A new move from real estate agents: The 'delete-and-relist' formula

The Ministry of Trade announced that it would impose fines on real estate agents who engage in exorbitant price hikes in the real estate sector, leading agents to develop a new method to avoid these penalties. 

Instead of changing the prices on old listings, they are relisting the same properties at higher prices.

THE 'DELETE-AND-RELIST' FORMULA 

According to a report by Gülistan Alagöz from Hürriyet, real estate agents are deleting their active listings and uploading them back into the system with increased prices.

 Hakan Akçam, President of the Ankara All Real Estate Agents Chamber (ATEM), stated that this method has been frequently applied in the sector in recent weeks. Akçam noted, "If a price increase is made on the same listing, the probability of facing a fine is high, so they prefer to delete the listing and add it again. They are even changing the images because they would be noticed if they used the same photos."

Akçam also emphasized that it is not fair to blame only real estate agents for price increases: "The person who actually determines the value of a house is not the real estate agent, but the homeowner. Real estate agents who engage in opportunism and make unrealistic price hikes should certainly be punished, but the same penalties should also be applied to the homeowners."

ARE NEW REGULATIONS ON THE WAY? 

Although these price increases made through the 'delete-and-relist' model in the real estate sector complicate the Ministry of Trade's audit processes, new measures regarding pricing and listing regulations may be on the agenda.

News Source: 12punto