Inspiring Excellence

I just remembered....

why I don't watch television (especially national network news).  We had the TV on to see if it was going to be 102 or 104 this afternoon and when we might get some rain and then it happened...

The national news came on with their exaggerated leads which caught my attention tonight because it mentioned a horrible day on Wall Street because of fears related to housing and potential crises related to mortgage availability.  So there I was wasting 5 minutes of my day glued to the tube to get slanted media that suggests there is no end in sight to how far this might go.  I struggle to put their lack of substance in words.

Please remind me next time you see me to leave the TV off more...

Other responses to 60 Minutes

"I am disappointed and dismayed at the biased story that 60 Minutes aired on Sunday evening....Nair'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....We encourage all of you to contact CBS to voice your concerns -- maybe have some of your satisfied customers do the same."  Pat V. Combs, President of the National Association of Realtors.

Inman News released the following article: "Some say '60 Minutes' misses the mark."  Glenn Roberts Jr. does a great job of discussing all the sides here.

A Bob Parks agent offered the following:  "I think we are only seeing the start of this paradigm shift. For the last two months I've lost three listing presentations in a neighborhood that I've previously dominated. Traditionally I've had two basic plans for full service sellers, one has been 6% and the other is 7% for those who need extra services such as home staging etc. Two listings I lost to an agent who is new and advertised to the neighborhood that she would list their home for 3% all going to the buyers agent if they would let her find them a new home. The other listing was won by an agent working with a mortgage company who takes the listing for 4% if they will use her mortgage company."

A Few Thoughts after "60 Minutes"

I've just finished watching "60 Minutes" as they highlighted the discounter Redfin in a story about the traditional 6% real estate commission.  Here are a few comments from the show:

• "Overall we saved $26,000," from recent sellers using Redfin.
• "I would make $12,000 for four hours worth of work," from a Redfin agent speaking about having been a traditional agent in the past.
• "Real Estate, by far, is the most screwed up industry in America," from Glenn Kelman (sp?) the President and CEO of Redfin.  "We feel like what Amazon, ebay, and Yahoo have done for other industries, we can do for real estate."
• Redfin charges a flat $3000 for sellers.
• When Redfin represents the buyer, they normally keep 1% and give 2% back to the consumer.
• "Our goal is to be in every major market in America by the end of 2008."  President and CEO of Redfin.

A few questions and thoughts about the program:

• The "discounters" will continue to get better at what they do.
• Exceptional real estate agents understand the value that they provide for their clients.
• Mediocre agents are in trouble.
• Real estate agents and the National Association of Realtors are making a mistake when we try to legislate the industry.  The consumer is smarter than this and government intervention is not healthy for a free market society.
• Most consumers understand value.  When exceptional agents show up and provide an exceptional experience, they will continue to be paid well as a professional.
• Competition gives us all the opportunity to get better...it is great at inspiring excellence.

60 Minutes Considers 6%

Not that my life revolves around what "60 Minutes" or CBS says, but I will be recording what they say tomorrow night.  Check your local listing for their show about real estate commissions.  Here's their preview.

Watch here for a response soon after...