Zillow Introduces Nonexclusive Buyer Representation Agreements
New Initiative Provides Leads with Home Tours with Seven-Day Nonexclusive Agreements
Zillow is a little bit misleading here as historically these agreements had consideration on both sides. This is an agreement saying their is no agreeement.”
NEW ORLEANS , LOUISIANA, USA, July 21, 2024 /EINPresswire.com/ -- Zillow has unveiled a significant update to its services, now offering nonexclusive Buyer Representation Agreements for home tours. This move is in response to the National Association of Realtors' (NAR) commission lawsuit settlement and aims to comply with new industry regulations set to take effect in July.— Dean Cacioppo
Starting in 2024, Zillow Premier Agents are required to present potential buyers with a seven-day nonexclusive agreement before home tours. This new policy ensures compliance with upcoming NAR rules. Unlike traditional agreements, Zillow’s version is short-term and solely covers property tours, with no compensation requirements or established agency relationships, thereby providing buyers with enhanced flexibility.
Zillow's initiative also includes essential details such as ensuring that the agreement outlines the agent's obligations during the tour period and specifies that the agent will represent the buyer in negotiating offers on the toured properties.
Dean Cacioppo of DEAN Knows wrote an article about how Realtors should look at Zillow's move since Zillow makes their revenue predominately from real estate agents, they can't afford to rock the boat too hard.
This initiative underscores Zillow's commitment to prioritizing consumer needs over their source of revenue while ensuring compliance with regulatory changes. For more information on Zillow's Buyer Representation Agreements, visit Dean Knows.
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