The acronyms DOM and CDOM are used to describe the number of days that a property has been on the market in the Multiple Listing Service (MLS).
DOM:
- means Days on Market.
- is the number of days that a particular listing has been Active in the MLS.
- does not include the days that the listing has been Pending or Withdrawn.
- is applicable to a specific listing number.
- is a public field that is included on Public Reports.
CDOM:
- means Cumulative Days on Market.
- is the total number of days that a particular property has been listed Active in the MLS in a 30 day period.
- is applicable to a specific property.
- is applicable to multiple listing numbers.
- is a private field that is included only on Private Reports.
A listing that has been Active in the MLS for 30 days will show to have 30 DOM. If that same property had 70 DOM from a previous listing, then the current listing will show 100 CDOM: combining the 70 DOM from the previous listing and the 30 DOM from the current listing.
The number of days that a property is on the market can have a major effect on a buyer’s offer. Seeing a large number can often lead buyers to make low offers; what’s more, buyers might assume there is something wrong with the property.
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How to reset DOM to zero: Creating a new listing number for a particular property will reset the DOM to zero. To do this, you would cancel the original listing and re-enter or copy that listing in the MLS. The Southwest Multiple Listing Service (SWMLS) advises to only cancel a listing if valid documents are in place (i.e.; Termination Agreement, New Listing Contract, etc.). If you are the “new” listing broker for the property, then the listing will begin with 0 DOM.
How to reset CDOM to zero: Creating a new listing number for a particular property after 30 days of that property’s previous listings being Cancelled or Expired in the MLS will reset the CDOM to zero. On the 31st day of a listing being in Cancelled or Expired status, you can create a new listing number for the same property, and the new listing will begin with 0 CDOM. If you are the “new” listing broker for the property and do not wait the full 30 days before listing the property in the MLS, then your listing may show several CDOM.
SWMLS does not advise the deliberate practice of modifying the listing address or UPC code in order to “trick” the system into resetting the CDOM. Potential misuse in this regard may result in an excessive fine.
Source: https://t-tees.com
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