This House Been On The Market?
August 25th, 2008 Categories: A Realtors Life, Home Buyers, Home Sellers
Days On Market (DOM)-The “Property Marketing Period” (PMP) ~ A Realtors® Tale of Two Hats!
How long has this house been on the market?
The answer to this question now has two parts, the DOM and the “PMP” “Property Marketing Period”. As a Realtor®, I often wear two hats. I wear a Sellers Agent Hat and a Buyers Agent Hat for my Main Line Chester County clients. Meaning I represent Sellers in Listing their property or I represent Buyers in purchasing, as an Accredited Buyers Agent. Buyers and Sellers generally look at the question of Days On The Market differently.
Our Multiple Listing Service for the Tri-County Delaware Valley area has instituted a new Property Marketing Period (PMP) in order to show the true Days On The Market.
When Are The Days On The Market Not The Days On The Market?
I applaud effort to show the true Days On The Market, now called the PMP, for Property Marketing Period for any specific property. According to our MLS, a poll of it’s members shows that 67% of the members are are in favor of the PMP appearing on Member Reports only.
Do we need a Property Marketing Period and why does it need to be hidden on a Realtors® Members Only page?
You might think that the count for the Days On The Market for any given property listing would begin the day the property was listed and end the day the property went under contract, but such has not been the case.
Does Re-listing Work? – Why Hasn’t This House Sold?
The practice of listing, withdrawing and re-listing multiple times during a listing period with the same agent and broker in order to “trick” the Days On Market has long been against the MLS guidelines, but practiced nevertheless. Doesn’t fool those agents who make the effort to go to the History File and add up the true DOM.
As the old saying goes, “I might have been born at night, but it wasn’t last night”.
Who gets hurt by multiple re-listings?
Some Agents fail to do their research and some Sellers fail to listen to their Realtors.® Sometimes it’s because the Agent priced too high or was in competition for the listing and “bought” the listing with an unrealistic high list price and now they’re playing catchup.
Most Realtors® have been on the other side of this one. Maybe even lost a listing because the Sellers chose a Realtor® who was the highest “bidder”. The Realtors job is to accurately reflect the market conditions, not “buy” the listing. Multiple re-listings is a practice that hurts the Sellers, Buyers and the reputation of our industry.
The Property Marketing Period, PMP, is a step in the right direction that doesn’t go far enough. My opinion, there’s only ONE Days on Market. DOM by any other name should be accurate and public information.
Buyers deserve to know all relevant information before making a decision to purchase and so do Sellers for whom accurate DOM is a critical piece of pricing information!
That’s my opinion. You may have a different opinion. By the by, the survey thing? I’m a “member” but I never received a survey.
Contact or call Judy 610-889-5509 when you need to be well informed about the real estate market and other good real estate stuff.
