Online Advertising Baffles RE Agents: Study
ADOTAS – The slumping real estate market has successfully oozed into every nook and cranny of America’s collective personal and business life – and its affect on marketing has been particularly interesting. A new study shows that real estate agents appear to be baffled by the interactive advertising process even though 49% find the ads “very effective,” creating a key opportunity for savvy marketers who are looking for a way to capitalize on the down market.
A recently released survey from VHT, a provider of visual marketing services, real estate agents are confused about the myriad of choices, both online and offline, and in traditional and non-traditional media, in which to invest their marketing dollars. The 1,304 respondents also said their “biggest challenge” was an inability to effectively track results of their campaigns.
Some of VHT’s findings:
• 90% of respondents said they used brochures for marketing their listing; 88.8% utilized postcards; and 83.3% used newspapers. 41.1% stated that they purchased TV ads.
• While respondents indicated a significant portion of their listing budget was spent on newspapers, only 20.4% said they think this medium is “effective.” 49% felt that online ads were “very effective.”
• Agents felt that online ads and signage are “more valuable” for promoting a property. But when asked what their sellers felt was important, 92.4% said that their sellers mentioned newspaper ads.
• 39% of agents have an average of 5-10 different destinations for their listing. 24.5% have 10-20 different destinations.
• Realtor.com, CraigsList and Google were the top national Web sites used by agents.
• When asked how their media buying process could be improved, 27% said they needed an “easier” process; 16% replied that they wanted “more statistics” and 18% stated they need a one-stop distribution mechanism.
Reader Comments.
I enjoyed your article so much I blogged about it on my site.
http://southerncaliforniabroker.com/2008/06/12/online-real-estate-is-so-second-inning/
Sincerely,
Michael Stark,
Broker Realtor,
PostYourProperty.com
Mike@NeoRealEstate.com
949-574-9474
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