The Death of Print Advertising

I was fortunate enough to hear John Tuccillo speak this week. John was formerly the chief economist for the National Association of REALTORS and I always appreciate his candor.

John's remarks along with some statistics I heard yesterday reinforce yet again how insane it is for real estate agents to continue to pour tons of money into print advertising.

Yesterday I heard a statistic from a national marketing group that only 4% of all newspaper readers ever look at the classified ads, including real estate ads. Today John Tuccillo talked about how the younger generation, basically most people under 40, never, ever pick up a newspaper. Think about that! What is the population most likely to be buying the typical suburban family home? It's the 20 and thirty somethings! And they're not looking for those homes in print, they're looking at the internet.

I'd add another factor in here locally. Buyers got trained during the booming sellers market that there was no point in looking in print, even in they were so inclined. The houses in the newspaper were under contract before that newspaper ever hit the stands.

So, it makes no sense to advertise in print from a seller's perspective because that's not where buyers look. It makes no sense to advertise in print from a real estate agent's perspective because they're throwing away enormous sums of money. Why, then, are there still so very many print ads?

One reason is habit! Real estate agents can be a slow bunch to adjust to change! Advertising in the newspaper and putting up signs is how real estate has been sold for generations!

One reason is sellers who don't yet get it either. But it's our job as their agent to educate them. If an agent is spending all their advertising money to get the client's home in the newspaper, that leaves next to nothing for the online advertising that can truly make a difference!

And, just putting it in the MLS is not an internet marketing strategy!

Bottom line is, both agents and sellers need to adjust to the new reality of today's marketplace!