Fines for Untimely Status Changes Increased

We often hear from brokers who are frustrated by out-of-date information when a broker does not update a listing’s status in a timely manner. Knowing a listing’s status is vital to your ability to serve your clients. Timely status changes are not only a professional courtesy, but delaying status updates impacts housing market statistics, CMAs, appraisals, and more.

Per MLS rules, status changes must be made within three business days. Despite issuing immediate fines for untimely status changes submitted after three business days, this remains one of the most common violations of REcolorado Rules and Regulations and is a significant source of data integrity issues.

To address this persistent issue, the REcolorado Rules and Regulations Committee and Board of Directors voted to increase the penalty to reflect the severity of the violation. Violations will now be processed with the following fine structure:

  • First Violation – $50
  • Second Violation – $250
  • Third Violation – $500
  • Repeat Offenses will be referred to the Rules & Regulations Committee for further action.
  • Notices for violations are sent automatically with “Untimely Status Change” in the subject line, and fines are issued immediately.

Our goal is to eliminate this issue by educating all REcolorado customers about the importance of data integrity and making timely status changes. Bookmark these resources for reference:

  • Closing Checklist – Use this document to gather the information you need at the closing table. You do not have to wait for information from a third party. You can also share this information with office staff who may make status changes on your behalf. As the listing broker, you are responsible for ensuring status changes are made in a timely manner.
  • Lifecycle of a Listing – Understand the key stages of a listing and how they relate to statuses in REcolorado Matrix.
  • ABCs of Matrix Statuses – Keep this guide handy as you learn the ins and outs of status changes in REcolorado Matrix MLS.

For an in-depth review, register for our new training class, being offered live online on May 26:

REcolorado Listing Statuses: Define, Accurately Manage, and Remain Compliant
One of the most common violations of REcolorado Rules and Regulations involves REcolorado Listing Statuses. This class will define the meaning and purpose of REcolorado Listing Statuses, present the rules governing REcolorado Listing Statuses, and explore where REcolorado Listing Statuses display.  This class will present the REcolorado resources available regarding Listing Statuses and will demonstrate how to update and manage REcolorado Listing Statuses in Matrix. This class is key to ensuring the process of managing your listings is quick, efficient, and compliant! 

Register >>

And remember, REcolorado Customer Care is here to support you! If you have questions about this change or listing statuses, give us a call at 303.850.9576, option 1, or simply reply to this email.

Thank you for your part in preserving the integrity of the real estate data we all rely on to make the market work!