An anonymous reader sent me the following email:
I have to stay anonymous with this. I just got an e-mail from an appraiser that sends in good information to me from time to time. It appears that agents are doing this old trick to manipulate exposure for their listings that are languishing. This means that listing numbers are not accurate. Ouch.
On the NWMLS this is a main page message to Realtors (here is the pasted response):
Attention:
Once again, NWMLS is seeing an increase in the practice of cancelling and relisting property. In most circumstances, the practice is a violation of NWMLS Rules. Rule violations of this nature are easy to identify, and NWMLS will initiate disciplinary proceedings against agents and brokers who cancel and relist properties, except in accordance with the following guidelines:
- Agents do not have the ability to cancel and relist property without the aid of their broker or the broker’s designated staff.
- You may never cancel and relist a property without a new listing agreement and new listing input sheets fully signed and initialed by the parties.
- You may not cancel and relist a property, even with a new listing agreement and new listing input sheets, unless there is a material change to the listing (e.g., a significant change in the price of the property, a remodel, a change in zoning, or a change in ownership).
- You may not cancel and relist a property in order to make it appear as a new listing when it is not or to make changes to the property information contained in the listing. For example, it is a rule violation to input a new listing with an insignificant price change, even if the seller executes a new listing agreement.
- In almost all cases, changes to a listing should be made on either Form 18, Amendment to Exclusive Sale and Listing Agreement (price changes, extension of listing) or Form 19, Status Change Input Sheet (changes in status, changes to property information contained in the listing, changes to marketing remarks, etc.).
If it is true that there has been “an increase in the practice of cancelling and relisting property,” might that be an early sign of a turning in the NW market? What are your thoughts? Has anyone else seen this posting or any evidence of an increase in this practice?