The launch of the new REcolorado Matrix has been a great success. On behalf of the REcolorado team, I want to thank you for all of your positive comments about the new system.
Our Customer Care team has been delighted to speak with so many of you about the changes and enhancements you’re seeing. We’ve also enjoyed answering your questions and listening to your suggestions. Last week alone, we received approximately 3,000 phone calls. It has been great to connect.
Many of the calls coming in have included questions about the new Coming Soon status that was released with the new REcolorado Matrix and how it corresponds with NAR’s Clear Cooperation policy. Let me connect the dots for you, as there is a bit of confusion about these initiatives.
REcolorado Coming Soon Status
I’ll start by giving you a quick overview of the new “Coming Soon” status.
Listings in REcolorado Matrix can now be entered into the system as Coming Soon, which currently makes the listing visible exclusively to your office. Listings entered as Coming Soon must be entered into REcolorado Matrix within three days of a listing agreement being signed. REcolorado Matrix is set up to allow listings to remain in a Coming Soon status for seven days. After seven days, the listing will automatically move to Active status.
NAR MLS Clear Cooperation Policy
Now for what is being referred to as NAR’s Coming Soon policy. MLS Statement 8.0 Clear Cooperation policy was approved by NAR late last year. In summary, the policy requires listings to be entered into the MLS within one business day of marketing a property to the public. NAR-chartered MLSs, including REcolorado, are required to have rules for local implementation in place for the application of this policy by May 1, 2020.
REcolorado’s Rules and Regulations Committee, along with the REcolorado Board of Directors, have determined the local application of the NAR policy, and, per our policy, REcolorado’s shareholders have been notified.
Information and materials will be provided to REcolorado customers, as well as to the REALTOR® boards served by REcolorado, ahead of our May 1, 2020 implementation of the policy.
For now, I want to share some highlights from the policy so you’ll know what to expect on May 1:
- Listings in Coming Soon status will be available to all REcolorado subscribers, not as office exclusive
- At the point any public marketing takes place for a listing, it must be entered into REcolorado Matrix either as an Active or Coming Soon listing within one business day
- If a listing is in a Coming Soon status and there is a yard sign, it must have a coming soon rider
- Listings in Coming Soon status will not be available for syndication or IDX
- Listings in Coming Soon status will not accrue Days in MLS
Last, I’d like to give you some information about what it means to market a listing to the public. Public marketing includes but is not limited to; distributing flyers, yard signs, digital communications such as email blasts, multi-brokerage listing sharing networks, applications available to the general public, and digital marketing on public-facing websites including IDX, VOW, and syndication portals. A listing must be entered into the MLS system, REcolorado Matrix, within one business day after any one of these public marketing activities takes place.
I have the pleasure of serving as the REcolorado liaison for our Rules and Regulations Committee, which is comprised of 23 of your peers from throughout the state. I’ll be happy to share any updates to rules related to Coming Soon listings as they are available.