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Your use of the word "repugnant" to describe the actions of the Washington elite is professional, polite and restrained. Actually, the entire debacle beginning with the so-called $700 billion bailout has exposed the seedy side of Washington in ways we have perhaps never seen and should be an embarrassment to us all. In addition to the excellent insights you set forth, those of us in the industry should be asking NAR why they were so eager to jump on the original bail out proposal, call on us all to support it and rubber stamp the lunatic actions of a Congress and President completely out of control. Since the bail-out has now proven to be another smoke and mirrors ruse, NAR has returned to more common sense lobbying. With the new revelations and alligations regarding the Governor of Illinois, we ask ourselves, "Just how corrupt is the political game?" Great post, Mr. Newbert! Donald Teel - Founder REALonomics www.realonomics.net e-Partner www.ePartnerUSA.com 877-380-1000

Mr. Hahn, you are to be commended for actually thinking through the relationship between Broker/Owners, their agents and our business models. This relationship is one that is fundamental to the Roadmap. Currently, many Broker/Owners are experiencing critical mass, financially. There is simply not enough cash flow to develop and sustain their businesses. In addition, there are little if any value propositions Brokerage firms can offer agents, since agents, like consumers, have access to all the industry bells and whistles. Therefore, redefining "brokerage" will become one of the key components to recovery, along with several others, such as the definition of the term "market." One of the things we have been working on at e-Partner is "market" definition, as a piece of the business model that brokerages need to look at. By formulating a proper definition of one's "market" (and it's no longer just geography) brokerages can then incorporate business models that service the new market definitions. Unfortunately, the industry and its participants are continuing to fuel the concept of "control" as a means to the new model, i.e., controlling websites, controlling information, controlling the consumer by use of forms, etc. This thinking will only further diminish a true recovery that is vibrant, streamlined, consumer-centric and profitable. We agree with your perception of the roll of technology and take it a step further by saying that technology defines the economic models for the real estate industry and shifts in information management are the demarcations for each transition. When studying the development of the industry's economic models, it's interesting to note that that broker profitability is defined by the introduction of new technology and the shift in the empowerment of the consumer. Please access the following: The "Realonopoly" post and its embedded presentation at: http://realonomics.net/2008/05/realonopoly-does-anyone-still-wanna-play-this-old-game/ The "Democratization of Real Estate" article at: http://donaldteel.com/docs/democratization.pdf The Ten Commandments of the New Real Estate Economy at: http://epartnerusa.com/docs/tencommandments.pdf I really enjoyed your piece...nicely done and on point! Donald Teel - Founder www.ePartnerUSA.com www.REALonomics.net

Janet's essay incorporates many issues that are central to any sort of "recovery" we might envision. The transition of the industry toward a more mature and "sophisticated" relationship with clients is something more profound than we might first realize. During the decade long market run-up from 1996 through 2006, the industry was still an old line retail model with a view that a closed transaction was the desired end. We have just now started to realize that our ability to truly analyze the financial aspects of transactions on behalf of our clients and to advise them of the inherent pluses and minuses of their investment was something we didn't do very well. Janet's comments about the demise of the value of listings and the elevation of our skill levels is RIGHT ON TRACK with what it will take to transform our industry. Truth be known, we are not highly trained with respect to analysis of the financial dimensions of a transaction...but we should be. And, finally, there are some contracts we should not write, ever again because their performance will harm our clients. Nice work on this one, Janet! Donald Teel - Founder President & CEO www.ePartnerUSA.com www.REALonomics.net