As the real estate landscape continues to evolve, agents and clients alike are preparing for changes that will impact the way they conduct business. With the deadline for the NAR commission lawsuit settlement agreement fast approaching, Zillow has stepped up to provide a solution that addresses the new requirements in a consumer-centric way.
Here are the key points to note about Zillow’s state-specific touring agreements:
- Zillow’s state-specific agreements cover 80% of its Premier Agent real-time touring connections, offering agents a convenient tool to comply with the upcoming regulations.
- Zillow’s Chief Industry Development Officer, Errol Samuelson, emphasized the importance of prioritizing consumer needs in implementing these agreements. By offering tools that benefit both agents and clients, Zillow aims to make the touring process more transparent and efficient.
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Opting into the touring agreement is a choice for Zillow Premier Agents, but for those who choose to use it, the agreement becomes an automated part of their touring workflow. Clients will be required to sign a seven-day touring agreement before proceeding with property viewings.
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Clients will receive information on the agreement’s purpose and their options once the initial seven-day contract expires. This transparency aims to empower clients and enhance their understanding of the homebuying process.
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Zillow’s state-specific agreements are currently available in 24 states, covering a significant portion of real estate transactions. Non-Premier Agents and those in other states still have access to the original version of Zillow’s touring agreement.
Despite its innovative approach, Zillow faced pushback from Virginia Realtors upon the initial launch of its touring agreement. However, Zillow remains committed to ensuring compliance with state-specific rules and expanding the service to other markets in due time.
As the real estate industry navigates these changes, Zillow’s state-specific touring agreements offer a practical solution that benefits both agents and clients. By embracing technological advancements and consumer-focused tools, the industry can adapt to regulatory requirements while enhancing the homebuying experience for all parties involved.
