Everything Old Is New Again (Part Two)

Posted by: Peter Coy on February 8, 2007

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. bobhunt.jpg
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 scbhunt@aol.com.

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.

Reader Comments

john Harper

February 9, 2007 1:33 AM

Perhaps less is more - sounds like the title that should be given to all of these post at BW.

As for Bob Hunt - sounds like his ethics are right up there with Clinton's.

Tracy Thompson

February 9, 2007 12:10 PM

As a real estate agent, days on market (DOM) matter. I don't automatically judge a property based on DOM. However, if the days seem excessive I want to know the reason. Hiding the DOM is only creating a larger ethics issue.

DOM is a lot more difficult to manipulate if agents are required to enter listings based on Tax Parcel numbers rather then address.

Nick

February 9, 2007 12:47 PM

Yikes and these are the folks that drill us on ethics?

Sorry, I was born with ethics, you can't teach me that. Grumble! And don't get me going with some Princeton's graduates sense of ethics.

And these cases are very common. So what do you do? Not list because the seller insists on turning his old listing into a new one? No, but relist it and when people ask, say it's a new listing for us, it was on the market before.

At least, that was my last experience.

Nigel Swaby

February 9, 2007 1:17 PM

Regardless of whether it's right or wrong, sometimes it happens. Here's how consumers can protect themselves from relisting.

http://slcrealestate.blogspot.com/2007/01/real-estate-agent-tricks-how-to-protect.html

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About

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.

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