This is one area where we struggle with compliance. Way too frequently board staff are having to process sales because they fall outside of the 5-day requirement within the MLS® System; some sales are submitted months after completion. Where we do not have administrative penalties, there is no recourse unless we process formal complaints for each late submission, and we just don’t have the resources for that.
The requirement to have sales submitted within 5 days of condition removal, besides the fact that it is good practice, gives us better opportunity to keep our statistics current and up to date. Each month we provide a full statistics package to members, media, government officials and other stakeholders around the 6th day of the month, assuming that sales for the previous month have been processed within the 5-day requirement. These statistics matter. They matter for you and your clients, but they also matter for trends. If the numbers provided are not accurate and a dozen sales are processed after the fifth day for the previous month, those stats are lost and not captured accurately.
In addition to statistics, incorrect sale dates create inaccurate days on market and CMA comparables. It is very important that you process sales as soon as they happen so that the information that is available in the system is current and the messaging we are all providing to the consumer is accurate.
Trevor Koot
Executive Officer
Kootenay Association of REALTORS®
and Kamloops and District Real Estate Association