One of the most important things REcolorado does for real estate professionals like you is to provide timely, accurate listing data across Colorado. Not only does that help you better serve your clients, but it also makes the housing market work! Status changes are an important part of the equation, and the REcolorado Data Accuracy & MLS Policy team takes violations very seriously.
You must change a listing to Pending status within three business days of a mutually executed contract. You only need the signatures – there’s no need to wait for earnest money! In fact, waiting on earnest money might put you at risk of a violation and fine. The status change should happen when the contract is executed, not when earnest money is deposited.
You must change your listing to Closed status within three business days of – wait for it – closing! Don’t worry about waiting for Title paperwork or closing documents to be completed, just go ahead and change the status to Closed. Use the Closing Checklist as a guide to help you gather the information you need at closing so you can complete the status change in a timely manner.
When it comes to status changes, a business day is considered Monday through Friday, excluding federal holidays. This is a little different from the Clear Cooperation Policy definition of a business day, so don’t be surprised.
No problem – if you can’t make status changes yourself, we’re here to help! Just reach out to REcolorado Customer Success at support@REcolorado.com or 303.850.9576, option 1. They will gather the information needed to make the change for your listing. If an office admin can make changes on your behalf, use the Listing Input form, Closing Checklist, and additional resources to provide the information they need to make changes for you.