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May 14th, 2007 by tisner

The impact of 60 Minutes – Leslie Stahl’s piece on the Real Estate Industry

The impact of 60 Minutes – Leslie Stahl’s piece on the Real Estate Industry
 

It is no wonder Realtors have a bad image with the media beating us up yet again.  Last night we all watched the anticipated 60 Minutes piece by Leslie Stahl on the Real Estate Industry.   Basically it was a focus on how with rising home prices that the percentage that Realtors charge is out of line.  The fact is that commissions are negotiable was completely glossed over.  The fact that when we take a listing we take all the Risk and only get paid at closing was forgotten. 

First off Realtors are restricted by RESPA (Real Estate Settlement Procedures Act) laws not to discuss commissions — that can be considered price fixing.  So why is it that the media can discuss it openly when our hands are tied? 

What the 60 Minutes piece highlighted was that Realtors are just raking in the money for a few hours of work is not common.   To provide the service that you deserve there is a lot that goes into providing that service.  Five hours from start to finish is not possible.  Discount doesn’t always mean you get the best deal.  It just means that they reduce their fees – somewhere in the process they have to cut their services. 

Yes technology is changing things and the internet is changing how we do business.  Dramatic changes have happened in the Travel Industry and Book Selling.  But not all the changes have streamlined and consolidated.  Just see what has happened in the Art World.  Earlier this year we shared about just this.  How in the Art World Galleries are gaining in popularity in what should have eliminated them might be something to think about.  And Galleries charge Artists between 40-60% for the sale of art.   Colleen Kulikowski pointed out the most important reason you want to work with a Professional Realtor best:

"Because the artist knows how to maximize their time and put it to the highest and best use.  Artists trust the experienced professional — Gallery Owners to sell their work.  They know that what they pay is for the value added–expertise!  The Gallery owner is an expert at putting the artwork in front of the proper audience and thus selling it faster and for more money than if the artist did it themself."

What the Internet has done for us has given us the ability to give the homes we represent greater exposure.  Like the Art World, Real Estate is an extremely personal highly subjective business.  When making such significant purchases it is important to have the right professional assisting you through the process.  We are here for you.

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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
66 Riley Road
Celebration, Fl 34747

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