Do you know how long a listing can be in Coming Soon status, or the difference between Expired and Withdrawn listings? MLS Listing Statuses are governed by straightforward guidelines, yet misunderstandings lead to some of the most common MLS rule violations. Knowing how to define each of the statuses and use them to your advantage in different scenarios can save you time and keep you compliant with MLS Rules and Regulations.
To help you understand REcolorado’s Listing Status processes, we assembled a list of Frequently Asked Questions and their answers.
How much time do I have to change my listing’s status?
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.
Pro Tip: To learn more, read our Professionals Blog Post, Saying “Yes” to Status Changes in Three Business Days Makes the Market Work.
What happens if you don’t change your status within three business days?
We often hear from real estate professionals and consumers who are frustrated by out-of-date information when a listing broker does not update a listing’s status in a timely manner.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. When a listing status change isn’t updated within three business days, the listing broker will receive an immediate notice and fine. Violations are 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 “REcolorado Listing Fine Notice” in the subject line, and fines are issued immediately.**
Pro Tip: To learn more, read this REcolorado Professionals Blog Post on Untimely Status Change Fines.
Is there an overview of the full listing status process?
To see all the listing statuses in action, take a look at our REcolorado Professionals Blog post, Lifecycle of a Listing.
What do I do if I come across a listing that has an incorrect status?
Having accurate and complete listing information is critical to your business, so if you see something wrong, say something! Use the ReportIt icons, which can be found in the Rules and Regulations section of your CONNECT dashboard or beneath the photo viewer on the full display of any listing in REcolorado Matrix, to confidentially let us know about potential listing errors and MLS rule violations. Read the REcolorado Professionals Blog post, Use ‘ReportIt’ to Let Us Know About Potential Listing Errors and MLS Rule Violations, to learn more.
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.
*If you are a subscriber of REALTORS® of Central Colorado (ROCC) or Steamboat Springs Board of REALTORS® (SSBR), you will receive a notice from your REALTOR® association with additional information. Please be advised, fees may vary per association.
**All fees and sanctions will be payable under the same terms and conditions set for MLS bills.
