It’s an almost predictable situation. During my listing presentation, I emphasize that I do not advertise homes in the local newspapers for the simple reason that print is dead. Parse the NAR statistics about buyers’ trends however you will, but the fact of the matter is there are far more potential buyers searching for homes on the Internet than in the classified ads of the local newspaper.
Nevertheless, should a home not sell or should there be a small amount of showings, the sellers inevitably ask how many newspaper ads I’ve run. Even though I said at the outset that I do not advertise in print. This year I’ve ordered two classified ads, both of them for specialty property, and received a grand one call over two weeks of advertising.
Not advertising in the classified ads isn’t an act borne of laziness or penny-pinching but of basic reality. And I’m not alone. Earlier this year the owner of my company, Century 21 Arizona Foothills, announced substantial cutbacks in print advertising.
He’s not alone either … word came today that Realogy, parent company to Century 21, ERA and Coldwell Banker, announced the newspaper branding budget for C21 and CB will be cut by two-thirds.
As the article points out, some in the newspaper industry view the reductions as little more than short-term changes fueled by a slow market. What those in the newspaper industry fail to understand is the print media offers next to nothing in terms of a value proposition.
Looking at my print-generated business vs. online-generated business, there really was no question as to where to put my dollars. Somehow, I can’t see the world regressing technologically to a point where newspapers matter once more.
(HT to Odysseus for the Bloomberg article.)[tags]real estate marketing[/tags]