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The Bubble, The Bottom and Media Literacy in Real Estate

By
Services for Real Estate Pros with Blue60.com

Have you ever heard of the term "Media Literacy"?  The concepts been around for a while - it's a way of teaching people that you have to question the media, not take things for granted.  You need to do your own research - and consider the vantage point of the person presenting the story.  I worked in Television for some time - and I'll tell you first hand - anyone can get on television. If you're good looking and you can hold a conversation - you're in! The more off the edge you are - the better.   

Now, more than ever - it's important for people in the real estate profession to question the sources of information.  Every day I hear another story on the radio or TV that we've hit the bottom.  Or the market is rebounding.  This sector or that sector is doing better.  Then I read economical pundits telling us that we are in for an even deeper recession.  Everyone can't be right.  No wonder the consumer is hesitant to buy (at least that's my perspective -but who am I!).

Case in point - I was crusing the internet last night and I landed at Inman News.  I came across a blog entitled "Take it from an agent - sell by owner". Of course, as a good title does - it caught my attention.  In the article, Danielle Babb says that commissions are the reason why we aren't seeing a recovery in the market.  She also goes on to tell consumers not to waste time or money with agents.  I'm sure that comment alone will be enough to raise the ire of many in the real estate industry.  But here's the kicker.  Not only is she a real estate agent - but she has a website and a book entitled  "Commissions-At-Risk.com" in which she counsels real estate professionals on how to use technology to survive the changing market.  

After reading apparently conflicting statements I did a little research on the web and found this interview on YouTube with Peter Schiff & Danielle Babb at FOX News.  I think the interview speaks for itself.  Danielle Babbs has a list of credentials at the end of her name - MBA, DR, Investor, etc.   On the other side is Peter Schiff - President of Euro Pacific Capital. Now, both pundits sell or work or companies that will obviously profit off their comments. Danielle Babb promotes HousePad.com - a flat fee listing company.  I am unable to find out if she has some sort of affiliation with this brokerage - but I she mentions it Inman and Entrepreneur.com .  She also  promotes teaching online and seems to be heavily focusing on her foreclosure finding book. Peter Schiff is president of a Euro Pacific Capital - a company that promotes the sale of foreign stocks. 

Whether you're watching TV, reading the newspaper or reading blogs - it's important you consider the motives of the source.  What do they have to gain by promoting their particular opinion?  What are their affiliations?  What are their credentials?  It doesn't mean you must distrust everyone in the media - just consider the source, ask questions and make up your own mind.

That's my two cents -but who am I?

 

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All the resource related links in this post are available at the Blue60.com Directory of Resources for Real Estate Professionals.  Blue60.com is a human edited diretory of links for real estate agents, loan officers & appraisers.  If you're looking for anything related to the business of Real Estate - you'll find it at Blue60.com

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Comments (2)

Kathy Clulow
Uxbridge, ON
Trusted For Experience - Respected For Results

Bo - I don't remember the saying but this gives you the idea - Belive 3/4 of what you see 1/2 of what you read and 1/4 of self promoters and you may be getting 75% of the truth

May 13, 2008 04:17 PM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

The media, more now than ever, is writing for popularity. Whatever brings the most buzz will be written. Also, for as professional as reporters tend to be, they also simply don't have time for in depth reporting. So... the news we read tends to be dated. There is some good news in my market. I know I probably won't be seeing it until it's easily verifiable by the media.

May 14, 2008 09:03 AM