Days in MLS or DIM is a new term that was introduced with the launch of the new version of REcolorado Matrix.
It replaces CDOM, Cumulative Days on Market, and DOM, Days on Market, and is defined as the total number of days from the time a property is made Active in the MLS until an off-market status occurs.
When a listing is in Coming Soon status, Days in MLS does not accrue. Additionally, when a listing is in Withdrawn or Pending status, Days in MLS is held in abeyance.
The change to DIM has generated a couple of very common questions.
Why were CDOM and DOM eliminated?
Days in MLS was included in the REcolorado Matrix update, which applied RESO standards that are being adopted by MLSs across the country, including REcolorado. We support using Days in MLS because it more accurately reflects the time a listing was in the MLS. And, when you have the most accurate information available about a listing, you can better serve your clients as the market expert.
Expiring listings to reset Days in MLS (DIM)
Please be aware, manipulating REcolorado Matrix in this way is a violation of our rules and regulations. One of the reasons we have rules is to make certain we all have accurate data, which is key to serving our clients. Accurate data includes how long a home has been on the market.
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.
This is why The REcolorado Rules and Regulations committee is strengthening the language around, as well as the consequences for, expiring listings.
Strengthen your Listing (without resetting DIM)
So, what can you do to strengthen your listing so it will show up in more searches?
- How about adjusting the price? Many times making a small adjustment will make the listing fall into a different price range, which will make it appear in more searches for more buyers
- Completing EVERY listing field in REcolorado Matrix is also effective. The more complete fields, the more opportunity for your listing to be found in a search!
- You can also rearrange your photos. The first photo does not have to be the front of the house. Maybe switch it up to be the beautiful kitchen or open floor plan.
- Have you thought about re-writing your public remarks or your private remarks to add keywords or to make them catchy and informative?
- What about asking your sellers if they want to make some changes – staging the home, decluttering, painting a few walls, planting some flowers. Remember, days in MLS does not accumulate when a listing is in Withdrawn status.
- Finally, don’t forget Reverse Prospecting. Listing brokers can use a Reverse Prospect list to notify fellow brokers about price changes, open houses, and more. Be sure to print your Reverse Prospect list before and after making any changes to your listings to see who the new brokers are on the list.
Have questions? Want some more tips and information? Be sure to check out the REcolorado Professionals blog and the learning center to find some how-to documents.
And of course, our Customer Care team is just a phone call or email away. Contact REcolorado Customer Care at 303.850.9576, option 1, or support@REcolorado.com