As you may know, "60 Minutes", a CBS news magazine, aired a segment on Sunday, May 13, titled "Chipping at REALTOR's Six Percent." The segment challenged traditional sales associates' commission rates and services as well as industry competition.
Century 21 Real Estate LLC, Realogy and the National Association of REALTORS (NAR) have taken a strong stand against the segment. We feel the facts were not represented accurately.
Alex Perriello, President & CEO of the Realogy Franchise Group, today sent a response letter to the executive producer of "60 Minutes". In the letter he states, "Putting aside the inaccuracies regarding "sacrosanct" commission rates, lack of industry oversight and state governments conspiring to stifle competition, the segment grossly oversimplified the complexity of buying and selling a property." Please feel free to share the letter with your sales associates and clients.
It goes on to say, "The bottom line is that consumers have ample choice when deciding which real estate company and business model they prefer to represent them in a transaction. Competition is good for the consumer and the industry and is the basis of our free market economy. At the end of the day, the companies that offer the best value proposition to home buyers and sellers will prosper."
Several resources have been provided below to help you address questions you may get about this news segment or these issues in general.
CBS News Magazine Misses the Mark This article from REALTOR.org walks readers through the misinformation provided in the news segment. It also clearly provides the facts.
Some Say 60 Minutes Misses the Mark (subscription required) This article from Inman News includes interviews and insight from segment participants as well as responses from others in the industry.
As you'll see in Alex's response letter, the CENTURY 21 System and Realogy will not stand by and let inaccuracies and misinformation impact the strong reputation of our industry. You and your agents are part of the strong CENTURY 21 family. Don't be afraid to tell your clients exactly what that means for them.

Thank you,
Bev Thorne

Senior Vice President,

Marketing Century 21 Real Estate LLC