This video outlines the required timelines for entering listings and updating listing statuses in Matrix. These rules are commonly referred to as the “3-5-7 Rule” and are critical for MLS compliance.

 

 

New Listing Entry (3 Days)

A new listing must be entered into the MLS system within:

• 3 calendar days of the list date
• 1 business day of any public marketing (whichever occurs first)

 

Important Notes:

• The list date is defined as the date of the final seller’s signature.
• Listings must be entered as either Active or Coming Soon

 

Change to Pending Status (5 Days)

When a listing goes under contract, the status must be updated to Pending within:

• 5 days of the purchase agreement ratification

Important Notes:

• The pending date is the final signature date on the purchase agreement.

• If a purchase contract is terminated or released, the listing must be updated from Pending back to Active within:

  5 days of the termination or release ratification

 

Closed Transactions (7 Days)

After closing, listings must be updated to Sold or Leased within:

• 7 days of the closing date
• If notification of closing occurs after the 7-day window, agents must provide proof of when notification was received. The 7-day period will begin from the date of notification, once documentation is provided.

 

Acceptable Documentation Includes:

• An email with a timestamp
• Postmarked envelope
• Other verifiable date records

 

Transcript

In this video I’ll talk about our status change requirements. Whether entering or updating your listing status, there are deadlines for when changes must be made in Matrix once your seller authorizes a change. We often call this our 3-5-7 rule. 

 

Once a listing agreement has been ratified, the listing must be entered in Coming Soon or Active status within 3 calendar days of the list date or within 1 business day of public marketing, whichever comes first. The list date is determined by the date of the last seller’s signature. 

 

When a listing goes under contract, the status must be changed to Pending within 5 days of ratification of the purchase agreement. The pending date for this change is the date of the final signature on the purchase contract. If a purchase contract falls through, you’ll have five days to return the listing to Active once the termination or release of the purchase agreement has been ratified. 

 

After closing, you have 7 days to update your listing to Sold or Leased. If you are notified of closing after 7 days, keep a record of when you were notified with a timestamp. We will accept the postage date or an email timestamp as proof, and the 7 days allowed will begin counting from when you were notified.  

 

If you have any questions about changing your listing status that was not answered in this video, contact compliance by emailing [email protected].