60 Minutes -- "Et tu, Brutae?"

By
Real Estate Agent

 60 Minutes has taken the proverbial stab at REALTORs, especially those that actually provide service to their clients, and it has struck a chord here in the Active Rain community.  As you can see, it has generated a lot of discussions lately:

EDIT:  other related links:

 

As you can see, this segment has started a lot of discussion.  The majority of reactions point out that 60 minutes presented an incomplete picture, misrepresented facts, and lead viewers to make false conclusions.  Few comments, if any, praised the segment.

I encourage you all to read the transcript or watch the video and post your commentary there, as well as here on Active Rain.

You can also email 60 Minutes and let them know how you feel about the article:  send email to 60m@cbsnews.com

EDIT-  for those of you wondering why the title of my post apparently mis-spelled the famous quote from Caesar, I took liberties, and used the feminine ending, -ae, instead of the masculine ending, -e. This was intended to obliquely refer to Ms Stahl, and was intentional, not a typographical error.  I do appreciate the thought, though, and thanks for trying to point out an error.  You all know I hate typos in my posts.

If you have a link to an article I missed, please feel free to add it in a comment, below.

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Rainmaker
896,567
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Note the comments by the public.  They are NOT siding with Realtors.  We have not been successful in selling our value to them.  Let's focus on how we can differentiate ourselves from limited service providers and prove our commission (which is NOT 6%).  The difference in cost between limited service providers and full service providers now is narrow.  We have not done a good job in explaining the difference.

As Mike Montague's neighbor astutely observed, if you have a home with problems list it with a limited service broker who won't send an agent to your home.  Let's get the other side of the story out.  Saving $25,000 in commissions is great Redfin, but not buying a toxic mold home for $800,000 is priceless (than you, full service Realtors). 

May 14, 2007 12:19 PM #33
Ambassador
1,092,075
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO

Thank you all for your comments, and the additional links.

I would like to reply directly to Scott Bourne's comments, but in so doing, I realized that the issues he raised were worthy of a separate post:  A REALTOR's Worth: What 60 Minutes "forgot" to tell you.

May 14, 2007 01:09 PM #35
Anonymous
RealtorWives.com

Inman posts NAR's email to Realtors:   http://blog.inman.com/inmanblog/2007/05/nar_rallies_the.html

I wish this had been issued last night within 30 seconds of the credits rolling on 60 Minutes.

May 14, 2007 01:22 PM #36
Rainmaker
147,557
Vicki Watzlawick
CORE Realty (The Watz Team) - Algonquin, IL
Illinois Foreclosure Expert, The Watz Team

I read their documents on line...they suggest taking a GOLF BALL with you to check for slanty floors, and make sure you look in the attic..so bring your ladder, oh and don't forget your flashlight for the crawlspace, all while you are touring the open house on your own without representation!

If these poor uneducated home buyers just realized most of us trained professionals could save them more than the rebate off the asking price because we are TRAINED to be good negotiators, they would run from companies like these! 

If anyone EVER asks me for a rebate, I'm yelling FORE!

 

May 14, 2007 01:49 PM #37
Rainmaker
194,792
Mike Montague
sales representative : Keller Williams Experience Realty - Barrie, ON
"Who Moves You?"

I read in a comment either on active rain or another blog in a post by a Seattle agent that he had checked the list and sell prices of the homes the couple in the 60 minutes piece claim to have saved $26k on in Real Estate fees.

According to this agents research of area values they undervalued their sale and paid too much for their home by as much as the savings claim they made to the nation. I wish I could find that post to link to here. Anyone else see that? 

May 14, 2007 01:59 PM #38
Rainer
1,092,387
Matt Heaton
Timu Corp - CEO, ActiveRain - Co-founder - Bothell, WA
Wow, you may need to update the post :)  I just looked and 5 out of the last 6 most recent posts were about 60 minutes or RedFin.
May 14, 2007 02:14 PM #39
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
Thanks, Matt.  I have added some more links above.  It is Pouring here on Active Rain!
May 14, 2007 02:38 PM #40
Rainmaker
298,397
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Rich, Awesome effort / blog, you did it great with this one, thanks for all links / information, keep the good blog :P

 

May 14, 2007 09:05 PM #41
Rainmaker
281,829
Mike Mitchell
Real Living Kee Realty - Saint Clair Shores, MI
REALTOR (R)
Excellent job Rich, thanks for all of the links and your comment on my blog.
May 15, 2007 02:40 PM #42
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
Andy Rooney is a Sly Old Dog! was just posted...good for a laugh, just like the old codger himself
May 15, 2007 04:34 PM #43
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
CBS Issues a Partial Retraction has been posted also
May 15, 2007 05:00 PM #44
Rainer
14,835
Brian Papaccio
Wells Fargo Home Loans - Newark, DE

This is both what I like about the real estate community, loathe about news in general, and dislike about my own industry.   First what I like about the real estate community: you are a mobile, active, and cooperative community all while being competitive with each other at the same time.  You are all chasing the same business but then when something like this comes along you mobilize as a single unit and get results.  Second what I loathe about the news: every story is a partial truth, or a completely biased opinionated one sided view of a situation.  It is rarely factual, in most cases it is alarmist propaganda that leads to misinformation and causes more problems for the public, rather than educating the pubic about facts of a situation.  Think of this while you watch the news, if they got it that wrong about your industry, how good do you think they are doing on the rest of the topics they report on.  Lastly, what I dislike about my own mortgage industry.  We are too busy being competitive with each other to work together as a community the way that real estate agents do to combat misinformation in the news, protect ourselves and our lively hoods by creating advocacy groups for lobbying for regulation changes, etc.

May 17, 2007 02:18 AM #45
Rainmaker
194,792
Mike Montague
sales representative : Keller Williams Experience Realty - Barrie, ON
"Who Moves You?"

Astute observations Brian.

I often wonder how much of the shift in the real estate market in the US can be attributed to the bombardment of headlines and news stories on the bursting bubble?

The Canadian market saw a record first quarter and there is only an invisible line separating our markets. 

Some interesting comments were made in response to a market update story I posted here in active rain recently, have a look click here to view post

May 17, 2007 03:24 AM #46
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
The above post about the Canadian market was posted by Mike Montague, who apparently forgot to log in.
May 17, 2007 03:40 AM #47
Rainmaker
194,792
Mike Montague
sales representative : Keller Williams Experience Realty - Barrie, ON
"Who Moves You?"
Thanks Rich, I slept like a log last night doesn't that count for something?
May 17, 2007 03:48 AM #48
Rainer
3,074
Zena Gray
Vision Quest Realty - Riverdale, GA

Good job of your letter you sent to 60 minutes.  I missed the show but, I will click on the link to get more information. 

May 17, 2007 05:37 AM #49
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
The comment above is slightly off topic, and seems to be best suited for inclusion in a conversation about the DOJ vs NAR.  Better yet, post it as a separate topic.  I am sure that you want your point to be made in the best light possible.  Posting it here is not only off topic, but seems a bit "spammy".  I ask that the anonymous commenter please move the comment to an appropriate topic. 
Dec 10, 2007 06:08 AM #50
Rainmaker
184,925
Christina Cavins
Irongate Inc. REALTORS - Centerville, OH
www.BuySellOH.com Search Ohio Homes For Sale

I don't know much about Redfin, but I do know that the National Association Realtors have publicly stated their reasons for being opposed to it - which are many. From what I've read, Redfin is the Walmart of real estate, and why would you trust one of your biggest investments to a discounted warehouse store? I know my average days on market for my listings is 78 and on average I sell those listings for 98% of asking price. It's funny, Redfin doesn't publish their stats.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
www.teamedwards.info
mobile or text 937-205-4741 office 937-573-0082  fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation

Jun 18, 2008 12:21 PM #51
Rainer
116,841
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
Christina -- Remember, though, that the "Wal-Marts" of Real Estate do have their place in the economy. Ultimately, it is the consumers' choice - they determine the level of service they want to pay for. The underlying issue I had with the 60 Minutes segment was that it lead viewers to a false conclusion - that all brokers perform the same degree of service, therefore traditional, full-service companies are getting paid too much and are thereby not worthy of the consumer's confidence. It is my belief that by fostering that sort of public sentiment, the national media has contributed to the slowdown in the housing market.
Jun 18, 2008 10:51 PM #52
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