Realtors still upset after '60 Minutes' of fame

Some viewers will believe that the characterization of real estate industry practices and pricing in a "60 Minutes" segment that aired earlier this month is accurate -- and there are still people who claim the Earth is flat, said Pat V. Combs, 2007 president for the National Association of Realtors (NAR) trade group.

The "60 Minutes" show stated that the 6 percent commission rate charged by Realtors, which is based on the home's selling price, "is sacrosanct" and "has remained in place, even as the price of homes has quadrupled over the past 25 years." The show also stated that "the sacred 6 percent is under assault from online discounters," and profiled Seattle-based brokerage company Redfin as an example of a discount real estate company.

In my opinion...The real estate brokerage commission is headed for a major adjustment (as 60 minutes reported) as soon as consumers start to understand that you don't have any advantage with a nationwide real estate firm any longer. An independent agent/broker has the tools available to market a property as well if not better than any major brokerage. You need to interview your agent and really understand their complete marketing strategy, negotiation skills and compare this along with the commission they want to charge.

I personally charge Sellers a flat 1% (Savings of $6,000-60,000) to sell their home and pay 2.5%-3% to the buyer agent. I also offer Buyers a Cash Back program that rebates them $6,000-$60,000 on a single house/condo/townhouse purchase. Huge savings with full services including custom home website and extensive Internet marketing for every listing.

Please contact me for any questions or comments...

Mark Thomason 408.850.3085 or Mark@ThomasonTeam.com
Your Sunnyvale Real Estate Realtor at 1% Full Service!
Asante Real Estate Group
Sunnyvale, Saratoga & the Santa Clara County Real Estate Expert!