From listing agreement through closing, review the key stages of your listing and how they relate to statuses in the REcolorado Matrix MLS system.
Once a listing agreement has been signed, you have three (3) business days from the effective date of the listing agreement to enter that listing into REcolorado Matrix. If no effective date is specified, it is assumed effective from the date the agreement is signed. You may enter a new listing as either Coming Soon or Active.
Once you begin marketing a listing, it must be visible in REcolorado Matrix as Coming Soon or Active within one (1) business day. Your listing may be in Coming Soon period for up to seven days.
Pro Tip: If you have a yard sign on the property, it must have a Coming Soon rider during the Coming Soon stage.
Before you open the door for a showing or an open house, the listing must be Active in REcolorado Matrix.
Pro Tip: Use the No Showings Until field to indicate when the listing will be available for showings in Active status. If your seller doesn’t want to have any showings, you still have options to market the listing.
Pending through Closing
Once both parties have signed the contract, the listing should move to Pending status. Once the purchase or lease agreement has been fulfilled, the listing should move to Closed status! Remember to update these statuses as quickly as possible, within three business days, so other brokers have accurate, up-to-date information.
Pro Tip: Change to Pending status when you have a mutually executed contract. You do not need to wait for earnest money; it occurs when signatures have been obtained.
If you do not wish to make the listing Active after the Coming Soon period has ended, you may change the status to Withdrawn. Days in MLS will not accumulate. Withdrawn status indicates to other brokers that there is still a valid listing agreement; other brokers should not solicit withdrawn listings.
Timing of Listing Statuses
Remember the importance of timely status changes! You have three business days to update the status in REcolorado Matrix when a listing changes from one status to another. Untimely status changes result in an automatic notice and immediate $25 fine.
For more information about listing statuses in REcolorado Matrix MLS, view the ABCs of Matrix Statuses >>