Zillow’s new touring agreement puts consumers first
“Our touring agreement–which expires after seven days and covers touring activities only – does not require compensation or exclusivity. That’s by design. We believe any negotiation of compensation, and what it will look like for the buyer and agent to work together, should happen after both meet and feel ready. At the time when an additional agreement is signed, the buyer and the agent should be aligned on all terms and expectations, including compensation, with no surprises. “
Errol Samuelson, Zillow Group
I think we all knew that the NAR Settlement requirement for agents to have a written agreement for showing homes threw a big wrench in Zillow’s attempt to “Uberize” real estate agents with the “Request A Tour” button.
Under the guise of “putting consumers first” Zillow’s “touring agreement” is a pretty clever attempt to help them save their Premier Agent/ShowingTime Plus business.
In my mind’s eye I can see Zillow’s Industry Relations Reps loading their slide decks, making restaurant reservations, attending to last minute party details, and filling their hotel suites with bottles of Fiji water in preparation for their descent in to Washington DC for the NAR Midyear meetings next week.
Raise your glass of Silver Oak high for these champions of consumers!
#tellitlikeitis
Tortious Zinterference.
Is Zillow acting as the broker in these touring activities? Only the broker can sign off on buyer representation agreements
Over the years, the real estate industry has blocked consumer access to viewing listings, misstated that buying services are “free” for the buyer, and continues to require buyers to be represented by whoever happens to first show a home to a buyer. These processes are not consumer friendly, and in reality, weaken the profession. Top professionals have a valuable role to play in guiding many buyers through the home-buying process. They should focus on that value rather seeking various ways to block the best consumer experience. Zillow is consumer focused and providing the tools for the best consumer experience. There will be attrition of agents providing minimal value, but the top professionals will benefit.