As you may already know, I keep a close eye on CNBC, because I believe it is a great source for economic news, including employment figures, consumer confidence, stocks and bonds...and of course my bread and butter of Real Estate.
While I will remain a loyal watcher of this channel, I get a pit in my stomach every time I see them about to do a story about the real estate market. Why ?? You ask??
Is it because they are reporting negative news???? No...
Is it because they saturate us with national statistics painting doom and gloom in housing???? No.
Is it because they have made the phrase "SUB-PRIME MELTDOWN" cocktail party lingo???? No.
No..I get the pit in my stomach because in my opinion, when reporting on Real Estate Matters, they almost NEVER include an opinion of a long time real estate professional or even long time real estate investor. Here is what I observed...(Now of course someone out there will probably site examples of how I am wrong, which is fine, because I realize I don't watch every interview they do, nor do I spend every day watching tapes of CNBC's real estate news) This is just what I have observed of late.
1. When they are debating whether the stock market is in "Bull or Bear" mode, they bring out two individuals to debate the issue on air. The profession of these individuals is usually that of mutual fund manager in my observation. One of these managers takes the bull position, and one of the bear. I find this interesting, because both individuals make their living by buying and selling stocks, bonds, and other asset classes on behalf of thousands of people like you or I that put their money into a fund like theirs.
2. When discussing oil prices, I have seen them interview Oil Traders for their perspective.
3. When discussing the macro-economic picture, they bring on, you guessed it...economists.
4. When discussing real estate.....hmm....any realtors??? Nope. At least not while I've been watching.They bring on these same so called economists, and financial gurus to discuss the real estate market. Someone please link me to a You Tube video where CNBC interviewed a top producing Realtor in a "Bull" real estate market, and one in a "Bear" real estate market. Wouldn't this be more helpful to help the consumers across our country realize that Real Estate is NOT like investing in a stock or bond, mainly because our industry is highly localized. What is happening here in NJ is totally different than what is happening in CA, or FL for example. Each Realtor could share info about his or her market, and show the public the dynamics of why a market changes, and what are some pros and cons of being in that type of market.
Even if they don't bring on Realtors, how about some experienced Real Estate Investors? I see Suze Orman and Donald Trump doing shows on channels like this (both of whom have quite a bit of real estate knowledge), so why not have these same channels do some research on local real estate markets, bring these local expert individuals on the air, and share their credentials with the public so they can see that these folks have the experience and resume to give such opinions?
I feel it is very misleading for the consumer when they read or hear blanket statements about "THE housing market", when in fact I feel that there is no such thing as THE housing market. There is the Cranford, NJ real estate market, there is the Daytona Beach Florida real estate market, and so on. By reporting only the national averages and information, I feel that the consumer in our local market gets confused. I report our local market statistics to them on my blogs and in the car on our way to the next showing, and they inevitably wonder who is telling the truth sometimes.
In defense of the NBC networks as a whole, my broker John Bendall http://www.johnbendall.com/ , was interviewed recently on MSNBC about the national picture, and he was able to share his knowledge about how each local market is different. How refreshing. Of course the interviewer was trying to corner him about the market in Detroit, and John is from New Jersey. Further evidence, in my opinion, that we, as Realtors, need to constantly be vigilant to educate our customers about the nature of the real estate industry, and what's going on in OUR communities. Isn't that what matters most for our clients?
Of course I will keep watching CNBC, because I still find it to be a great overall business network. I encourage all of you to keep your eyes peeled in the mornings if you happen to find yourself with something on TV in the background while typing a blog like this. :)
Sean Carroll - Realtor
www.TheCarrollConnection.com
http://www.cranfordhomesonline.com/
