The impact of the Internet on real estate has been well documented. The continuing changes and impacts on other business models in impacting real estate as well.
I was notified today that a long time real estate magazine will no longer be published. We used to have two magazines covering our area. Now we are down to one. The distribution channels were different so it made sense to use both.
Not everyone agrees that you need multiple sources of advertising but the fact is the Internet alone does not cover the entire buyer or seller market for over 30% of the public. Think of rural America. Think of dial-up!
Metropolitan areas have over a 80% chance of buyers and sellers using the Internet. Not all workplaces allow employees to surf the web from their work stations. Many workplaces have security that strictly
controls what employees can see and search.
The magazines demise comes from several issues. The economy and real estate agents spending less because they are making less. The last magazine to be published and one of my listings was on the front cover. My client was thrilled.
Since the magazine was published by the local newspaper they have offered an alternative. A full page ad on Thursdays for a mere fee of slightly less than $400.00 for a one day publication.
I can not participate in that option. Each agent and broker has to look at the advertising dollars they spend very carefully. Think of this option as an example. A one time insertion during a weekday. Many newspapers are subscription only, if subscribed to at all, for weekend or Sunday delivery. All other forms of news updates are from the Internet, Cell Phone, TV or Radio.
This means the readership that you were getting on a monthly publication is now down to a single day, maybe two at the most and tossed out with the trash. This means your advertising dollars are wasted.
I know many rely entirely on the Internet for buyer and seller traffic but it still takes more than the Internet to create maximum traffic to your website and get the phone to ring.
Direct mail is also an expensive option with minimal return. The direct mail industry has documented the number of responses you can anticipate. Also direct mail farming will yield business but not for the first six months to a year.
Clients are going to inquire how you are promoting their property.
What are you using to supplement your Internet presence.
Need Help? Looking for Real Estate Options?
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