60 Minutes, $60 Billion, and One Redfin Lurking in the Waters

60mins.jpg
(Note that even though CBS essentially slams Realtors, they are still willing to take their money for on-line advertising.)

Chipping Away at Realtors’ Six Percent, just aired on CBS and the real estate community is buzzing. With quotes like this, how could you not?

“Real estate, by far, is the most screwed up industry in America.”
“Because they didn’t have to sit in the back of a Lexus with a real estate agent, and use up all of this time, we’re able to pass on a lot of savings to them.”-Glenn Kelman President/CEO Redfin

Ouch!
This quote from the National Association of Realtors responding to the 60 Minutes story:

“…For more than a year, NAR worked with the producers who put the segment together and offered several spokespersons to be interviewed for the show, including myself. Yet, NAR’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.
At times, NAR and REALTORS have often been the subject of less than accurate news coverage….

Thank you for your support.

Pat V. Combs
President”

I’ve been tracking Redfin for quite a while now, as well as Zillow, Property Shark.com, and several others. In all honesty, the only company that impresses me is PropertyShark.com (so much so, I asked them to provide our newsletter readers with Foreclosure listings), but Redfin just doesn’t do it for me. I thought with Zillow, the end of the Agent was near, and thus food on my table would be short-lived, but I was relieved to see that just like many new companies, Hype is the only thing they’ve got going for them. Redfin, so far, falls into that category for me. And I’ve said it over and over and over again on the sfnewsletter, that what you get from the mainstream media regarding real estate and our market is nowhere close to accurate.
Ulitmately, how you sell or buy your home is up to you.  Make sure to do your homework and you’ll most likely come out on top.

More Doom & Gloom [sfn BLOG]
Chipping Away at Realtors’ Six Percent[cbs news]
Our Bay Area Waters Just Got Sharkier [sfn BLOG]
It’s For Sale, I Saw It First [sfn BLOG]

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