Commercial Property Find A Home
RSS Feed

December 31, 2014

“Back on Market” No Longer an Option for Some Statuses

In October 2014, the MLS Board of Directors directed our residential MLS provider make a few tweaks on the back-end. These programming changes were made to help everyone remain in compliance with the MLS Rule that prohibits the same listing from being re-listed by the same Participant/Subscriber unless thirty (30) days has passed.

With those changes having now been made, it seems they are catching some members by surprise. The MLS Rules have not changed. However,  the following programming changes were made to close up any loopholes that were enabling Participants/Subscribers to violate (intentionally or not) the 30-day Rule:

  • Participants/Subscribers cannot enter an expiration date any sooner that the original expiration date. A listing can be extended but it cannot be shortened. NOTE: Staff can override this if appropriate documentation is provided.
  • “Back on Market” is not an option once a listing has “Expired” or is “Withdrawn/Released. NOTE: These listings no longer belong to that firm due to their natural expiration or being released by the firm.
  • Unless 30 days have passed from the Withdrawn/Released date, the only option for a “Withdrawn/Released" listing is for a different firm to enter it as a new listing. NOTE: In this case, the continuous days on market will continue to calculate. It is only after a property has been unlisted for more than 30 days that the days on market goes back to zero.
  • If 30 days have passed since the Withdrawn/Released date, any firm (the original listing firm or a different firm) may enter it as a new listing and the days on market goes back to zero.

Unrelated to the 30-day Rule but important to note is that Contingent listings never expire. They will remain in the MLS until the Participant/Subscriber changes it to leased/sold. Remember that any change to a listing must be reflected in the MLS within 48 hours of the change.