Capturing Eyeballs Online
By Wendy Cole
Senior Editor
No one really disputes the importance of the Internet in the home search process anymore. The latest NAR research shows that 8 out of 10 buyers go online to hunt for property. A new Yahoo! survey similarly finds that 77 percent of respondents used an online source during their research for a home, while only 34 percent used newspapers or other print sources.
However, when it comes to advertising dollars, there's a gaping disconnect between consumer and industry behavior. The Yahoo! study reports that real estate advertising dollars are not even close to catching up to where the buyers are: on the Internet.
Though online ad spending has doubled since 2005, making up 32 percent of total spending, newspapers are still getting a higher share with 40 percent, according to the media research firm Borrell Associates.
These lopsided stats make me wonder what's holding you all back. Is it a lack of familiarity or comfort with online advertising oportunities? Or something else? And if you have adapted a smart and consistent online media strategy, please tell us about it and how well it's working.
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Comments
I market (and prospect) almost exclusively on the Internet. But I spend very few hard dollars there.
Why? Because much of what you can do in relation to marketing and prospecting is (or can be) free.
My blog is my primary prospecting tool. The software was free, the hosting fees are $20/month.
I syndicate my listings to multiple web sites. Cost = $0. (other than time, and there are tools that make that time commitment not a whole lot.)
I enjoy excellent "organic" search results, so I don't need to pay for pay-per-click.
Newspaper ad fees border on the insane, and the ROI is horrific. I don't think I could find a place on the internet to spend the kind of money a print ad costs.
Posted by: Jay Thompson | July 11, 2008 02:11 PM
We are shitfing in our firm as far out of print as possible. We find the Internet extremely effective in a number of ways, but your survey doesn;t ask about the impact of property signs, a still substantial source of property inquiries.
Posted by: Bill Lublin | July 12, 2008 08:38 AM
I have a new Blogsite, www.MainLinePaToday.com and an older template website, www.JudyPete.com. I can reach more potential buyers for a listing online than I could ever hope to reach by snail mail. My Visual Tours syndicate out to a number of quality sites and can also be posted in my MLS in the non-branded version. It's a great tool for representing property and Sellers. I also syndicate my blog posts. I do mail a few times a year to a client base just to stay top of mind. I've never done pay per click and have a pretty good Google placement for most search terms. Time is money so it's not really "free",but lot's more fun than licking stamps :-). A good sticky blog post can be like sending out thousands of post cards a day.Two posts I wrote over the 4th of July brought more than 4,000 visits to the site for those two posts alone.
Posted by: Judy Peterson | July 16, 2008 01:20 PM
We have cut all advertising except online. The beauty is we measure results and put our money where the buyers benefit!
Posted by: Cyndee Haydon | August 8, 2008 12:24 AM