BAM Key Details: 

  • On April 30, Zillow announced a new non-exclusive touring agreement that is valid for seven days.
  • The agreement comes in response to the proposed NAR settlement requiring written agreements before property tours. 
  • Zillow’s initiative encourages industry-wide adoption of the touring agreement to foster open communication while putting consumers first. 

The entire industry is making changes in the wake of the National Association of Realtors’ (NAR) proposed settlement. And that includes Zillow. 

Today, Zillow Group announced a new seven-day touring agreement, aimed at putting consumers first as the industry undergoes changes. 

Here are the details. 

Zillow’s Touring Agreement

Now that NAR’s proposed settlement of the Sitzer/Burnett lawsuit has received preliminary approval, the industry is receiving numerous updates about the future of real estate practices. 

One change, set to take place in July, is that home buyers will be required to have written agreements with real estate agents before touring properties. 

Although Zillow is not required to offer consumer-facing agreements, it recognizes that this step can foster transparency, open communication and better alignment between agents and clients. It also understands the hesitation that home buyers may have when it comes to signing a long-term contract with an agent they don’t know. To help solve this problem, Zillow is offering a non-exclusive touring agreement for agents to use. 

In the announcement, Errol Samuelson, Chief Industry Development Officer stated, “…insisting that a buyer sign an exclusive, long-term agreement with an agent, perhaps before even meeting the agent, feels premature. That’s why Zillow has created a non-exclusive touring agreement, and we’re making it available for use to the entire residential real estate industry.”

The Non-Exclusive Touring Agreement Explained

Zillow’s touring agreement: 

  • Is valid for seven days 
  • Covers property tours only

With this agreement, neither exclusivity nor compensation is required. Zillow suggests negotiating these aspects after the initial meetings when both the home buyer and real estate agent are comfortable moving forward. 

“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,” Samuelson said in Zillow’s post. 

While this agreement benefits buyers who are not ready to fully commit to an agent before touring a property, Zillow also emphasized the value agents bring to transactions, noting that agents help ease the complexity and stress involved in buying a home. 

Zillow is encouraging agents to embrace transparency and prioritize building trust with clients, and the group is offering its touring agreement to all agents. 

“As we move forward, it’s important to remain focused on who the real estate industry serves: buyers and sellers,” Samuelson stated. “In this moment of evolution we’re extending an invitation: join us in putting consumers first.”

For those interested in adopting Zillow’s touring agreement or seeking more information, the agreement is available for download here