Please remember listings must be marked within 2 business days to reflect a change in status … fellow REALTORS and buyers need to know the accurate and truthful status of a listing, especially if it’s under contract. That said, if a listing sale falls through, there are a few IMPORTANT steps to take to make sure you are advocating for your seller client in the best way possible.
- First, if you had marked the listing as “pending”, you will need to change the status “back on market” and the change will appear on the hotsheet and in the auto client emails that go out each time a listing changes status. EXCELLENT.
- Second, please make sure to REMOVE any contingency flag you might have placed on the listing as well, so those viewing the listing understand the actual, current status. For example, in looking at the 11 listings, we see many are marked correctly as “back on market”, a couple “back on market- price change”… but then there are a few that still have the old U or Y yellow contingency flag. Yikes! Make sure you remove any contingency as well, (screenshot of changing a listing status third option to add/remove contingency).
- Third, if you didn’t mark the listing as pending, but ONLY put a contingency flag on it… and the deal falls through… removing the flag does NOT generate any notice to other brokers or buyers. They are unlikely to see that the contingency fell through because the status stayed the same and it did not appear on the hotsheet or automatic emails. (the benefit of pending a listing!) What should you do? It goes without saying you should drop a message to any REALTOR who brought a buyer to the home for a showing to let them know of the updated status, but you should also consider sending an email to the reverse prospect list. When you run a “reverse prospect” you can get a list of all agents who have clients entered who have search critiera that match your property. You DO NOT see who the client is or what their criteria is, just that that agent has a “match”. Could it be true love? In the menu under contacts, click reverse prospect and enter your MLS number. From there you will be able to email any or all agents that have a client with criteria that matches to let them know the property is back on the market. see the screen shots of the three steps.