The Future of Real Estate Marketing is Online
An interesting report from the research firm The Kelsey Group basically reiterates what I’ve been saying on this blog for a while, that buyers (especially the younger generation) are increasingly turning to the Internet first. Interestingly however, it seems home sellers haven’t caught up yet.
Sellers turn first to newspapers (24%), followed by signs (19%) to advertise real estate for sale, while buyers turn equally to newspapers (30%) and online (30%). And the younger generation, which is the most active real estate-buying age group (18- to 34-year-olds), turns to online sources first.
Kelsey Group frames this as a boon for online advertising mediums, as advertising dollars transition from offline to online media.
Online listings, paid search, Internet newspaper and other online sources will drive the Internet ad share to 44.3 percent
Clearly, this is not good news for local newspapers who are already suffering from massive circulation plunges. [NY Times link]
It’s pretty clear to me that the smart Realtors and brokers are advertising online already. And the rest, won’t be far behind.
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Lenny Gurvich | Nov 2, 2006 | Reply
The web is such a superior tool (over print) for showcasing a product, be it a home, car, etc. I think that the lag for sellers is mostly due to the fact that there is a flatter curve for learning how to market a home on the web than there is for learning how to search for a home on the web. It is very easy for a consumer to find home search sites on the web and click away. Not so easy for the average seller or Realtor to learn where, when and how to get properties seen on the web. I’m always surprised at the lack of knowledge of some agents in the biz. Survival of the fittest I suppose.
gunMan | Nov 3, 2006 | Reply
Very entertaining issue. I haven’t heard of this one. It will be necessary to visit you on a thicket!