Zillow Short Cut to NAR Settlement

LIGHT MY HAIR ON FIRE NEWS ……

Sellers, do you want your home to be used as the “First Date” between a home browser and an agent?

Zillow has just announced¬†that they are providing a “Touring Form” for agents in lieu of an agency agreement, which is what is specified by the settlement to the NAR lawsuit. This form states it is not an agency agreement which translates to using someone with a real estate license to unlock your door for a “Browser”. This person is not vetted for requirements / intent to buy or qualifications to make a home purchase, but they want to tour your home.

WHY WOULD ZILLOW DO THIS?

To preserve their revenue, they are an advertising platform to the Agents of the Real Estate industry. Without “Door Openers”, down goes the revenue! Simple! It’s always about Revenue!

This lights my hair on fire and it is already red! ūüėé

I’m a marketer and I must praise the marketer who made the statement in the announcement that “Browsers” need to meet agents and interview them first without an agreement. Yes, they do and a proper interview would be a sit down meeting to discuss the things they are looking for and are qualified to purchase. It would include a discussion regarding the market, negotiation and offer strategy. This is putting the cart before the horse.

Is this worth your time to use your home as a “First Date” to say hello and forego the process of vetting and qualifying? There is NO chance they are ready to write an offer on YOUR HOME – they are “BROWSERS” walking through your home and meeting an agent for the first time.

Zillow is trying to preserve advertising revenue to facilitate unskilled agents who cannot articulate a value proposition to short cut the process to placate “Browsers & Criminals” to tour your home. They are unprepared to write an offer, plain and simple. Open Houses facilitate “Browsing”.

A second point is that without the Agency Agreement specified as a requirement of the settlement, the agent’s insurance may not be in tact for this activity. Do you hire uninsured contractors to gut your kitchen & move your plumbing? NO! So why would you allow the facilitation of Agents to open your door to “Browsers & Criminals”?

Take a listen while I explain what’s going on with the lawsuit and the requirement of an agency agreement, which means there is a vetted qualified “BUYER” touring your home with an licensed, insured agent who has been interviewed and hired to represent a buyer to tour homes with the intent to make a purchase.

Take a Listen and let’s talk about a professional strategy to earn top dollar for your home!¬†¬†Zillow Short Cut Video

 

 

UPDATE:

One day after posting this video, VAR (Virgnia Association of Realtors) posted their response indicating:

  1. Not legal in Virginia – Zillow is not offering the form in Virginia
  2. E & O insurance may not be intact as noted in the video

A nice artilce written by HousingWire summarizing the VAR response and the Zillow agreement. Again, just a work-a-round to preserve revenue. Yet it calls attention to practices that likely exist today of homes being toured without agreements bringing the spot light to the lead selling revenue stream.

 

BOTTOM LINE

Take a listen while I explain what’s going on with the lawsuit and the requirement of an agency agreement, which means there is a vetted qualified “BUYER” touring your home with an licensed, insured agent who has been interviewed and hired to represent a buyer to tour homes.


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Michele Hudnall

About the Author

In the vast tapestry of Northern Virginia, Michele's roots run deep, with an unyielding passion to help her clients make smart moves. This region is a sprawling masterpiece, each corner radiating a unique personality that caters to diverse lifestyles. Michele's unwavering mission is to delve into the essence of her clients' aspirations, meticulously curating the perfect match between their dreams and the vibrant tapestry of Northern Virginia, even as lifestyles evolve and dreams take new forms. 

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Michele has forged an alliance with the industry's trailblazers, joining forces with Real Broker, LLC, a groundbreaking startup that challenges the very fabric of conventional practices. With an expanding network of exceptional agents nationwide, armed with cutting-edge resources, Michele remains at the vanguard of the evolving real estate industry, poised to transform dreams into concrete reality. 

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