Key Takeaways:• 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.
• The REcolorado Rules and Regulations Committee increased the fines associated with violations to the MLS Rules, Reporting Status Changes to the MLS. When a violation occurs, the offending broker is fined $50 for the first violation, $250 for the second, and $500 for the third. Repeat offenders will be referred to the committee for further action.
• Reminder, these untimely status changes result in an immediate automatic fine and notice.
You count on REcolorado for timely, accurate data about listings across Colorado. Not only does that help you better serve your clients, but it also makes the housing market work!
Importance of Timely Status Changes
Status changes are an important part of the equation. For example, consider a listing changing from Active to Pending. If that change isn’t made in a timely fashion, your client may fall in love with a home they see online, only to have the disheartening revelation that it is already under contract. Having to explain to your clients over and over that the home they found online is no longer available is frustrating for everyone involved.
Making timely status changes is not simply a professional courtesy to fellow brokers. Delaying status changes also impacts housing market statistics, comparables or CMAs, and appraisals, resulting in incomplete or inaccurate data that can skew the picture.
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 the status in REcolorado Matrix when a listing changes from one status to another.
Pro Tip: For even more education and development resources, visit the Listing Input and Edit Learning Path. To learn the ins and outs of statuses in REcolorado’s MLS, register for our class REcolorado Listing Statuses: Define, Accurately Manage, and Remain Compliant Live Online or In-Person
Untimely Status Change = Immediate Fine
Because untimely status changes impact the integrity of the data available in REcolorado Matrix and make it more difficult for all brokers to serve their clients, the REcolorado Data Integrity team takes violations very seriously. Our Customer Success team heard from many of you about the frustration caused by delayed status changes and heard loud and clear that you need more timely data. The REcolorado Rules and Regulations Committee strengthened the rule about status changes, updating Section 1.9 to state:
Reporting Status Changes to the MLS: When the status of a listing changes to Pending, Closed, Leased, Expired/Terminated, Withdrawn or back to Active, it must be reported to the MLS within three business days. Failure to report status changes within 3 business days will result in an immediate untimely status change fine. Per MLS Rules & Regulations Section 8.1 (2) & (3) Repeat Offenders will be referred to the MLS Rules Committee for appropriate further action.
Fines for Untimely Status Change violations will be as follows:
• 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. If you have any questions about a notification you received or how this could impact your listing, please contact REcolorado Customer Success or our Data Integrity team to discuss your situation.
Our goal is data integrity for all REcolorado customers so you have continued access to reliable information to best serve your clients.
Note: 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.