Frequently Asked Questions: Closed Status

To help you understand the rules governing the Closed Listing Status, we assembled a list of Frequently Asked Questions and their answers.

When is a listing considered Closed?

A property is considered Closed when a closing has taken place and the purchase agreement has been fulfilled.

How much time do I have to change my listing’s status once a property has Closed?

REcolorado customers agree to follow the MLS Rules and Regulations, which includes making status changes in a timely fashion. Brokers have three business days to update their listing when it moves from one status to another, including Active to Pending and Pending to Closed.

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. If you’d like more information about the Clear Cooperation Policy (CCP) rules, please take a look at our CCP FAQs.

I just represented a buyer in a transaction using an MLS other than REcolorado. Should I enter the property in REcolorado Matrix as Closed?

Yes! You can use the Closed Off MLS Listing form for properties legitimately sold off-market without violating the Clear Cooperation Policy. Register for the webinar Real Estate Doesn’t Work Without Data: Understand REcolorado Closed Off MLS to learn more.

How do I know that I’ve successfully changed my listing status to Closed in REcolorado Matrix?

After you submit all of your closing information and click the ‘Submit Listing’ button, a confirmation screen will appear with ‘Input Succeeded’ at the top. You can then verify that your listing status has changed to Closed by checking the status section in the full listing view.

If I have a deed closing and a funding closing, when do I change the status?

You would change the status after the funding Closed.

Pro Tip: To get more information about the ins and outs of listing status changes in REcolorado Matrix, view our recorded webinar, REcolorado Listing Statuses: Define, Accurately Manage, & Remain Compliant, visit the REcolorado Listing Input & Edit Learning Path, and take a look at the ABCs of Matrix Statuses guide.

Have a question that wasn’t answered here? We’re here for you! Please contact the Customer Success Team at 303.850.9576, option 1, or if you need more information.