One of my main reasons for not watching alot of tv is misinformation and misrepresentation on behalf of the media. Lesley Stahl absolutely stunned me Sunday night with her one-sided view of the real estate industry.
Chipping Away At Realtors‘ Six Percent -- CBS News Online -- Lesley Stahl http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n
http://www.cbsnews.com/stories/2007/05/11/60minutes/main2790865.shtml
I was surprised that 60 Minutes did such a lopsided view of the industry and sadly, the Realtor on the show was not permitted to mention that a Realtor's time, undivided attention, and intellectual property are his/her most valuable assets.
No discussion was made about how a Realtor must have basic knowledge of selling skills, negotiation skills, staging skills, real estate law of agency, real estate law of contracts, basic awareness of planning and zoning, property tax appraisals, federal fair housing laws, advertising, marketing, graphic design, writing and technology skills.
No discussion took place about how the supposed commission is really split between the listing broker, listing agent, selling broker and selling agent.
No comment was made about how the Realtor you actually interact with pays for all the transaction expenses out of his/her cut of the commission.
Maybe getting into a habit of presenting clients with invoices of services rendered and taking a more active role in educating the public about the differences between full service, limited service and fee for service brokerages will help.
WHAT DO YOU THINK?
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