Apparently 60 Minutes aired a segment last night that examined the impact of online brokerages on the real estate industry. Sounds like an interesting topic. If I had known about it, I would have watched.
Apparently the show featured interviews with a representative from the now-defunct eRealty and the president and CEO of Redfin, but no representatives from the NATIONAL ASSOCIATION OF REALTORS®. Additionally, according to the NAR’s President, the show contained inaccurate and unfair accusations about REALTORS® and NAR policies. Now the NAR is very bummed out. Today’s REALTOR® Magazine Online’s lead story listed the “errors and misrepresentations” that the CBS show contained. Looks like quite a few. read
Pat Combs, the NAR’s President, also sent the following letter to all member REALTOR®s:
Dear Fellow REALTOR®:
I am disappointed and dismayed at the biased story that 60 Minutes aired on Sunday evening. I want to let you know that we’ve been working to stay on top of this story.
One of the most difficult challenges we face is educating the news media about today’s real estate industry. There’s no better example than this 60 Minutes show. For more than a year, NAR worked with the producers who put the segment together and offered several spokespersons to be interviewed for the show, including myself. Yet, NAR’s voice was strangely and noticeably absent from the segment though CBS gave time to two critics who disagree with our policies on the display of listings on the Internet.
At times, NAR and REALTORS® have often been the subject of less than accurate news coverage. Your association and its professional staff is making every effort to get the REALTOR® message out to the news media. The result is that only a fraction-less than five percent-of the vast news media we receive is negative.
We encourage all of you to contact CBS to voice your concerns — maybe have some of your satisified customers do the same.
Thank you for your support.
Pat V. Combs
President
If anyone caught the 60 Minutes segment, I’d be interested to hear your take on it.
6 comments
60 Minutes story located here http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n
you can check out the news show on their web site:
http://www.cbsnews.com/stories/2007/05/11/60minutes/main2790865_page3.shtml
it’s over on the right side of the pages
Here’s a link where you can find the 60 Minutes segment: http://www.paperdinero.com/BNN.aspx
Thank you to all who posted links to the 60 Minutes segment. I’ll take a look this evening.
I LOVED that 60 Minutes totally ‘dissed the NAR. Only 5% negative press placement my ass. With all of the blatent, outright, lies the NAR has put out over the years, I think they should be the subject of a follow up report. But remember, this is an entertainment, not news, show, no matter what they claim.
But what should the sales commission be, and how should it be split? And where does the Realtor add value to the transaction?
I sold my place in the Glen Park area of SF 2 years ago to move back up to my Reno place. It took 8 days after the decision to move out. My Realtor coordinated all the inspections, the incredibly bland redo and staging of the house. Listed the sales price 5 minutes before the MLS closed for the weekend open house deadline, based on what ever else was showing up. 2 opens then offers due. Highest (over) bid fell out, the second went into contract at 15% over asking. 5% comission.
A great real estate listing agent is worth WAY more than the comission they earn on a sale if they add value. That takes market knowledge, a huge amount of contractor contacts to get things done for the owner, the respect of the real estate community. I have no problem with a 3% split for people who represent me and do their jobs right.
But the buyer’s agent? 3% for having landed a preapproved mark and doing a few tours in the Lexis (the Hummer was in the shop). With what the buyers can do on their own online today, I don’t see much value added.
Anyone here list with Help-U-Sell or others with minumum terms to only get access and listing on the MLS? Any feedback?
Mike Z, I accidentally deleted your comment on this thread… would you mind resubmitting? Sorry about that!
Diane