A listing in NYC must be off market for 90 consecutive days in order for the days on market to reset according to REBNY rules. However, relisting with a different brokerage without waiting the full 90 days often successfully results in the day count being reset to zero on certain sites like StreetEasy.
For example, delisting with your current listing agent and relisting via Hauseit Assisted FSBO a few days later will typically result in the day count being reset to zero on StreetEasy.
Technically, there are two permitted scenarios under which the REBNY RLS allows a listing’s day count to be reset to zero in NYC:
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A listing must be off market for ninety (90) consecutive days
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A listing must be sold and officially closed
These methods are memorialized in Article I, section 11 of REBNY’s UCBA:
The second scenario (listing must be sold and officially closed) isn’t too common since a typical home buyer rarely lists a property for sale right after closing. Selling right after purchasing is almost always a money losing proposition in NYC due to the city’s exorbitant (buyer and seller) closing costs.
Therefore, the typical seller in NYC who is looking to reset a listing’s day count must completely delist the property and wait at least 90 consecutive days before re-marketing the property.
This rule still applies if a seller decides to change listing agents.
In other words, a listing must be off market for at least 90 days in order to be eligible for a day count reset on the REBNY RLS regardless of whether a seller keeps the same listing agent or retains a new one.
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Most sellers and listing agents dread the idea of losing 90 days on the market, so sellers and listing agents often utilize shady/unpermitted methods to reset a listing’s day count.
The following methods of resetting a listing’s day count in NYC are not allowed under the REBNY Universal Co-Brokerage Agreement (“UCBA”):
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Manipulating an apartment’s unit number
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Relisting under another agent at the same firm
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Relisting with another brokerage
Manipulating an apartment’s unit number
Manipulating an apartment’s unit number is a very effective (but unpermitted) way of resetting a listing’s day count to zero, particularly on sites like StreetEasy. Here are some examples of how a listing agent can manipulate a unit number so it might appear as a new listing:
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Relisting apartment 3J as unit J3
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Relisting unit PH3 as apartment PENTHOUSE3 or APTPH3
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Relisting apartment 10K as unit 10-K
Unit number manipulation is not allowed because REBNY requires all member agents to advertise any apartment on all sites/databases with the unit number that matches what’s listed in the Offering Plan, property tax bills or other official source.
Agents who intentionally manipulate a unit number in order to reset the day count on a listing may be subject to serious disciplinary action on a number of fonts:
Consumers or fellow agents can report this manipulation to StreetEasy, which will immediately revise the day count of the listing in question. StreetEasy may also punish the agent directly by temporarily or permanently revoking the agent’s ability to list properties on StreetEasy.
The listing agent may be subject to disciplinary action by REBNY (including potential expulsion), since this manipulation violates Article I, Section 11 of the Universal Co-Brokerage Agreement. Specifically,“Exclusive Brokers and/or Exclusive Agents cannot circumvent this Section by attempting to re-name or re-list the Exclusive Listing.”
REBNY may also discipline the agent on the basis that 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 in an inaccurate or misleading fashion or permit the use of any inaccurate or misleading advertisements.”
The listing agent may be subject to disciplinary action by the Department of State, since this unit number manipulation 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.”
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In summary, a REBNY member listing agent in NYC should think twice about manipulating a unit number to reset a listing’s day count, even if a seller specifically instructs the agent to do so.
Any NYC listing agent who gets kicked out of REBNY for misconduct is effectively out of business, as REBNY agents don’t have any obligation to co-broke with non-member agents.
