Resetting DOM (Days On Market) Number – Fair or Foul?

Many Multiple Listing Services allow the agent to cancel/withdraw a listing and then relist it (even moments later) to make it appear as a new listing. I think this is a great marketing ploy but wrong. It then gives a skewed look at buyers’ reaction to that particular property. Kelly and Laura of Remax Palos Verdes call this “Churning and Burning”.

If a property sits on the market for over 30 days, it is overpriced for market conditions. The agent would better serve the Seller if they reduced the price of the property to reflect market conditions or withdraw it from the market. That may sound harsh but the purpose of listing a property is to sell it.

As an agent, we look at sales statistics, current inventory, conditions of home, etc. and give the Seller our estimated sales price. This is not an exact science as it cannot take into consideration a buyer’s emotional connnection to a particular piece of property which can favorably change the outcome of a sales price.

This ploy to relist a property as a new listing only “fools” the public. Most agents will search the History on a property that their client is interested in and will see it as a relist/reduction of an old listing.

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One thought on “Resetting DOM (Days On Market) Number – Fair or Foul?”

  • Marian Bennett

    Elaine, You are so right. I will be very happy when these MLS systems are consistent – don’t worry, I’m not holding my breath. In the meantime, we need to give our clients the straight scoop about how long properties have been on the market so they can make informed decisions. I wrote about this topic as well last month. Here it is if you want to read it:

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