How can I Reset the Days on Market for a Listing in NYC
Go Back To Previous PageIn New York City, a property listing must be off the market for 90 consecutive days for the “days on the market” count to reset, as per REBNY rules. Nevertheless, specific real
estate platforms such as StreetEasy often reset the day count to zero if a seller relists the property with a different brokerage before the 90 days are up. For example, delisting with your current listing agent and relisting with Nestapple a few days later will typically reset the day count to zero on StreetEasy. There are two permitted scenarios under which the REBNY RLS allows a listing’s day count to be reset to zero in NYC:
- A listing must be off-market for a consecutive period of ninety (90) days.
- A listing must sell and officially close.
The methods mentioned are enshrined in Article I, Section 11 of REBNY’s UCBA.
Section 11. Days On Market Calculation.
The “days on market” calculation for an Exclusive Listing shall commence when the Exclusive Broker transmits the Exclusive Listing over the RLS to all RLS Participants. The calculation of “days on the market” shall be reset to zero (0) should an Exclusive Listing be (a) sold and the transaction has closed or (b) taken off the market for ninety (90) consecutive days. Exclusive Brokers and Exclusive Agents cannot circumvent this Section by attempting to rename or re-list the Exclusive Listing.In the second scenario, where a property must sell and officially close, it is not common for a homebuyer to list a property for sale right after closing. Selling a property right after purchasing is always a money-losing proposition due to the city’s high closing costs. Therefore, in NYC, a seller must completely delist the property and wait at least 90 days before re-marketing it.
This rule applies if a seller changes listing agents to Reset the Days on Market.
In other words, a listing must be off the market for at least 90 days to be eligible for a day count reset on the REBNY RLS. This is regardless of whether the seller keeps the same listing agent or retains a new one.
Most sellers and listing agents dread spending 90 days on the market, leading them to use shady or unpermitted methods to reset a listing’s day count. The following methods of resetting a listing’s day count in NYC are illegal under the REBNY Universal Co-Brokerage Agreement (“UCBA” ):
- Manipulating a unit number of an apartment.
- Relisting with another agent at the same firm.
- Relisting with another brokerage.
1) Manipulating an apartment’s unit number to Reset the Days on Market
Changing an apartment’s unit number is a very effective (but unauthorized) method to reset a listing’s day count to zero. This especially works on websites like StreetEasy. Here are some examples of how a listing agent can change a unit number to make it look like a new listing:
- Relisting apartment 4B as unit B4
- Relisting unit PH2 as apartment PENTHOUSE2 or APTPH2
- Relisting apartment 10G as unit 10-G or 10#G
Unit number manipulation is illegal. All member agents must advertise any apartment with a unit number that matches the official sources. Agents who intentionally manipulate a unit number to reset the day count on a list face severe disciplinary action.
Consumers or fellow agents can report this manipulation to StreetEasy.
StreetEasy will then promptly revise the day count of the listing in question. Additionally, StreetEasy may penalize the agent directly by temporarily or permanently revoking their ability to list properties. The listing agent could face disciplinary action from REBNY. This includes potential expulsion, as this manipulation violates Article I, Section 11 of the Universal Co-Brokerage Agreement. Specifically, “Exclusive and Exclusive Agents cannot get around this provision by trying to rename or relist the Exclusive Listing.
REBNY may also discipline the agent because this manipulation violates REBNY’s Code of Ethics. Specifically, Section V. (Publication and Advertising for Commercial and Residential Brokerage), section B.1 (b – Guidelines and Restrictions) states the following:
“No member shall publish or advertise inaccurately or misleadingly, or permit the use of any inaccurate or misleading advertisements.”
The listing agent may face disciplinary action from the Department of State because this manipulation of the unit number violates New York Codes, Rules, and Regulations Title 19 §175.25 (9 – Property Description). Specifically, “Advertisements shall include an honest and accurate description of the property to be sold or leased.”
In short, a listing agent who is a member of REBNY in NYC should think twice before manipulating a unit number to reset a listing’s day count. This remains true even when explicitly instructs the agent to do so. Being expelled from REBNY for misconduct puts a NYC listing agent out of business. REBNY agents don’t have to co-broke with non-member agents. Similarly, an agent with a revoked license by the Department of State cannot engage in brokerage activities and is, therefore, out of a career.
2) Relisting under another agent at the same firm to Reset the Days on Market
Relisting under another agent at the same firm does not reset the day count on eetEasy, per their terms of service.
StreetEasy Listings Quality Policy
3. Listing Accuracy, f. Days on Market and Listing History:
ii. A listing must be off-market for 90 days before being advertised as a new listing by the same brokerage. If a new agent takes over representation of a listing, from the same brokerage, Days on Market will not reset.
An example of this strategy is when Nicole at Brokerage A, who holds the exclusive listing, asks his fellow agent, Gia at Brokerage B, to relist the property under Mike’s name and include John as the second agent.
3) Relisting with another brokerage
“Relisting with another brokerage is not an authorized method by REBNY for resetting a listing’s day count. However, this method commonly causes the day count to start from zero on StreetEasy. Because it’s not intentional manipulation by an agent, it’s more challenging for REBNY to enforce.”
Third-party real estate websites that get listing data from the RLS listing feed must follow REBNY’s rules for calculating days on market (DOM) as outlined in the Universal Co-Brokerage Agreement. However, StreetEasy is exempt from this rule because it no longer receives listing data directly from the RLS. Instead, agents upload listings directly to StreetEasy.
Conclusion
REBNY only authhorizes of taking a listing off-market for 90 consecutive days in NYC. However, relisting with another brokerage before 90 days often successfully resets the day count on StreetEasy.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
