The MLS Committee and Board of Directors have adopted a number of new policies for the MLS and rolled out a few updates. The new policies will take effect on March 18th, 2025.
Here's a look at the new policies:
Listing Entry
The amount of time to enter a listing into the MLS has been changed from 72 hours to 3 calendar days following the final signature on the listing agreement. For example, if your signature date on the listing agreement is January 1st, 2025, the listing will need to be entered into the MLS by 11:59pm on January 4th, 2025.
Status Update
- For status changes other than Sold/Leased, the amount of time to update the listing status has been changed from 24 hours to 1 calendar day. For example, if the final signature date on the purchase contract January 1st, 2025, the listing will need to be updated by 11:59pm on January 2nd, 2025.
- For Sold/Leased status changes, the amount of time to update the listing status has been changed from 72 hours to 3 calendar days. For example, if the final signature date on the purchase contract January 1st, 2025, the listing will need to be updated by 11:59pm on January 4th, 2025.
- Listings that have been expired for more than fourteen (14) calendar days must be re-entered with a new MLS number.
Status Definitions
- Active: A current listing agreement exists between the property owner(s) or their representative and the listing broker, and the property is available for showings and submission of offers to purchase or lease. Days on Market (DOM) and Cumulative Days on Market (CDOM) accrue while in this status.
- Pending/Show for Backup: The property has an accepted offer to purchase, but there is a contingency that allows them to continue to market the property. Listings with an automatic supersede clause may remain in active status. Days on Market (DOM) and Cumulative Days on Market (CDOM) accrue while in this status.
- Pending: The property has an accepted offer to purchase, and the property has not yet closed/transferred ownership. Listings with an automatic supersede clause may remain in active status. Days on Market (DOM) and Cumulative Days on Market (CDOM) do not accrue while in this status.
- Expired: The listing agreement has passed its expiration date. This is a final status and Days on Market (DOM), and Cumulative Days on Market (CDOM) do not accrue while in this status. Listings that have been expired for more than fourteen (14) calendar days must be re-entered with a new MLS number.
- Withdrawn: A current listing agreement exists between a property owner or their representative and the listing broker, but the property is not available for showing. Days on Market (DOM) and Cumulative Days on Market (CDOM) do not accrue while in this status.
- Terminated: Seller and broker/listing agent mutually agree in writing that the listing agreement is terminated prior to the expiration date. This is a final status and Days on Market (DOM) and Cumulative Days on Market (CDOM) do not accrue while in this status.
- Sold/Leased: Property has been closed/transferred ownership, or a lease has been signed. These are final statuses and Days on Market (DOM) and Cumulative Days on Market (CDOM) do not accrue while in these statuses.
Auction Listings
The list price on Auction listings must be the minimum price for which the property can sell.
Listing Photos and Virtual Tours
- All listings are required to have at least one (1) exterior front photo. If additional photos are added, the exterior front photo must be selected as the primary photo.
- All photos must relate to the property listed including but not limited to exterior and interior photos of the property, floor plans, maps, builder’s sketches or other representations of the property.
- Photos, images or virtual tours shall not contain company or agent logos, agent photos, commissions, bonuses, contact information for the agent or office in the photo or virtual tour sections. The MLS staff, in its discretion, has the authority to remove such promotional images and the listing agent will be notified when the MLS staff removes such promotional images.
- Virtual tours submitted shall comply with the following guidelines:
- The primary focus of the tour shall be the subject property.
- The tour must be hosted on an Internet accessible server from which a Participant can retrieve the tour by selecting that tour’s hyperlink.
- No marketing of the listing agent is allowed. Readable for sale signs to include real estate related services signs, web addresses, etc. cannot be super imposed on photo.
Duplicate Listings
Multiple simultaneous listings for the same property are prohibited. The exception to this rule is when a property can be listed in more than one property type classification. For example, a property can be entered as both Residential and Rental. In this instance, duplicate listings must be maintained concurrently. If the property sells, the closing must be reported on only one MLS listing record. Any additional listings must then be terminated.
Days on Market and Cumulative Days on Market
Days on Market (DOM) and Cumulative Days on Market (CDOM) are calculated from the ENTRY DATE to the CURRENT date. CDOM resets after the listed property has been in a final status (Expired or Terminated) for over 31 days and then re-listed as a new listing with a new MLS number.
Unauthorized Access
Unauthorized access to the MLS system/services is strictly prohibited. Participants and Subscribers are not allowed to share passwords or provide access to an unauthorized individual and/or unlicensed administrative assistant. If the participant has an administrative assistant that will access the MLS, they will have ten (10) calendar days to get the admin set up with a Dayton REALTORS® membership.