This marks the listing as "rented" and updates all of the tenants who had enquired and/or applied.
It's a good idea once you have selected tenants to mark your listing as "Under Offer" while you're finalising the paperwork for the tenancy.
See here for how to remove listing: https://www.myrent.co.nz/remove-listing and here for how to mark a listing as under offer: https://www.myrent.co.nz/mark-listing-under-offer