The new touring agreements will last seven days in response to terms from recent commission lawsuit settlements.
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As a result of commission lawsuit settlements this year, Zillow introduced short-term “non-exclusive touring agreements” for consumers interested in viewing homes and encouraged the industry to adopt similar practices. The agreements will last seven days and cover touring activities without requiring compensation or exclusivity.
Zillow Industry Development Officer Errol Samuelson outlined this concept in a blog post, emphasizing that negotiations on compensation and other terms should occur after the initial meeting between buyers and agents. This move is a direct response to proposed settlements in commission lawsuits that the National Association of Realtors reached in March, which mandate written agreements with buyers before touring homes.
The aim is to provide consumers with low-commitment access to homes while meeting the requirements of the NAR settlement. Samuelson called on the industry to embrace non-exclusive, limited-duration agreements for initial tours. Zillow is making its new touring agreement available to the residential real estate industry for free and without plans to monetize it.
Agents play a crucial role in transactions, providing expertise that benefits buyers. Samuelson highlighted the value agents bring and the importance of having an expert guide buyers through the process.
Zillow has announced new short-term touring agreements in response to recent commission lawsuit settlements, including the requirement for agents to have written agreements with buyers before home tours. These agreements will last for seven days, cover touring activities only, and will not require compensation or exclusivity. Zillow is calling on the industry to adopt similar measures and has made its own agreement available for free on its website. The company emphasizes the importance of expert agents in the transaction process and urges the industry to prioritize the individual needs of buyers. The move aims to address the changing landscape of real estate and provide consumers with low-commitment access to home tours.
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