Is The Internet Really Killing Print Media for Real Estate? Are You Serious?
This morning I read through the article over at Realty Times about the just released Classified Intelligence survey (in conjunction with Realty Times) about the internet’s effect on print advertising.
The good thing about a survey like this is that it leads to a lot of questions. Questions are always good in business because they require that you think.
So let’s jump in…
The basic conclusion of the survey is that time is running out for print classified ads for real estate.
I was quite surprised to read that the reason so many Realtors seem to reluctantly place print classified ads (in a medium that, according to the survey, they feel doesn’t work) is to live up to seller expectations.
There seems to be a disconnect here.
If you were going to get a kidney transplant and went to your surgeon telling her that you expect her to use the continuous locking suture technique rather than the subcuticular technique, what do you think her response would be?
If she didn’t show you the door, she would probably explain that she was the medical professional and that by “hiring” her to do your surgery, you were giving her the power and authority to use her knowledge, training and experience to make decisions that are in your best interest.
Of all of the real estate pros that I work with and know, I can’t imagine any of them doing something they didn’t feel was in the best interest of their client.
Let’s keep going…
According to the survey and article, Realtors told Classified Intelligence, “Give me results I can track,” “Classified print just does not work and it is WAY too expensive.”
So my question is…
Who Exactly Is Responsible For Trackable Results?
When you open up a Google Adwords account on the internet, you have the option of setting up conversion tracking. In essence, it is an easy way to know if your advertising dollars are producing revenue for you or just filling Google’s pockets.
The thing is, you don’t have to use conversion tracking… and I have a hunch that a lot of advertisers don’t.
It really is the same with any advertising medium. The advertiser is responsible for trackable results, not the medium. It’s all in how you write the ad.
If you submitted a print classified ad that said something like:
OPEN HOUSE Sun. 2-4PM
115 Smith Ave
3BR, 1.5 bath townhome, full bsmt. (dry), CA/CH, W/D (new in 2002), stove (new in 2005), Less than $195,000
Is that ad trackable?
No way… You are basically throwing your money down the drain. You’ll learn nothing.
Can you make it trackable? Sure.
Add a unique phone number for free information or anything that will allow you to directly figure your return on money spent.
There is a whole lot of information in both the article and the preview edition that is available on the Classified Intelligence website (registration required).
You need to read it.
The one piece of information not in the article or survey preview is this: What results were created by the increase in advertising spending by Realtors?
Who cares if you spend more on advertising if you create more results?
So here are some ideas to take away from the survey to apply to your real estate business, online and offline:
Advertising mediums are not inherently good or bad. You can’t say classified ads “don’t work,” because I can show you hundreds of Realtors who have built their businesses on them and still do today. All you can really say is that they don’t work for you.
Surveys like this are so very valuable but they can also tempt you to fall in the trap of believing their conclusions and applying them to your situation without testing them for yourself. Don’t fall into that trap. Is it a wise idea to base your marketing decisions (online and offline) on the opinions of the masses?
My point is this… don’t believe anything you read or hear anywhere (including this blog :).
Test it and find out for yourself. By testing in your business, your market with your skills, you will undoubtedly uncover some hidden gold and quickly steer clear of pitfalls.
You can read the entire Realty Times article here.
