You have your property listed on the MLS and for one reason or another, you need it removed. What should you do?
The first thing to decide is why you want to remove the property and do you want the property to come back on the market in the near future?
Temporarily Off Market status means that the property is coming back on the market in the near future under that same MLS #. The listing is basically on hold. A property really should not be in TOM status for more than 60 days. Let’s say you want to go out of the country for 10 days and prefer not to have any showings while you are gone…TOM is a great option for you. The negative to temporarily off market status is that the days on market counter still ticks away. The advantage is that there is no fee for taking the property to TOM status and then re-activating it again in the future.
Cancelled status means exactly that. You are cancelling the entire listing. Once a listing is cancelled, we can not bring that listing back again under that same MLS #. The only way to list the property again would be to create a new listing. Cancelled status does have it’s benefits. It allows you to bring back the listing in the future as a new listing, thus resetting the Days on Market counter. (provided you are off the market for the MLS required # of days to reset the DOM counter) (In most areas, it is 30 days) Example – Cancelled status would be an appropriate selection for a property that has been rented and will be off the market for more than 60 days.