Thursday, July 26, 2007

Newspaper Advertising

I cannot tell you how many times I get "new" sellers asking me to advertise in newspapers. Not even local papers, but out-of-state papers. I respond gently by telling them the direct sources of buyers finding the home they purchase, according to the 2006 National Association of Realtors study, are: 36% from real estate agents, 24% from the internet, 15% from signs, and 5% from print media such as newspapers. The ones that ask are sometimes not convinced that I am telling the truth, and insist that advertising in a newspaper is the only way to sell their home. Of course, occasionally advertising in a newspaper might bring marketing awareness to the brokerage, and a random call, but thinking that it is actually going to sell that piece of property is off base. The same holds true for the color glossy magazines. Buyers may call to inquire about an advertised property, but the chances of them buying that property are only 5%. Why do real estate companies spend their dollars on these magazines? To make the seller happy, to capture a "buyer" for anything, and to keep the marketing exposure high for the company. As for out-of-state papers, the statistics are certainly lower. Can you imagine looking in the Northwest Florida Daily News for a condo for sale in Chicago? I doubt it. You would probably go on the internet, and eventually connect with a good Chicago agent. I had a seller once experiment and advertise his condo for sale for several weeks in the local newspaper. I got one call, and that party eliminated the property. The costs added up, and my seller stopped the ads. Indeed, most of his showings have come from agents using the Multiple Listing Service, and from sign calls to my office. So, please note, a marketing mix is good for business, but do understand where the biggest source of buyers is-- the agent.

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