Timely Status Changes Make the Market Work
One of the most important roles REcolorado serves for our customers is ensuring you have access to 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.
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.
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 Care 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Status Changes to the MLS: When the status of a listing changes to Pending, Closed, Leased, Expired/Terminated, Withdrawn, or back to Active, it must be reported to the MLS within three business days. If the change is not made within 3 business days, the untimely status change will be subject to an immediate $25.00 fine. Per MLS Rules & Regulations Section 8.1 (7) & (8) Repeat Offenders will be referred to the MLS Rules Committee for appropriate further action.
Immediate fines for untimely status changes will be issued beginning on November 2, 2020. Notices for violations are sent automatically. If you have any questions about a notification you received or how this could impact your listing, please contact REcolorado Customer Care or our Data Integrity team to discuss your situation.
Our primary 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.
I think this is good, however, I see absolutely No reason to keep this “business days”, I think getting rid of business days and making it normal calendar days would be an additional improvement
I agree with Michael. With clients viewing homes 7 days a week, timely information is just as important on weekends as it is on week days.
I agree with the above comments.
Agreed…72 hrs is enough time. Do not need biz days.
Let’s please use “calendar days” instead of “business days”
I think 3 days is too long. should be 24 hrs, or 48 at most.
One issue to consider if we switch it to calendar days is the fact that earnest money is typically due in 2-3 business days. I and some of my Realtor friends have all had instances where the earnest money did not show up so if you change the status requirement to calendar days & earnest money doesn’t show up, then you now have a “back on the market” and we all know this can impact a listing, not to mention that “consideration” is a piece of having a contract.
I like this change. It seems like a lot of agents in our area really like that to keep listings active until we nearly get to close, then they change it to contingent.