Thank goodness: A business ethicist has weighed in on the question of whether it’s right or wrong to yank a listing and then put it back in the system as new.
Here’s his bio, from an article in Realty Times:
Bob Hunt is a director of the National Association of Realtors, and an author of the business ethics textbook, Ethics at Work, Prentice Hall. A graduate of Princeton with a master’s degree from UCLA in philosophy, Hunt has served as a U.S. Marine, Realtor association president in South Orange County, and director of the California Association of Realtors, and is an award-winning Realtor. Contact Bob at firstname.lastname@example.org.
What does Mr. Hunt conclude?
Perhaps the best solution would be simply to keep the information [about days on market] inaccessible to those who view the listings, but to retain it internally for MLS statistical purposes.
In other words, less is more. For further reading, check out my earlier post and some excellent reader comments.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.