Listing Statuses and their Definitions (Effective 1/9/2023)

Please note: The sections in bold blue are the changes effective 1/9/2023. 

 

What are the abbreviations in Matrix?

These statuses align with the Real Estate Standards Organization (RESO) Data Dictionary. This will make it easier for third-party companies that provide services to Brokers to adopt MLS data. 

Does this affect how you report status changes to the MLS?

No. The only thing that has changed is the status name and definition. For the most accurate data, it is in the best interest of all to report status changes immediately. However, to avoid a fine, agents must report a change of status to the MLS within four (4) calendar days of the specified event as listed on the MLS Status Change Flow Chart. 

Will the Profile Sheets and MLS Change Form be updated with the current statuses?

Yes. The revised Profile Sheets and Change Form are available.

FAQ:

When an offer is accepted, do I have to change the listing status to Active Under Contract (C) or Pending (P)?

Yes.  Once the final offer is accepted, you are required to change the status to C or P status.

When a Purchase Contract is cancelled, do I have to change the listing status back to Active?

• Yes.  Once you have written cancellations from the Seller and the Buyer, you are required to change the Active Under Contract or Pending status back to Active.
• If the deal is cancelled, but escrow remains open (i.e., due to disputes over the deposit, etc.), you are required to change the status back to Active once you have the written cancellations from the Seller and the Buyer. 

The listing was in Active Under Contract or Pending status, and the listing expired while the transaction was in escrow - do I have to report the listing as Sold after escrow closing?

Yes.  You are required to report the listing as Sold.  The data is for comps and stats.  And, you have system access to edit the listing:  Go the Matrix > Input > Enter the MLS # in the box and click on Edit to change it to Sold.

Note:  We do recommend that you extend the listing Expiration Date before it expires.  This way, you will be able to continue to edit your listing, and the status will appear as Active Under Contract or Pending.  This is to ensure that other members will know the Seller is still under contract with your Brokerage.

Rev. 1/30/2023