Alex over at theFrontSteps has a lively debate going on about the ethics of “DOM trickery.” (For non-industry folks, “DOM” means “Days on Market” and it refers to how long a property has been on the MLS.) Is it duplicitous or just good marketing to reset the DOM number — often just by classifying the listing as “withdrawn” and then re-entering it minutes later — to make a property look fresher than it is?
I look at resetting the DOM figure as akin to a grocer scratching out the sell-by date on a can of tuna and replacing it with a later date: it smells funny.
Our local MLS has a very clear policy on DOM resets: if an agent takes the property off the market, it has to stay off the market for a full month and the seller needs to sign a new listing contract. Then, and only then, will the clock reset.
Seems like a reasonable policy to me. Back to the tuna example — if the grocer were to take the tuna to a lab, open up the can, test it for all the bad stuff, and, if it cleared muster, re-package it with a new sell-by date — fine!
As the commenters in Alex’s article note, a with-it buyer’s agent will know what the real DOM number is. “8 days on market for 123 Main Street? You’ve got to be kidding me! Joe Smith had that overpriced dog on the market for nearly 9 months. Now he’s changed the carpeting, increased the price, redone the brochures…and voila — he calls it a new listing!”
Tags: Consumer, Industry, MLS
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