Here is a copy of the letter sent from Alex Periello, President and CEO of the Realogy Franchise Group (Coldwell Banker, ERA, C21 and their siblings) to CBS's producer after the airing last Sunday of their segment on real estate marketing. I thought it was very well stated.

May 16, 2007

Jeff Fager
Executive Producer
CBS News "60 Minutes"
555 West 57th, 9th Floor
New York, NY. 10019

Dear Mr. Fager:

Your story on the real estate industry that aired on May 13th had more holes than a leaky roof.

Putting aside the inaccuracies regarding “sacrosanct” commission rates, lack of
industry oversight and state governments conspiring to stifle competition, the
segment grossly oversimplified the complexity of buying and selling a property.

Real estate brokerage is a performance-based industry. Clearly, not all real
estate companies are alike. Results will vary dramatically based on a variety of
factors, including the experience and track record of the professional you select.
Picking an agent to represent you based solely on discount, rebate, or other
cash back scheme may seem like a good idea at first glance, but not always at
the closing table when all is said and done.

The bottom line is that consumers have ample choice when deciding which real
estate company and business model they prefer to represent them in a
transaction. Competition is good for the consumer and the industry and is the
basis of our free market economy. At the end of the day, the companies that
offer the best value proposition to home buyers and sellers will prosper.

Respectfully,

Alex Perriello