Zillow says Buyer Agents are FREE! 🤣 For the first week at least...

Zillow's buyer lead business, which accounts for roughly half of their overall revenue, is collapsing. In an attempt to stay relevant, they recently created a new non-exclusive zero compensation "touring agreement" that agents may use to assist potential buyers. Agents and buyers, what do you think of this new approach?
Zillow Press Release: www.zillowgrou...
Brian Fitzpatrick - REALTOR® (Boston, MA)
Lamacchia Realty
451 Main St.
Waltham, MA 02452
MA License # 9569380
www.brianfitzr...
[e-mail]
/ @brianfitzrealty

[@kellydunloprealtor]

Thank you for the information. I agree. Appreciate the commentary.

[@brianfitzrealty]

My pleasure!

[@LivinginCharlotteQCNC]

Well said!

[@brianfitzrealty]

Thx - appreciate you taking the time to comment!

[@debbiecarter4565]

I agree! 100%

[@brianfitzrealty]

It's getting a bit ridiculous out there.

[@virginiamoss7045]

I've always thought that the buyer's agent does the most time-consuming work and is essential to the seller. As a seller, I don't mind paying a buyer's agent a commission, but I feel both agents charge way too much for their services. In England there are no exclusive deals; anyone can bring a buyer or attempt to sell any property and get a commission.

[@brianfitzrealty]

Commissions have always been negotiable. If you feel like you are paying to much in commissions, and you can find an agent who is willing to do the work for less, go for it. More often times than not, the services provided by a discount agent are far inferior to what an experienced agent would provide. Can't have it both ways.

[@danalu33]

I've been doing real estate for over 34 years and people are ALWAYS wanting something for free. This agreement by far is about the STUPIDEST thing any real estate broker should even consider agreeing too! What a waste of time and energy! By the way, I require all buyers who are touring my listings be pre approved prior to making my sellers up and leave their homes. If you as a buyer are a "Lookey Loo" or "Sunday shopper", go to an open house! No time for junk!

[@brianfitzrealty]

I don't anticipate quality agents using this silly touring agreement. In MA, the buyer is required to sign a disclosure form at the first showing on a specific property. When I present them with the form, they are often reluctant to sign because they think it's a contract. Many have already met with other agents and it was still their first time seeing it which is shocking because they should have seen it every time. Having them sign a buyer agency agreement before going to look at homes is a HUGE win for high quality agents!

[@farrelli7777]

@@brianfitzrealty Fee for service, flat rate, and non-NAR agents are coming up your flank. The cartel of the NAR where no one really competes is coming to an end, hopefully.

[@kevinleatherman8278]

Zillow Touring Agreement is a stupid concept. This adds an unnecessary layer to a complicated transaction. If this is such a brilliant idea why doesn’t Zillow hire agents to perform this FREE service?

[@brianfitzrealty]

From what I can gather, they are attempting to force anyone that is currently on Zillow Buyer Leads to use it moving forward. I saw some news this morning that Virginia has already ruled it illegal.

[@KevinLeatherman]

@@brianfitzrealty Thank you. Since the touring agent does not represent either party the licensee cannot demonstrate their value by advocating and pointing out concerns to the buyer. Effectively tying the hands of the professional form sharing their knowledge and expertise. I anticipate this "Fake Agent" concept will not launch.