FAQ – “What is the difference between cancellations, unconditional releases, and privacy protected and how do I safely solicit expired listings?”
In this video Steve Jamieson, Managing Broker of RE/MAX Crest Realty Westside, explains the circumstances in which you may solicit an expired listing.
Here’s a brief summary:
Determine the circumstances
Let’s treat these scenarios based on the different statuses on the MLS® system:
A cancellation protects the listing brokerage’s commission for up to 60 days of execution, or until expiry of the listing, whichever comes first. It also prevents another agent from listing the property during that same period. The listing status will show on the MLS® system as “Cancel Protected” until the expiry date. Thereafter it will show as “Expired.” You may only solicit a Cancel Protected listing once the 60 days has passed, or once it shows a status of “Expired” provided the listing has not been “Privacy Protected”.
There may be circumstances in which the listing brokerage and seller agree to terminate the listing contract unconditionally. Once an Unconditional Release has been provided to a seller, the listing agent’s commission is no longer protected. The seller is free to list their property with another brokerage immediately. The listing status will show on the MLS® system as “Terminated”. You are free to solicit a terminated listing provided the listing has not been “Privacy Protected”.
A Privacy Protected listing will not show the seller’s name if the listing no longer has a status of “Active”. In place of the seller’s name you will see “*** Privacy Protect ***” Never solicit a Privacy Protected listing.
For more information, refer to RULES of COOPERATION of the CADREB, FVREB and REBGV.
6.05 No Solicitation Prior to Expiry
6.06 Privacy-Protected Listings
6.07 Solicitation Guidelines
Please note: The Frequently Asked Question video series is used for training purposes within our group of RE/MAX offices. If you are licensed at a different brokerage, you must refer to your own Managing Broker for advice.