“I want to cancel my listing and—"
***
Stop. Do not pass “Go.” Do not collect $200. And most certainly do not “cancel your listing.”
The only person who can request the cancellation of their listing contract is the seller. And like the listing contract itself, the cancellation request must be documented in writing. Within three (3) days of receiving their written cancellation, you are required to update the listing in SFARMLS to Cancelled status. If you cancel a listing without having received written notice from the seller, you will be in violation of the SFARMLS Rules & Regulations and subject to a fine of $1000.
If your seller wants to take a break from the marketing of their listing, change the status to Hold. This shows that the listing contract is in effect, but the Days On Market (DOM) count will be paused until you bring the listing back as Active.
First published in the Office Liaison Report on 2022/10/11.