Announcement: GMLS to Enforce New Policy for Violations of the Status Change Reporting Rule
GMLS Participants and Subscribers,
Access to accurate and reliable local listing data is among the most important resources available to you and your business. One of the top priorities of the Greenwich Multiple Listing Service is ensuring the completeness and timeliness of any changes to your property listings available for cooperation.
In keeping with that priority, the Board of Directors has determined that further enforcement of the GMLS Rules pertaining to reporting status changes is necessary.
The GMLS Rules and Regulations state that status changes must be reported to the MLS within 48 hours of occurrence, and that lifted or cancelled contingencies must be reported within 24 hours.
Effective November 1st, 2020, failure to report status changes in accordance with the timelines provided by the GMLS Rules and Regulations will result in a violation. A fine of $100 will be assessed to the Listing Agent, as well as a $100 fine to the Listing Broker for each violation.
Maintaining listing records you can trust requires the collective effort of all who participate in the Greenwich MLS. Thank you for your cooperation and continued compliance of the GMLS Rules and Regulations.
-GAR/GMLS Leadership and Team