Letter to the N.Y. Times re "The Last Stand of the 6-Percenters?"

September 6, 2006

Letter to the Editor
New York Times

It would be hard to find a more one-sided piece of reporting than Damon Darlin's "The Last Stand of the 6-Percenters?" (September 3, 2006) His swipes at real estate agents reads like an advertisement for the Internet companies he repeatedly references.

Perspective aside, some glaring errors deserve correction.

Buying a home is not like buying a book, a CD, or an airline ticket. The Internet's role in residential real estate is much more like WebMD than Amazon or eBay. It empowers and informs the consumer -- which is good for everyone -- but it doesn't replace the need for a doctor's professional services. Real estate agents are selling unique properties and providing individualized services. They provide a valuable service enabling sellers to get the best price for their homes and buyers to find the best home at the lowest price. They are knowledgeable about the community and neighborhood.

The real estate industry has been effectively harnessing the Internet for years, to the benefit of sellers and buyers alike. About three out of four buyers today use the Internet to begin their search for homes, and those using the Internet are more likely to work with a professional than those who do not. No other industry in the world has virtually its entire inventory online at one site, but you can find more than 2.2 million homes for sale at REALTOR.com, which has seven million unique visitors each month.  The industry has made a multimillion dollar investment to create the infrastructure and provide the security to protect homeowners' data.

The simple truth is that most real estate agents do good work and earn their clients' loyalty. Some 85 percent of home buyers surveyed said they would use a real estate agent again or recommend their agent to another. Home buyers do see the value offered by their neighborhood real estate agents.

It really is unfortunate that Mr. Darlin did not do his homework and fairly represent an industry that is about promoting homeownership and the building of communities.

Sincerely,

Thomas M. Stevens, CRB CRS GRI
President, National Association of REALTORS®