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Finding your dream home is an exciting journey, but navigating agent relationships can sometimes feel overwhelming. Enter Zillow's new Zillow Touring Agreement, a potential game-changer for home buyers seeking more freedom and transparency during the initial stages of their house hunt.
What is the Zillow Touring Agreement? (Download Agreement)
This consumer-friendly agreement, introduced in late April 2024, is essentially a 7-day contract between a home buyer and a real estate agent specifically for property tours. Here's the key takeaway: it's non-exclusive.
***** Zillow's Touring Agreement Below*****
TOURING AGREEMENT
This Touring Agreement (“Agreement”) is made by and between [Buyer Name] (“Buyer”) and [Brokerage Name] (“Broker”) for real property located in the following areas: [Tour Area (MSA, City or Zip)] (“Location”).
1. Purpose of Agreement.
(a) The sole purpose of this Agreement is for Broker to: (i) consult with Buyer regarding specific properties; and (ii) assist Buyer in locating and touring properties. These activities collectively constitute the "Touring Services.”
(b) In connection with providing the Touring Services, Broker shall adhere to any and all non-waivable duties required under applicable state law for real estate brokers working with a consumer in a non-agency capacity.
(c) Buyer and Broker agree that they are not entering into an agency relationship and Buyer is not a client.
2. Buyer's Acknowledgement. Buyer represents that Buyer has not signed an exclusive buyer brokerage agreement for the Location currently in force with another Broker.
3. Duration of Agreement. This Agreement is entered into this [Month] [Day], 20[year]. This Agreement shall expire in seven (7) days at 11:59 p.m. on [Month] [Day], 20[year].
4. No Fee for the Touring Services.
(a) Buyer shall not owe or pay Broker any fee for the Touring Services.
(b) If Broker is going to provide Buyer with brokerage services beyond the Touring Services, Buyer and Broker will enter into a separate agreement for such additional brokerage services. The fee or commission the parties agree to for those services are not set by law, are fully negotiable, and shall be documented in that agreement.
5. Equal Opportunity. Properties shall be shown and be made available to Buyer without regard to race, color, religion, sex (including sexual orientation and gender identity), disability, familial status, national origin, and as may be required by other local, state or federal anti-discrimination laws or regulations.
Executed by Buyer this _______ day of ___________________ , 20 ____
_________________________ _____________________________________ Buyer Name
(Print) Buyer (Signature)
_________________________ __________________________________ Buyer Name
(Print) Buyer (Signature)
Executed by Broker this _______ day of _________________ 20 ____
[Brokerage Firm Name] _____________________________________ Broker Name (Print)
Individual Agent (Signature on behalf of Broker) ________________
Individual Agent License Number
Copyright © 2024 Zillow, Inc | All Rights Reserved vs041124
Zillow's Touring Agreement Explained (Video)
How Does it Work?
Freedom to Explore: Unlike traditional buyer-agent agreements, the Zillow pact allows you to tour properties with multiple agents during the 7-day window. This empowers you to assess different personalities, communication styles, and area expertise before committing to a long-term representation agreement.
Informed Choice: The 7-day period provides valuable time to get a feel for different agents and their approach. You can ask questions, observe their negotiation skills during showings, and make an informed decision about who will best represent you throughout the buying process.
Transparency in Writing: The agreement clearly outlines the terms of the short-term arrangement, including the agent's scope of services during the tour period and the fact that it's non-exclusive. This eliminates any potential confusion about representation during these initial tours.
Why is Zillow Doing This?
Zillow's new agreement comes in the wake of a recent settlement related to the National Association of Realtors (NAR) lawsuit. This move reflects a growing focus on prioritizing consumer choice and fostering trust with home buyers. They hope this agreement will become an industry standard, encouraging a more buyer-centric approach across the real estate landscape.
Is it Right for You?
The Zillow Touring Agreement offers several potential benefits for home buyers seeking more control during the initial stages of their search. [You can download a copy of the agreement here] to review the details and see if it aligns with your house hunting strategy.
*** See Zillow Announcement [Link]
*** See Housing Wire Announcement [Link]
*** See Real Estate News Announcement [Link]
-My Home, My Sale
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