While there’s a lot of change happening in the real estate industry, one thing remains the same. Buyers want and need agents with the right expertise on their side — agents who understand the nuances of the specific neighborhood, block, or building. StreetEasy® is committed to showcasing the value of agents like you to our vast audience of New York City buyers. We’re also here to support you in navigating the latest industry standards, providing education and resources to help you adapt your business to succeed.
As a condition of the recent National Association of REALTORS® (NAR) settlement, many agents will soon be required to have a signed written agreement with buyers prior to touring homes. With the Real Estate Board of New York (REBNY) and several national brokerages that operate in New York City opting into the settlement, this new industry standard will also apply to the NYC real estate market.
While a written agreement before touring may seem like an extra step for buyers, we believe it’s an important part of the transaction that presents valuable opportunities. It can create additional transparency for both parties, set clear expectations, and allow you to convey your value. That’s why StreetEasy is introducing a non-exclusive Touring Agreement, now available for your use.
StreetEasy is not required to offer buyer-facing agreements under the NAR settlement. However, as part of our dedication to supporting our agent partners in these moments of change, our Touring Agreement is designed to be a frictionless, consumer-friendly way to help you comply with the new requirement — without needing an exclusive agreement in place before meeting a buyer.
Here’s what NYC agents should know about StreetEasy’s new Touring Agreement, including what it does and why it’s important.
What our Touring Agreement does
StreetEasy’s Touring Agreement covers touring activities only and expires after seven days, as most initial home tours take place within this timeframe.
The Touring Agreement is meant to be an introductory agreement. It sets expectations for the buyer concerning representation, and helps lay the foundation to discuss compensation and exclusivity in a subsequent agreement when you and the buyer are ready. This approach allows home shoppers to enter a tour understanding what services you’ll provide, without an obligation to exclusively work with you — all while satisfying the requirements of the NAR settlement.
If you receive a tour request from a potential buyer on StreetEasy, we’ll send you an automated email. Starting on August 15, that email will also include links to our Touring Agreement: one for you to sign, and one to send to the buyer for them to sign. To make things even easier, each form will be pre-populated with the signing party’s information and available to e-sign. StreetEasy will not automatically share our Touring Agreement with the buyer.
Your brokerage may also provide you with a brokerage-specific agreement to use ahead of the first tour, separate from StreetEasy’s Touring Agreement. You’re free to use either of these agreements, and there’s no requirement to use both.
Why it’s important
Whether you use StreetEasy’s Touring Agreement or a brokerage-specific agreement, it’s important to understand the requirement and be compliant. Furthermore, the first home tour is a crucial moment to showcase your value to a potential buyer and turn a connection into a loyal client. Written agreements can add transparency, promote open conversation, and set proper expectations with your prospective clients. But requiring a buyer to sign an exclusive agreement with you upfront, before you’ve had the chance to determine it’s the right fit, can negatively impact both the consumer and agent experience.
We firmly believe agents deserve to be compensated for the services and value they provide to clients. Remember that our Touring Agreement is only introductory, and can be used as a stepping stone for a longer-term agreement — one that outlines compensation and exclusivity — should you and the buyer choose to continue working together.
StreetEasy believes in the value of agents
New York City has one of the most expensive and complex housing markets in the country. Home shoppers want and need an agent with the right expertise on their side, representing only them. Ideally, this agent can guide the buyer through various intricacies of the specific neighborhood, building, or property type they’re interested in — from co-op board packages to mansion taxes to unique financing requirements. In short, we believe the right agent for a buyer has relevant experience in the type of homes that buyer is looking for.
We don’t see any of this changing, and we continue to strongly believe in the value of buyer’s agents. Consumers want, need, and deserve independent representation by an agent who is dedicated to their best interests. This has always been the case, and will remain true in a post-NAR settlement world — nationally and in New York City. At StreetEasy, we’re also committed to educating consumers on the importance of using a buyer’s agent, and connecting agents with buyers whose needs match your particular expertise.
Having an agreement in place before touring a home will become a new normal for most buyers and agents. We hope this resource helps you comply with the requirement while showcasing your value, supporting your clients, and growing your business.
For more information and resources on how to adapt and thrive in today’s changing industry landscape, visit our Latest Industry Standards hub for agents.
