This video outlines the required timelines for entering listings and updating listing statuses in Matrix. These rules are commonly referred to as the “3-5-7 Rule” and are critical for MLS compliance.

 

 

New Listing Entry (3 Days)

A new listing must be entered into the MLS system within:

• 3 calendar days of the list date
• 1 business day of any public marketing (whichever occurs first)

 

Important Notes:

• The list date is defined as the date of the final seller’s signature.
• Listings must be entered as either Active or Coming Soon

 

Change to Pending Status (5 Days)

When a listing goes under contract, the status must be updated to Pending within:

• 5 days of the purchase agreement ratification

Important Notes:

• The pending date is the final signature date on the purchase agreement.

• If a purchase contract is terminated or released, the listing must be updated from Pending back to Active within:

  5 days of the termination or release ratification

 

Closed Transactions (7 Days)

After closing, listings must be updated to Sold or Leased within:

• 7 days of the closing date
• If notification of closing occurs after the 7-day window, agents must provide proof of when notification was received. The 7-day period will begin from the date of notification, once documentation is provided.

 

Acceptable Documentation Includes:

• An email with a timestamp
• Postmarked envelope
• Other verifiable date records