Zillow rolls out new non-exclusive touring agreement 

Zillow is rolling out new touring agreements in 24 states, the company said today. The new non-exclusive contract comes just a little over two weeks before changes mandated by the NAR settlement go into effect on August 17.

What the agreement is: In a blog post, Zillow indicates that the new touring agreement is "drafted with state-specific compliance in mind" and covers agents in about 80% of the company's "tour connections."

The company is not requiring the use of the non-exclusive contract, but instead describes it as "optional, consumer-first solution to help agents navigate these new requirements." Zillow Premier Agent partners can also opt-in to have the touring agreement automatically applied to their tour flow.

Is it a buyer agreement?: Zillow calls the new touring agreement an "introductory agreement" which could then lead to a more formal buyer agency agreement that spells out buyer agent compensation details. The touring agreement is meant to help prepare both agents and consumers for the upcoming industry rule changes. 

Zillow also claims that there's an added benefit to agents, suggesting that "buyers who signed a Touring Agreement completed more tours than those who didn't, and were more likely to keep working with the agent they connected with."

What Zillow said: The new touring agreement, which builds on a contract released by the company in April, is another way that Zillow says that it's backing up agents and supporting the spirit of buyer agency. 

"When an agent meets a buyer on a tour, it's likely the first time they meet in person, and an opportunity for an agent to share about their services and value as they navigate the home buying process," the post reads. "Zillow believes agents should be compensated for their work, and compensation terms should be laid out in a buyer's agreement when the buyer is ready to hire the agent to work solely on their behalf."