status

Coming Soon / Hold is Now a Listing Status – What You Need to Know

Many of you have been asking for a Coming Soon status and as of Thursday, June 28th, Coming Soon / Hold is now included in the list of available property status, replacing Active – Not Showing. Also included as part of the new status changes, Active – Showing will now be simply Active. Coming Soon / Hold will have days-on-market calculated the same way as Active – Not Showing. Be sure to check the table below if you have questions about how your listing’s days-on-market are calculated.

DOM table

New Active Listing Status Added to RealTracs.net

To better reflect the showing status of an active listing, the following changes have been made:

  • Active status will now display as Active – Showing.
  • A new status of Active – Not Showing has been added to add/edit, search, and reports.

How Active – Not Showing works:

  • A new listing can be added as, and an existing listing can be changed to, Active – Not Showing if:
    • The required Available for Showing Date is within fifteen (15) days of entry into the MLS system or the status change toActive – Not Showing
    • The Available for Showing Date is before the expiration date of the listing
  • Active – Not Showing listings are not syndicated until the status goes to Active – Showing
  • Active – Not Showing listings are not available on the hot sheets or sent via auto notification until the status goes to Active –Showing

 If you have questions about the new statuses, a help page has been created and is available at help.realtracs.net.

Additionally, the RealTracs Help Desk is available Monday – Friday from 8:00 am until 5:00 pm via email at helpdesk@realtracs.com or by phone at 615-385-0777.

Is Your Listing In the Correct Status?

To show or not to show.  That is the question…but it doesn’t stop there.

What listing status should be used once a contract has been accepted? Active-Contingency?  Maybe Pending?  Follow these simple guidelines to ensure your listing is displaying the right status, at the right time – for the right reasons.

Once an offer has been accepted, there are two options for listing status.  If your seller desires to continue showing the property for back-up offers, the listing must be updated to Active-Contingency, with the specific contingency selected – sale of home, financing, inspection, etc.

If, however, an offer had been accepted and the listing is not being shown for back-up offers, you are required to update your status to Pending. This is advantageous for you as the days on the market will not increment during a pended status.

It’s important to remember however, once a contract is in hand, it is no longer permitted to remain in an Active status – it must go to Active-Contingency or Pending.  Even the TAR standard of practice states, “REALTORS® shall disclose the existence of
accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”  Not doing so is considered
misrepresentation.

The final step of the listing would be an update to a Closed status, and it’s equally important to remember that once a listing closes, you have seventy-two (72) hours to change the status of that listing to Closed in the MLS system.

The market is picking up and things are moving faster; however, to ensure all users of RealTracs are accessing updated, and
accurate information, make sure your listings have the correct status—whether that be Active, Active-Contingency, Pending, or Closed.

Because everyone loves a challenge (and really because it’s just that important) there will be a grace period through Friday March 15 to place your listings in the correct status.  Listings discovered with an incorrect status after this date will be subject to applicable fines as defined in the RealTracs rules and regulations.

So, double check your listings! Your fellow agents, and possibly your pocketbook, will thank you for it.

RealTracs rule references:

2.5(i) A status change must be made within 48 hours of acceptance by a seller of an offer to purchase. The status can be changed to 1) PENDING — which means that a contract has been accepted and the seller(s) requests that there be no more showings, or 2) ACTIVE CONTINGENCY — which means a contract has been accepted but the seller(s) requests that the property still be shown for a back-up contract.

10.1(e)   Failure to report listing “pending” or “active contingency” once a contract has been accepted by the seller to the MLS within forty-eight (48) hours, Fine $100.00.

2.5 (h)  …after authorized changes are received by the listing broker, they must be reported or input within forty-eight (48) hours of the change condition, with the exception of closed which must be reported or input within seventy-two (72) hours.

10.1(d) Failure to report listing closed to the MLS within seventy-two (72) hours, Fine $100.00