To help you understand the rules governing the Withdrawn Listing Status, we assembled a list of Frequently Asked Questions and their answers.
What is the Withdrawn Status?
When a listing is in Withdrawn status, it has a valid listing contract, but is temporarily not accepting showings. A For Sale sign can be in the yard and all marketing can continue (yard sign, flyers, social media, etc.). Days in MLS (DIM) pauses, and the listing is not included in data feeds. Because the listing agent still has an agreement with the seller, it’s against REcolorado rules for another agent to contact the seller in an attempt to gain them as a client. When the listing is moved to Active status, it will display with a “Back on Market” banner.
Does moving a listing to the Withdrawn status look bad to buyers?
There are various reasons listings are in Withdrawn status including the holidays, waiting for marketing material, completing property improvements, etc. When you move a listing from Withdrawn status back to Active status and it has the Back on Market flag, you can let brokers know the reason it was Withdrawn in your private remarks and in your marketing copy.
I don’t want to put my listing in Withdrawn status because it might appear that something is wrong with the house.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.
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.