August 9, 2006 at 7:37 AM #7150
C-Span is airing a hearing (Financial Services Commitee) on the real estate industry:
“Real Estate Industry Commission and the Internet”August 9, 2006 at 7:54 AM #31374
Here’s the live feed if you want to watch or listen through you computer.
Opening statements have been interesting.August 9, 2006 at 9:05 AM #31386lindismithParticipant
I can see it.August 9, 2006 at 10:15 AM #31402
DISCOUNT BROKERS vs FULL COMMISSION BROKERS
this is very interesting and can be seen on cable TV C-Span or online at:
orAugust 9, 2006 at 11:17 AM #31420
the hostility towards discount brokers is very prejudicial to the point that Maxine Waters argued that being a realtor has been the big break for women and minorities and would be a burden to those who need the job to weaken the profession. Another representative argued the right of sellers to conceal information that might be beneficial to buyers, such as, DOM.
The guy representing discount brokers (Redfin Corp) is saying that the buyers have the right to know all relevant information to make it a true “free market”
Redfin Corp wants to have access to the MLS and to be able to post consumers (buyers) comments on the properties they have seen; much like Amazon does with the books it sells – buyers are allowed to post to the website comments on the property – good or bad
Of course realtors would not like type of open market, and in many cases neither would the sellers but it could help buyersAugust 9, 2006 at 11:53 AM #31431PerryChaseParticipant
The interest of the government should be in improving the standard of living of all people. So if you could create an efficient real estate market and commoditize housing, we would all benefit.
I can picture a market with little friction where people could easily easily move from home to home anywhere in the country regardless of ownership or rental status. We would then have a more mobile, productive, and richer society. Yeah, in my dreams…
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