Our MLS partners are discussing the handling of listing statuses, virtual tours and Days on Market (DOM) during the current health crisis. The Council of Multiple Listing Services (CMLS) and the National Association of REALTORS® (NAR) recently held a joint meeting discussing these topics.
Listing statuses are well defined within the RESO Data Dictionary. An MLS considering changes to a status should refer to StandardStatus Lookups (options) from RESO before making changes to any status names. This should also be a consideration as MLSs are implementing NAR’s Clear Cooperation Policy 8.0 and considering Coming Soon and related statutes.
A large number of MLSs use the Hold status for a situation where an agent needs to take a listing out of syndication and marketing, while freezing its Days on Market.
- Active Under Contract
- Coming Soon
Days on Market
RESO has researched the wide range of current practices in calculating DOM and has standardized fields in its Data Dictionary to help move the industry toward more standardized DOM data. There is still much work to do.
CMLS guidance advises:
“Listings and their marketing should be transparent to the consumer and in line with current local rules. Days on Market calculations for an ‘active’ listing should not be altered if the property is available to be sold and is being actively marketed.”
“MLSs should utilize RESO’s standard statuses within their systems and provide clear guidance to members on how to best classify listings within existing rules. Current and historical data accuracy requires that we document today’s marketplace activity accurately.”
Many MLSs are considering additional virtual tour capabilities for listings. MLSs should review RESO’s media fields which can be added to the MLS database. In the short term, some MLSs are allowing URL links for virtual tours to be placed in public comments.
General Coronavirus, COVID-19 Guidance
NAR has created a significant set of resources for associations, practitioners and employers to help you safely conduct business. It’s critical at this time to take care of our people and the organizational systems that support them.
Thank you for continuing to work with us toward a more streamlined real estate technology environment. Stay safe, and please reach out to us if you have any questions.DLU August 3rd, 2020