Understanding The Status: Temporarily Off Market (TOM)

WHAT IS IT?

In certain situations when working with a seller, it may become necessary to suspend efforts to sell the property while an MLS Participant has a valid listing agreement in place to do so.   (EX: a property that has been damaged during a storm requiring time for repairs, or a seller that may need to suspend efforts to sell the property due to personal circumstances.)

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.

IN DETAIL…

 Listings of property. . .

There MUST be a contract (listing agreement) between the seller and the Broker.

 in which the Seller has requested the Participant to:
The SELLER is the only individual that can initiate a listing being classified as TOM. This is not something the listing agent or broker can unilaterally decide.  Any TOM listing 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 applies 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.

AND

not set appointments for showings,

The showing appointment prohibition applies to ALL MLS Participants and Subscribers, including those affiliated with the listing broker. If a Temporarily off Market listing may be shown by one or 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.

If the listing agreement is expired or canceled prior to the expiration date then the appropriate status changes should be made.

 

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 situation requires that the listing be off market for more than 30-days, the listing broker should consider alternative statuses. Once a listing is placed into a TOM status, Paragon will not allow the listing to be re-entered into a TOM status again without submitting 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:

  1. Verify with your Broker your situation to make sure that the use of the TOM status is consistent with your broker’s directions or any other office policies!
  2. If your broker/brokerage policy permits the classification of the listing in a TOM status, then review the Office Exclusive/TOM disclosure 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. —  CLICK HERE to view a sample.
  3. 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.
  4. MARK YOUR CALENDAR! A TOM listing will AUTOMATICALLY be converted back to Active status after 30-days. You may change the status to Active at any point prior to the 30 –days
  5. 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.
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Posted in: MLS