Survey: Nearly 9 in 10 agents believe buyers benefit from independent representation, access to every listing

Rhea-AI Summary

Zillow (NASDAQ:Z, ZG) released survey results from 366 U.S. real estate agents, conducted July 2–20, 2026, showing strong support for key buyer protections but weaker perceived benefits for agents. 88% of agents say independent representation benefits buyers, versus 61% who say it benefits agents. 86% say buyers deserve access to all listings, while 70% see this as good for agents. The largest gap is on fee negotiation (77% buyer benefit vs. 46% agent benefit). Zillow also cites prior analysis that sellers in same‑agent dual‑agency deals lost a combined $1.49 billion over three years, or about $2,165 per home.

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New Zillow survey finds agents overwhelmingly agree on what's best for buyers, even as financial incentives drive some in the industry to push private listing networks that work against it.

• 88% of agents say independent representation is in a buyer's interest — but 39% report that they don't see how it benefits agents, revealing the financial incentive behind practices like private listing networks
• 86% of agents say buyers deserve access to every listing on the market, yet nearly 1 in 3 don't believe that same access benefits agents
• Previous Zillow research found that sellers who sold to a buyer using the same agent lost a combined $1.49 billion over three years — an average loss of roughly $2,165 per home

SEATTLE, Aug. 3, 2026 /PRNewswire/ -- A new Zillow survey shows that real estate agents, by and large, agree that independent representation, access to every available listing and the ability to choose whether to hire an agent are all good for buyers. Where they diverge is on whether those practices serve their own interests. The survey gives new dimension to a structural tension at the center of a debate over how American homes are bought and sold, and who the system should be designed to serve.

The survey, conducted by Zillow Group Population Science between July 2 and July 20 of this year, asked agents to assess a range of practices: independent representation, written agreements, fee negotiation, the ability to choose whether to hire an agent and access to all available listings. In every case, agents were more likely to say the practice benefits buyers than they were to say it benefits their own business.

"Agents know what good representation looks like, and I believe that most are motivated primarily by doing right by their clients," said Mischa Fisher, Chief Economist at Zillow. "The data shows agents overwhelmingly agree on what buyers deserve: independent representation, access to every listing, the ability to negotiate. There is no substitute, though, for an informed buyer. A buyer who knows what to expect from a great agent can tell when they have one. "

The dual agency problem

One particularly notable finding is around independent representation. Nearly nine in 10 (88%) agents say independent representation benefits buyers, while only 61% said it benefits agents – a 27-point gap.

This should give buyers pause. The alternative to independent representation is dual agency, which is when a single agent or brokerage represents both the buyer and seller. This means they control both sides of the transaction, and earn a commission from both ends of the deal. The financial return from dual agency for agents or brokerages often exceeds what they earn when each party has independent representation. Therefore, the incentive to keep transactions in-house may run directly counter to the interests of their clients.

Research published in the Journal of Housing Economics documents how this misalignment disadvantages clients. The study shows that in dual agency transactions, an agent's financial incentive to close deals quickly can override their duty to advocate in their clients' best interest. Separately, Zillow's own analysis found that sellers in same-agent dual-agency transactions lost a combined $1.49 billion over three years — an average loss of roughly $2,165 per home. The practice is currently illegal or limited in several states including Colorado, Texas, and Florida – a recognition by regulators that one agent cannot fully serve two parties with competing interests.

A consistent picture across practices

The buyer-versus-agent interest gap is not limited to independent representation; it appeared consistently across every practice the survey examined:

Practice	In buyer's interest	In agent's interest
Written agreement laying out compensation and services	89 %	86 %
Independent representation	88 %	61 %
Access to all listings on the market	86 %	70 %
Buyer's choice to hire an agent	81 %	52 %
Fee negotiation	77 %	46 %

Written agreements are the closest to parity: 89% of agents said they benefit buyers, 86% said they benefit agents, suggesting agents see value in the clarity and protection they provide to all parties.

Across the board, alignment breaks down on practices that directly affect agent compensation or control, including the right to choose, the right to negotiate and the right to see all available homes.

The gap was widest on commission negotiation: 77% of agents said buyers being able to negotiate fees is in a buyer's interest. Only 46% said the same of their own interests – a 32-point spread.

What the data means for buyers

Armed with this data, buyers have a clearer picture of what to look for and what to ask. Independent representation, written agreements and access to every listing aren't just nice-to-haves, they're what buyers deserve. Most agents, it turns out, would agree.

Survey methodology

Zillow Group Population Science conducted an unbranded online survey of 366 real estate agents in the United States, regardless of their affiliation with Zillow. The survey asked a population of U.S. agents who had nonzero income and defined their primary occupation as "real estate brokers and sales agents" about their transaction experience over the past 12 months and their perceptions of specific industry practices. To achieve representativeness of the overall agent population, researchers used double regression with post-stratification, combining survey data with microdata from the 2024 U.S. Census Bureau American Community Survey. Results are representative of the population of U.S. adults who had nonzero income and defined their primary occupation as "real estate brokers and sales agents."

About Zillow Group

Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.

As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.

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SOURCE Zillow

FAQ

What did the August 2026 Zillow (Z, ZG) survey reveal about independent representation for homebuyers?

The survey found that 88% of agents say independent representation benefits buyers. According to Zillow, only 61% believe it benefits agents, highlighting a 27-point gap between buyer and agent interests in how representation is structured.

How do real estate agents view buyer access to all listings according to Zillow’s 2026 survey?

Zillow reports that 86% of agents believe buyer access to all listings is in buyers’ interest. However, only 70% say it benefits agents, suggesting some agents see unrestricted access as less aligned with their own business incentives.

What did Zillow previously find about seller losses in same-agent dual-agency transactions?

According to Zillow, sellers in same-agent dual-agency transactions lost a combined $1.49 billion over three years. This equals roughly $2,165 per home, indicating measurable financial disadvantages when one agent represents both buyer and seller.

Which buyer protections showed the biggest interest gap in Zillow’s 2026 agent survey (Z, ZG)?

The largest gap was on fee negotiation, with 77% of agents saying it benefits buyers and 46% saying it benefits agents. According to Zillow, this 32-point spread underscores differing interests around commission flexibility.

How was the July 2026 Zillow survey of real estate agents conducted and how many participated?

Zillow Group Population Science ran an unbranded online survey of 366 U.S. real estate agents. According to Zillow, results were weighted using census microdata to represent agents with nonzero income whose primary occupation is real estate brokers and sales agents.

What does Zillow’s 2026 survey say about written agreements between buyers and agents?

Zillow found 89% of agents say written agreements outlining compensation and services benefit buyers, while 86% say they benefit agents. This near-parity suggests agents broadly see these contracts as clarifying roles and protections for both sides.