REINCheck

[MUSIC]

VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.

[MUSIC]

Andrea Rice [00:00:20] Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we are checking in with REIN's Listing Manager Sandy Hill to talk about withdrawing and relisting properties in the MLS and the impact on market statistics. Sandy, thank you so much for joining us today.

Sandy Hill [00:00:37] Glad to be here, Andrea.

[00:00:40] Yeah, Sandy, so you've been on here a couple of times with this, and I always appreciate you taking time out of your schedule to give us some good insight. Let's do a quick rundown on the process of relisting or putting a listing back on market after it's withdrawn or expired and why the process is so important. So, let's start with the process for what happens when an expired listing needs to be put back on the market.

Sandy Hill [00:01:07] Sure. Regarding the new rule 3.2. 18 regarding expired relist, which was adopted in October 2022, this was done for statistical purposes. If the listing expires and is relisted by the same listing agents with the same brokerage within 60 days of the original listing, then the property should be placed back on the market in order for the agents not to receive this fee. Original listing refers to the previous listing as a new listing agreement must be signed each time and this starts the listing over again. It is important to note that REIN does not prevent the seller or agent from entering the shorter marketing terms. There is just a fee associated with doing so.

Andrea Rice [00:01:53] Okay. And so that's the process for expired listings. Is it the same for listings that have been withdrawn for one reason or another?

Sandy Hill [00:02:03] Yes. The reason for the fee for both expired in withdrawal are the same. Rule 3.2 19, withdrawal relist, specifically addresses withdrawing and relisting a listing under the 60-day timeline. Again, agents are allowed to do this. However, there is a fee associated with this practice.

Andrea Rice [00:02:24] Okay. And so you're you mentioned the release fee a couple of times. What is that exactly?

Sandy Hill [00:02:30] Yes, this is considered a fee and not a fine. When a listing has expired under 60 days or withdrawn under 60 days and relisted by the same agents, then the fee is issued to the listing agent one. There are many behind the scene technology impacts when a change is made to a listing. However, when a new listing is entered, it repopulates the hot sheet report and matching client portals, both agent and consumer question REIN as to why the same listing that they've already seen keeps showing up in these places, especially when nothing but the term of the listing changed. It also skews the actual new inventory channel. It triggers automated systems like data checker, and it also triggers a redistribution of the same data to over 159 data feeds managed by REIN staff. That includes broker and agent websites. There is a cost to completing this process and as a result, the fee is in place to help cover this.

Andrea Rice [00:03:37] Yeah, I think that's a lot of information that maybe our members didn't know that's going on kind of behind the scenes. And so, Sandy, this process is so important for data integrity purposes. Would you mind telling our members the why behind this process?

Sandy Hill [00:03:54] Sure. When listings have a short time frame and are then listed multiple times by the same agent firm, this does skew the statistical reports and also the market time is greatly impacted. The property can show as expired or withdrawn four or five times, and then when it does sell, it shows a shorter market time than what it really should be. The behavior skews the actual new inventory counts too. REIN data is shared both on a local and national level, so it's important for REIN to reflect accurate market conditions. It's used by brokers for recruiting purposes. It is also used by analytics who reflect on all manner of real estate impacts such as new development, environmental, military housing reports. Negatively affected statistical accuracy impacts all of these studies and resources.

Andrea Rice [00:04:53] Yes. Thank you, Sandy. That's a lot of great information. And for our members, you know, you can always access REIN rules on REINMLS.com. So, if you want to take a look at these rules that kind of go around the withdraw and relist, you can do that. And again, you know, you can this is a process you can do, but there is a fee associated with it because, you know, unless it's absolutely necessary for some reason, it's best to not be doing this withdraw relist continuously for those short time frames, because it can really skew the data, as you've pointed out here today.

Sandy Hill [00:05:28] Correct.

Andrea Rice [00:05:29] Yeah. And so, Sandy thank you that's a lot of great information. We do get quite a few inquiries about that. So, I hope all of you listening really enjoyed this episode of REINCheck and found that helpful. If you missed any of our previous episodes, I do invite you to go to REINMLS.com to take a listen. And if you have not done so already, make sure you subscribe to REINCheck so that you can get new episodes delivered directly to you when they are released. Thank you and have a great rest of your day.

[MUSIC]

VO [00:05:57] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.

[MUSIC]