Lisa Mailhot | August 5, 2024
Buyers
Zillow, a major player in the real estate portal space, recently expanded its pioneering approach to home tours by introducing 24 state-compliant short-term touring agreements. This rollout comes as a strategic update following the initial launch of a groundbreaking short-term touring agreement four months ago. The focus remains on enhancing transparency and compliance ahead of significant procedural changes set to take effect by August 17.
The new agreements, tailored to meet the legal requirements of each participating state, are designed to integrate seamlessly into the real estate transaction process. When a homebuyer initiates a tour request through Zillow's Premier Agent network, they are prompted to review and sign this seven-day agreement, which can be done online or in-person. This initial step ensures that both parties are clear about what to expect during the home tour and what follows.
One of the core advantages of these agreements is the educational opportunity they present. Homebuyers are briefed about the agreement's purpose, its necessity, and their options after the tour concludes. For those who choose to continue with an agent post-tour, a more extensive, longer-term agreement is introduced, outlining the agent's services and compensation. This structure not only supports buyer's autonomy but also allows agents to demonstrate their value early in the buying process.
Since its debut in April, the tour agreement has shown promising results. Data indicates that homebuyers who engaged with the agreement participated in more tours and were more likely to commit to long-term partnerships with Premier Agents. Zillow's dedication to creating a fair and transparent market is echoed by the positive feedback from both buyers and industry professionals, highlighting a move towards a more informed and stress-free buying experience.
Errol Samuelson, Zillow's Industry Development Officer, emphasizes the importance of these agreements in fostering a transparent environment where buyer and agent interests are prioritized. This initiative invites all stakeholders in the real estate industry to put consumer needs at the forefront, advocating for a balanced approach to home buying that benefits everyone involved.
Buying a home is a significant milestone, often filled with complexities and emotional challenges. Zillow’s new state-specific touring agreements are here to simplify this process, ensuring that every home tour is a step toward making an informed and confident buying decision. If you're considering a move in Orange County, let's connect and explore how these new standards can benefit you.
The NAR settlement may have closed one chapter, but lawsuits like Batton II and Gibson show the legal battles over real estate commissions are far from over. Discover … Read more
Learn how to budget as a couple with these 7 practical tips! From setting clear financial goals to automating savings, discover strategies to reduce stress, align prio… Read more
With mortgage rates hovering near 20-year highs, economic policies, inflation concerns, and federal decisions could shape affordability in 2025. Discover how these tre… Read more
Looking to keep Thanksgiving conversations uplifting? Discover six positive icebreakers that foster joy and connection, plus three topics to avoid for a stress-free ho… Read more
Discover how Hawaii’s natural beauty and cultural wisdom provide insights for navigating the dynamic real estate market in Orange County. Explore adaptability, sustain… Read more
Americans are prioritizing climate resilience in homebuying. Low-risk properties are now appreciating faster than high-risk ones, reflecting a pivotal shift in market … Read more
With potential changes to student loan forgiveness and repayment programs on the horizon, borrowers must act now to protect their financial future. These seven steps w… Read more
Discover the stunning transformation of a Corona del Mar mansion, blending old-world charm with contemporary elegance. Listed at $49.5M, this oceanfront property offer… Read more
Zillow's new 'BuyAbility' tool makes homebuying easier by helping buyers focus on homes they can afford. Discover how personalized insights and real-time updates empow… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most