60 Minutes Attack On Realtors

I have always enjoyed 60 Minutes and thought they provided fair and unbiased reporting. But that changed Sunday night with Leslie Stahl’s segment, Chipping Away At Realtors Six Percent.

The report focused on an Internet based company, Redfin, whose business model is based on rebating commissions to buyers. The company uses the very commissions Redfin criticizes Realtors for collecting to its advantage. From what I could tell, without these commissions Redfin has nothing to offer the consumer.

Much of the information presented in the segment was incorrect and the National Association of Realtors was not interviewed to give another viewpoint, even though they offered more than once.

NAR’s response to 60 Minutes can be read here.

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