The TOM status has been in indefinite mode since the flooding in August. On December 31st, the TOM status will revert back to converting to an active status in 30 days.
This is notification that any listing currently in TOM status on December 31st will convert back to active automatically after 30 days.
As a reminder of what the TOM status is and how it is to be used:
WHAT IS IT?
In certain situations when working with a seller, it may become necessary to suspend efforts to sell the property while a MLS Participant has a valid listing agreement in place to do so. Specific examples of this may include: a property that has been damaged during a storm and requires a period of time for repairs to the damage, or a seller that may need to suspend efforts to sell the property due to personal circumstances such as a death in the family.
WHAT ARE THE RULES REGARDING TOM?
The MLS Rules define the TOM status as
Listings of property in which the Seller has requested the Participant to:
- temporarily suspend the marketing of the property, AND
- not set appointments for showings,
while the listing contract between the Participant and the Seller remains in effect.
WHAT DOES THAT MEAN?
Listings of property. . .
There MUST be a valid and acceptable employment contract (listing agreement) between the seller and the MLS Participant.
… in which the Seller has requested the Participant to:
The SELLER is the only individual that can initiate a listing being classified as TOM. As with the office exclusive listings, this is not something the listing agent or broker can unilaterally decide. As such, any TOM listing, like an Office Exclusive will require certification SIGNED BY THE SELLER indicating their initiation of the TOM status which must accompany any TOM listing in the MLS.
temporarily suspend the marketing of the property,
The marketing prohibition is deemed to apply to ALL promotion of the property during the time period in which it is classified as Temporarily off Market. If a property continues to be advertised, the TOM status may not be applied to the listing. This includes any and all means of marketing the listing including, but not limited to website displays such as IDX.
AND
BOTH the suspension of marketing restriction (above) and the showing restrictions (below) are to be enforced on a TOM listing.
not set appointments for showings,
The showing appointment prohibition is deemed to apply to ALL MLS Participants and Subscribers, including those affiliated with the listing broker. If a Temporarily off Market listing may be shown by one ore more licensees affiliated with the listing office or listing company, the TOM status may NOT be applied to the listing, and the listing broker must use alternative statuses.
while the listing contract between the Participant and the Seller remains in effect.
This seller initiated request and TOM status may only be applied while the listing agreement with the seller is in effect. If the listing agreement is expired or cancelled prior to the expiration date (withdrawn) then the appropriate status changes should be made in accordance with other MLS Rules.
The Temporarily off Market (TOM) status is a TEMPORARY status.
The status is specifically designated as a TEMPORARY status, and it may not be used for more than 30-days on a listing. If a listing is left in a TOM status for more than 30 days,THE SYSTEM WILL AUTOMATICALLY CONVERT THE LISTING BACK TO AN ACTIVE STATUS. If the specific situation requires that the listing be identified as off market for more than 30-days, the listing broker should consider alternative statuses. Furthermore, once a listing is placed into a TOM status, Paragon will not allow the listing to be re-entered into a TOM status again a second time without first resubmitting to MLS Staff.
HOW DO I USE IT?
If you find yourself in a situation where you feel it is necessary to utilize the new TOM Status, be sure to follow the steps outlined below:
- First, verify with your MLS Participant/Broker your situation and make sure that any use of the TOM status is consistent with your broker’s directions or any other office policies!
- If your broker/brokerage policy permits classification of the listing in a TOM status, then review the new MLS Exclusion documents with your seller and be sure to go over the options regarding the implications of setting the status to TOM and have them sign off on the form.The MLS is releasing a single new form that can be used to have a seller initiate a status change to either OFFICE EXCLUSIVE or TEMPORARILY OFF MARKET — CLICK HERE to view a sample.
- Once the form is signed by the sellers, you can set the status of that listing in the MLS to TOM. A copy of the signed exclusion form should be uploaded to the MLS at the time the status is set to TOM. Setting a listing’s status to TOM without submission of the seller signed document is a fine-able offense.
- MARK YOUR CALENDAR! Remember that a TOM listing will AUTOMATICALLY be converted back to Active status after 30-days. You may of course change the status from TOM to Active at any point prior to the 30 –days as the situation warrants. Also, be sure to make any other relevant status changes to the listing in accordance with other MLS rules!
- If you have a question about the Temporarily off Market Status that isn’t addressed here,
PLEASE DO NOT GUESS! Call the MLS Staff at 225-761-2000 and we’ll be happy to assist.
