The Multiple Listing Service (MLS) is a database used by licensed real estate professionals to list property for sale or rent. It is used ubiquitously by licensed real estate brokers and agents, and is the standard source for advertising property for sale or rent.
A question, and sometimes a concern, from FSBOs is whether it’s possible to reset the cumulative days on market (DOM) counter for a MLS listing. The MLS introduced a change to its policy in how cumulative DOM can be reset.
There are currently four (4) MLS systems that serve the state of Massachusetts in with varying levels of coverage. Entry Only New England uses MLS Property Information Network (MLS PIN), New England’s largest multiple listing service and only Massachusetts MLS system which provides complete coverage of the entire state of Massachusetts. MLS systems are directly accessible only by licensed real estate agents and brokers, yet the data within MLS systems are in part shared and/or syndicated with thousands of third party real estate websites.
Recently, MLS PIN updated its Days on Market Reset policy for new listings. When a listing has been off the market in any of the off-market statuses (including Under Agreement, Withdrawn, Expired, and Canceled) for at least 60 full, uninterrupted days, then Days on Market from the old listing will not be added to the new listing. The previous policy applied to only Expired or Canceled listings. See descriptions of all MLS PIN status types here.
Sold or Rented listings do not need to be off-market for 60 days for DOM to reset. The new cumulative DOM reset policy is immediately in effect.
This policy has and will impact FSBOs who would like to shift their listing from a full service / full commission listing to an entry only MLS listing or vice versa. If you’re contemplating such a move, please note your DOM counter will not reset if you shift your listing. The cumulative DOM reset policy is not something that can be circumnavigated, said differently, if you’re attempting to relist a property that has been listed on MLS PIN in an Active status, and 60 days have not transpired since it moved into an off-market status, when attempting to list that property as new by either a flat fee MLS provider or full service / full commission listing brokerage, days on market will not reset to zero – don’t believe anything different.