Rob, Brian, Zillow has put their requirement to refer to Zillow Home Loans (ZHL) in writing... see below.
The metrics below are tracked. Individual agents who fall below the "program standard" are cut off from additional Zillow leads. Future leads are a pretty clear "item of value" to the real estate broker.
Zillow claims this is compliant (per a conversation I had with a Zillow employee) because the agents are only required to refer borrowers who have "requested" to work with ZHL. The "request" is not unchecking a pre-checked box when a consumer clicks to request information about a property or a tour.
Applicable to Flex partners located in Enhanced Markets where Agent Transfers is live.
Definition: Measures the amount of customers (i.e. connections) who requested pre-approval information from Zillow Home Loans and successfully engaged with ZHL after transfer.
Program Standard: 15% Engaged Transfer Rate for a three-month period, including an additional month of buffer to allow for leads to mature.a
Zillow Home Loans Contact Rate
Applicable to Flex partners located in Enhanced Markets where Agent Transfers is live.
Definition: Number of customers (i.e. connections) who requested pre-approval information from Zillow Home Loans, were transferred, and who successfully engaged with Zillow Home Loans.
Eligibility for connection growth: Your Zillow Home Loans Contact Rate must be at least 60% over a 3 month timeframe for your Flex team to be eligible for connection volume growth, meaning 60% of customers who requested pre-approval information from Zillow Home Loans must successfully engage with Zillow Home Loans.
This message is for Brian if you're reading the comments. Here's the scenario:
I approach a Realtor and say, "My entire family is moving out of state and there are four properties that need to be sold. If you list the three individual properties at that my three kids own, at your normal commission, would you list my house at no commission?"
Is this a violation of RESPA? It seems conflicting because I'm referring my three kids and getting a free listing in return. However, as a Realtor, they can charge whatever they want.
I understand the Realtor can't give me money for referring my kids, but can the Realtor simply charge me less or not at all for the referrals?
Rob, Brian, Zillow has put their requirement to refer to Zillow Home Loans (ZHL) in writing... see below.
The metrics below are tracked. Individual agents who fall below the "program standard" are cut off from additional Zillow leads. Future leads are a pretty clear "item of value" to the real estate broker.
Zillow claims this is compliant (per a conversation I had with a Zillow employee) because the agents are only required to refer borrowers who have "requested" to work with ZHL. The "request" is not unchecking a pre-checked box when a consumer clicks to request information about a property or a tour.
https://www.zillow.com/z/flex-performance-terms/performance-standards/
Engaged Transfer Rate
Applicable to Flex partners located in Enhanced Markets where Agent Transfers is live.
Definition: Measures the amount of customers (i.e. connections) who requested pre-approval information from Zillow Home Loans and successfully engaged with ZHL after transfer.
Program Standard: 15% Engaged Transfer Rate for a three-month period, including an additional month of buffer to allow for leads to mature.a
Zillow Home Loans Contact Rate
Applicable to Flex partners located in Enhanced Markets where Agent Transfers is live.
Definition: Number of customers (i.e. connections) who requested pre-approval information from Zillow Home Loans, were transferred, and who successfully engaged with Zillow Home Loans.
Eligibility for connection growth: Your Zillow Home Loans Contact Rate must be at least 60% over a 3 month timeframe for your Flex team to be eligible for connection volume growth, meaning 60% of customers who requested pre-approval information from Zillow Home Loans must successfully engage with Zillow Home Loans.
This message is for Brian if you're reading the comments. Here's the scenario:
I approach a Realtor and say, "My entire family is moving out of state and there are four properties that need to be sold. If you list the three individual properties at that my three kids own, at your normal commission, would you list my house at no commission?"
Is this a violation of RESPA? It seems conflicting because I'm referring my three kids and getting a free listing in return. However, as a Realtor, they can charge whatever they want.
I understand the Realtor can't give me money for referring my kids, but can the Realtor simply charge me less or not at all for the referrals?