May 13, 2007
Oh, man, this won't be fun at NAR HQ. 60 Minutes report tonight "6 Percent". Goodbye realtor profession. Goodbye 6%.
You can watch Leslie Stahl's reporter's notebook now - I guess the report is going to be on the 6 percenters vs. the discount and online brokers (like Redfin)
"The commission is a fraction of what the traditional agent charges"
Lots of blah blah blah coming from the six percenters, and probably the NAR spinmeisters.
Now I wish 60 minutes would do a show on the housing crash, mortgage brokers, the corrupted Congress, mortgage fraud, bogus appraisals, CDO's and the rest of the mess. But hey, it's a start - the six percenters and the laughably incompetent NAR are the low hanging fruit.
Realtors’ sacrosanct commission rate of 6 percent may be in jeopardy due to emerging online competition from Internet real estate sellers and buyers. Lesley Stahl reports