Compliance Corner #2
October 7, 2019
What is a Delayed listing?
MLS rules require all non-commercial listings to be submitted to the MLS within 48 hours of an executed agreement. Although this is still an option, it is not always possible (or practical) in today’s climate. It takes time for photos, virtual tours, staging, repairs, etc. A property may not be ready for days, weeks or even months. To accommodate this evolution, SmartMLS created the Delayed Listing.
A Delayed Listing is when a property is under an executed Listing Agreement with the seller but is not ready to be on the market. The seller and the listing agent determine a Go Active Date for the property. Additionally, the seller agrees there will be no marketing of the property until the Go Active date and instructs their agent not to submit any offers to them until the Go Active Date. The Go Active Date can be adjusted as necessary by the seller and the listing agent.
To comply with the rules, you must do one of the following:
- Complete a SmartMLS Delayed Listing Form; OR
- Enter the Go Active Date on the latest version of the SmartMLS Exclusive Right to Sell or Exclusive Agency listing contract.
You do not need to do both of these things. Just choose one or the other.
IMPORTANT: When entering the listing into Matrix, you will use the Delayed Entry Date/Go Active Date as the List Date. This will start the Market Time clock excluding the days between the List Date on the Listing Agreement and the Delayed Entry Date/Go Active Date therefore minimizing Days on market.
The Delayed Listing Form is attached to this article.