Withdrawn v. Cancelled
Properly recording a change in status of a listing is a critical part of maintaining the integrity of the information in the MLS.
A common mistake regarding a listing’s status is the use of the Withdrawn and Cancelled status. Each has a specific purpose, and applying them incorrectly can cause problems right away or down the road.
A Withdrawn property is no longer active in the MLS, but the listing agreement which was used to place the property on the MLS is still in effect. Generally, the withdrawal of a property from the MLS is to provide notice that the property is temporarily not being actively marketed. This could be due to some renovations, repairs or the seller has requested no active marketing for a short period.
DOM will still accrue while a listing is in Withdrawn status.
Listings that are Cancelled have had the property’s listing agreement cancelled, terminated or is otherwise not valid.
Properly changing the status of a listig ensures a smooth transition between subscribing brokers or agents, avoids potential delays and frustration, and reduces the potential for misunderstandings.
While it is a violation of MLS rules to list an incorrect status on a listing, the Compliance department focuses on correcting the information first. Only when a subscriber fails to immediately correct the situation are citations or fines issued.