Realtors Brace for ’60 Minutes’ Treatment; ‘Be Glad That It’s Mother’s Day’
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The National Association of Realtors is bracing for a ’60 Minutes’ report that explores a touchy subject: Are Realtors really worth the commissions they make when they help you buy or sell a home? The industry has been buzzing about the story for months, ever since reports that it would feature the Realtors’ arch-nemesis, Redfin CEO Glenn Kelman. (Redfin is an online real estate brokerage that promises big savings for buyers and sellers by cutting out Realtors’ commissions.
From Inman.com’s Real Estate blog: ‘Word is out that the much-anticipated 60 Minutes segment on the real estate industry will air this Sunday night and the shrewd PR team at the National Association of Realtors has already been out doing damage control. A letter from the national trade group to its smaller associations has been circulating, giving some talking points on how to handle media and member inquiries about the issues raised in the segment.
Among the talking points NAR suggests: Realtor associations support all business models and favor none; real estate is a highly competitive business with one in 86 adults now a Realtor; there is no such thing as a ‘standard commission.’
The letter notes: ‘Bottom line is that we don’t expect that the segment will make Realtors happy but it could have been much, much worse. Be glad that it’s Mother’s Day and the show will probably draw fewer than its average 14 million viewers.’
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