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Realtors' Commission Fees Are Under Assault
"Realtors embrace the idea of some automation and some use of the Internet. But the minute it cuts into their pocketbooks, well, all hell broke loose." Even with today's housing slump, real estate agents will pull in about $60 billion this year. And the reason is, as any homeowner knows, they charge a six percent commission on the price of every house they sell. So, for instance, a home that goes for a half a million dollars will net agents $30,000 right off the top. For realtors, the six percent commission is sacrosanct. It's remained in place, even as the price of homes has quadrupled over the past 25 years. But as correspondent Lesley Stahl reports, things are beginning to change. What happened to travel agents, stock brokers and book sellers - the encroachment of the Internet - is beginning to affect real estate agents. And the sacred six percent is under assault from online discounters. Read more