Less Paper - More Web

By
Services for Real Estate Pros

Bloomberg.com reports New York Times Hit as Housing Moves to Web

Smith, president of Realogy Corp., the largest residential real estate broker in the U.S., said the portion of his Coldwell Banker and Century 21 branding budget devoted to newspapers will shrink by as much as two-thirds next year from 2006 as spending moves online. Newspapers will receive 70 percent of Realogy’s home-sale advertising by 2010, down from 84 percent this year.

“It’s going to be bloody,” Smith said in an interview. “The newspaper industry is going to have to adjust.”

There seems to be a general shift in all real estate sales…how do we do more with less money?

Comments (10)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

When you speak less paper, newspaper is the first thing that comes to mind.  That and copy paper, multiple purpose paper, tissue paper!!!! no not tissue paper what am I saying?  Good blog.  Thanks

I am working so hard on my website, I don't know if I'm coming or going or what the heck the site is doing... but I won't give up.

Jul 20, 2007 08:44 AM
Greg Fox
Realty World Wichita - Wichita, KS
Techy Broker in Wichita Kansas

Nice quote.  My first gut is, Newspaper's are loosing market anyway because of the net.  But, let me give you stats to tell you why I've quit Print ads:

According to the NAR survey of Home buyers and Sellers, 2006:

80% of all buyers used the internet to look for homes

only 50% of all buyers used the Newspaper

The top 3 ways buyers found THE home they purchased:  33% were introduced by buyers agents first; 24% first found the home on the net; 15% first found the home by sign in the yard.  Only 5% first found the home they purchased in the newspaper.  Real Estate books and others faired LOTS worse.  So now, when I do print media, I have 1 product to sell - the Web site!!

Jul 20, 2007 09:13 AM
Mike Lyon
Edmond, OK
Greg - I agree. No need to kill print completely - but everything should be driving traffic to your website. You can change the message and info on a website at the drop of a hat. Print is locked forever. 
Jul 20, 2007 09:18 AM
Nicole Kraus
Signature Realty Associates - Dover, FL
I agree, but also feel many people still enjoy grabbing those free real estate magazines that come out each month.  It's something about having a magazine in your hand versus staring at a computer screen.
Jul 20, 2007 09:33 AM
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI
Most of the time I'll use the newspaper just to see what's on sale this weekend. And even that I could do on line.
Jul 20, 2007 09:46 AM
Bobby Carroll
Jaclyn Smith Properties - Clayton, NC
Clayton NC New Home Happiness Coordinator
Data indicates legacy (print) media is quickly losing market share to the web. Years from now people will wonder why we threw away so much money at a media that provides little results and even less ability to intelligently track it's results!
Jul 20, 2007 02:41 PM
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
I've posted about how frustrating it is to have to throw away $ on newspaper ads.  Their day is over in my opinion.  The comments definitely echoed my sentiments.
Jul 20, 2007 05:24 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
I use the newspaper for open house ads. Most buyers look up the newspaper for the information.
Jul 20, 2007 11:31 PM
Anonymous
Anonymous

Bobby,

That is the biggest downfall - without extensive surveying of a customer - the only way to determine effectiveness is a unique identifier such as a custom website address or phone number. And even then - you can only really track traffic - not conversions. 

Jul 21, 2007 12:14 AM
#9
Margaret Rodgers
Keller Williams Realty - Karns, TN
Realtor, AHWD
In his area the newspaper changed the format of the weekend real estate section and many Realtors do not like the format to small print ,If the person paying for the ad does not like the ad they will seek an alternate form of advertising and yes the price of the ads went up 
Jul 21, 2007 02:09 AM