T
he days on market (DOM) conundrum has sparked heated debates in the real estate industry, with some arguing there's no clear-cut rule governing its calculation. Local MLSs and brokers hold the reins when it comes to defining and tracking DOM, or deciding whether to collect it at all.

    NAR's Clear Cooperation Policy has been a focal point of controversy, but its FAQ offers insight into the topic. When asked how the policy affects listings not ready for showing, NAR suggests that factors like these can be determined locally, leaving room for interpretation. Brokers and MLSs must consider whether a new listing should immediately become active or if a temporary "coming soon" status is allowed, and when DOM will begin in such cases.

    While tracking DOM isn't mandatory, the NAR Handbook on Multiple Listing Policy clarifies that its use is a matter of local discretion. The handbook notes that DOM is not a required listing field, but if an MLS chooses to track it, the data cannot be considered private or withheld from subscribers. Once included in the MLS, related details like list dates and expiration dates can be freely shared with clients.

    Realtors have a fiduciary responsibility to their clients under NAR's Code of Ethics, particularly when it comes to transparency and accurate information. Articles 1 and 12 are relevant here, requiring Realtors to protect their clients' interests, treat all parties honestly, and present a true picture in advertising and marketing representations.