Days on Market
The current Days on Market in REX reports calculates from the day the listing is entered into REX, as opposed to the number of days since it is "published" which is when it's actually hitting the market. Be great if the reporting could be updated to pull from the "Published Date" so that the reports were then accurate.
We need a field on the listings page to show the days on market - these can be calculated from the published date
Alana White commented
Hi Alex, just with this one, the date it has been created in REX or the date of the Listing Authority was signed will never be the date it hits the market, as it's entered and then prepared over the course of however long before it hits the market as a general practice I'm sure with most users, so unfortunately the current way DOM is calculated is unable to be used for anything and is confusing in it's current format as it's not correct (and negatively effected by taking an early date than it did actually hit the market). I'm aware of other CRM's (and the one have a field that would pull in published date of "Date First Advertised" which could be over written in the rare instance that you wanted to pre-date the published date as the First Published Date. Be great if this could be looked at if it's not too much to fix up to DOM stats pull correctly. Wouldn't matter if a listing was rested etc, days on market still only populated from First Published Date.
AdminAlex Babkov (Admin, Rex Software) commented
Just to be clear the current DOM runs off of the authority start date - if that hasn't been entered then it runs off the creation date. There's several issues with using the Publication date:
1. When new clients start, all DOM's will be incorrect.
2. Publication dates cannot be updated / corrected.
3. When you re-activate listings following short hiatuses the DOM is likely to be quite off.
4. If we were to add a new field specifically for this - it would probably confuse most users.
5. A listing may have been "on market" even if it wasn't officially published.The authority date shouldn't really lie in this situation.
Happy to get more feedback on this with consideration to the above.
Alana White commented
Yes please, would love to be able to use the Days on Market in REX rather than having to use third party portals for this info.