Four months after releasing its first short-term touring agreement, Zillow has released 24 state-compliant agreement versions exclusively for Premier Agent partners.
Innovation is Inman’s DNA — that’s why we’re excited about August’s event Technology and Innovation Month. We’ll kick things off by expanding our scope to celebrate the companies and individuals driving the industry forward Inman Innovation Award exist Inman Connect Las Vegas. We then continue our celebration of the brightest minds in real estate all month long.
Four months after launching the industry’s first short-term, non-exclusive touring agreement, portal giant Zillow has released 24 state-specific versions of the agreement as the industry nears the end of several landmark program changes on August 17 Deadlines, which include requiring the buyer’s agent to sign an agency agreement with the buyer before showing the buyer a home.
State-specific agreements cover 80% of Premier Agent Real-Time Touring connections; however, Premier Agent Partners can choose not to use them. The agreement will become an automated part of the touring process for those who opt in. When homebuyers request a tour with a Premier Agent, they will receive a notification to view and sign a seven-day tour agreement online or in person before the tour begins.
In addition to the tour agreement, homebuyers will receive a primer on what the agreement is, why it is needed, and their options after the tour. If homebuyers decide to work with an agent after the short-term contract expires, they will be prompted to sign a long-term agreement outlining the services they will provide and how the agent will be compensated.
“We believe that for most buyers, there is value in working with an agent at every stage of the process,” a Zillow spokesperson told Inman in an emailed statement. “We designed [the touring agreement] Providing a simple, transparent experience for agents and consumers to comply with new regulations while ensuring shoppers know exactly what an agent will do when they go on a home tour, but won’t be stuck with an agent before meeting with them Business cooperation in person.
They added, “This is an opportunity for agents to educate buyers on this new standard and the need to enter into another agreement, and demonstrate their own services and value in the home buying process.”
Agents who are not Premier Agency Partners can download state-specific versions of the Tour Agreement online as well as the original version released in April. Agents are encouraged to contact their state regulator or brokerage firm if they have any questions about using this protocol.
Zillow said the touring agreement has seen positive results since its launch in April. Homebuyers who signed a tour agreement attended more tours than those who did not sign a tour agreement and were more likely to sign a long-term agreement with a top agent.
Errol Samuelson, Zillow’s president of industry development, said the launch of state-specific circuit protocols is consistent with the portal’s commitment to promoting transparent transactions for homebuyers and buyer’s agents as commission policies change.
“Buying a home is complicated and often stressful: half of buyers tell us they’ve cried at some point during the process,” he said in a blog post. “Without experts prioritizing their individual needs, buyers may miss out on important aspects such as making a competitive offer, leaving money on the table in negotiations, overlooking potential pitfalls or forgoing inspections – which could ultimately cost them. Most buyers want and need an expert by their side – and we don’t see that changing.
“For most consumers and agents, the requirement to sign an agreement before viewing a home is new. As we move forward, it is important to continue to focus on who the real estate industry serves: buyers and sellers,” he added. “We have long advocated for fairer and more transparent markets. In this moment of change, we extend an invitation: Join us in putting consumers first.
The updated agreement applies to the following states: Arizona, California, Florida, Georgia, Illinois, Massachusetts, Maryland, Minnesota, Missouri, North Carolina, New Jersey, New York, Nevada, Ohio states, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.
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