How to Avoid Long-Term Pending Report Fines
It seems many MLS Subscribers are overlooking the notifications (i.e. e-mail messages & Realcomp Online® home page notifications) that Realcomp generates to help them avoid being fined for Pending listings that have been pending for more than 120 days.
The purpose of the e-mail generated by Realcomp is to notify the user that his/her listing has been pending for the maximum timeframe (120 days) and that the listing needs special attention within 14 days (which can only be performed via Realcomp Online®). Upon logging into the MLS system, the user has these options available to him/her for refreshing the listing and avoiding a fine:
- Click the notifications link from the home page of the system that is associated with your pending listing to refresh it, which allows it to remain in the pending status for an additional 30 days. This action will stop the MLS system from issuing a “pending report fine”. Clicking the notifications link can be repeated every 30 days as necessary until the listing closes (or is placed back on the market or withdrawn).
- Alternatively, the user can change the status of the pending listing to “sold” (or any other accurate and applicable status other than pending). This action too will stop the MLS system from issuing a “pending report fine”.
- Lastly, the user can contact Realcomp (by phone, e-mail, or fax) regarding the status of the listing and we will update it on that person’s behalf. However, as in option #1, this action only refreshes the listing for an additional 30 days.
If you have pending listings, be sure to login to Realcomp Online® periodically and properly address your listings to avoid unnecessary fines. All fines are avoidable, as long as you take the proper actions for your listings.
If you are a user who does not login to the MLS system regularly due to an assistant logging in and doing the MLS work, your assistant will never see your pending listing notifications. You must login yourself to see these warning messages.
Additionally, some users have told us they assumed they would be able to extend the pending listing by extending the expiration date of the listing. Unfortunately, one has nothing to do with the other. The system is not setup to recognize a listing that has had the expiration date extended as a refreshed pending listing. Therefore, only one of the three actions noted above will refresh your pending listing and enable you to avoid unnecessary fines.
Questions about this? Please call us. Thank you.
Last modified 2011-01-11 13:59 expired