You may recall IRES did some clean-up of old Withdrawn listings in December, expiring them on their contract expiration date. That process involved thousands of listings that had been sitting in limbo as Withdrawn.
From this point forward all Withdrawn listings will expire per the contract expiration date entered, and this means users need to be wary of “prospecting Expireds” and Withdrawn listings.
Best practices
- Avoid sign crossing by doing your homework!
- Check listing History for all Withdrawn or Expired listings by address and/or MLS number. Has it been relisted, under contract, or sold? Review the dates and current status.
- If you are the listing broker and get a new contract with an adjusted price, before you withdraw the original listing to enter a new one, consider entering a comment in Broker Remarks to alert other subscribers such as, “Relisted in February” and include the new MLS# for reference whenever possible.
- Note that Cumulative Days on Market (CDOM) will continue to tally unless the property has been off the market for 30 days or more.
Definitions
Withdrawn Definition: The listing agreement is still valid between the client and the listing office.
There may be a reason the home is no longer being offered on the market, but this does not negate the contract between the parties. Alternatively, the homeowner may still want the listing agent to sell the home, but the property is temporarily not for sale. This typically happens when a homeowner needs extra time to get things in order before showings resume. Because the listing agent still has an agreement with the seller, another agent should not contact the seller in an attempt to gain them as a client.
Expired Definition: The listing contract expired or was terminated between the agent and the seller.
PRO TIP: When considering either Withdrawn or Expired listings, always check IRESis.com to verify the property hasn’t been relisted.
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