To help you understand the rules governing the Expired Listing Status, we assembled a list of Frequently Asked Questions and their answers.
What is an Expired listing?
The listing contract has expired or has been terminated by mutual agreement between the seller and listing agent. Once a broker has confirmed there is not another listing at this address in Coming Soon, Active, Pending, or Withdrawn status, they may reach out to the seller.
I don’t want to put my listing in Withdrawn status because it might appear that something is wrong with the house. Can I Cancel/Expire the listing agreement and start a new one instead?
Expiring and re-entering listings is a manipulation of REcolorado Matrix data and a violation of MLS Rules and Regulations. One of the reasons MLS organizations, including REcolorado, have rules is to make sure we all have access to accurate data, which is key to serving your clients. Accurate data includes how long the property has been in the MLS. None of us wants our buyers to get excited when they find a new listing, only to find out it’s not truly new. And, we certainly don’t want our sellers getting calls from other brokers because their listing is showing as Expired.
If the listing broker or listing office attempts to Expire a listing and enter the same property within 30 days, it constitutes a violation of the MLS rules and an immediate $100 fine will be assessed. If special circumstances arise, you can contact REcolorado Customer Success at support@REcolorado.com or 303.850.9576, option 1. To learn more, read Expiring and Relisting = Violation and Fine.
Why was my listing moved from Active to Expired?
If you have an Active listing that reaches the end of the contract date, it will automatically be moved to Expired. REcolorado will notify you before this happens, so be sure to pay attention to your notifications.
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 support@REcolorado.com if you need more information.