Newspaper Advertising Declines

What do many major real estate firms across the county know – newspaper advertising does not work! According to Richard A. Smith, president of Realogy Corp., the largest residential real estate broker in the United States, newspaper advertising expenditures will continue to shrink in 2007. His firm is expecting to shift nearly two-thirds of all advertising to online sources.

Borrell Associates in Norfolk, VA have reported that newspaper advertising dropped by 14% in the first quarter of 2007 and even more in the second quarter. The collapse is significant because home-sale ads propped up newspapers last year, after automotive and employment spending declined.

It is clear that the drop in newspaper advertising is not simply a reflection of the slow-down in the real estate market. The home buying process has changed permanently as over 80% of all buyers begin their search online. For that reason we have focused our efforts on creating online real estate services that provide home buyers with the tools they need to get a good feel for the market in the privacy of their own homes.

Features such as MLS Search and Auto Search allow clients to be current with all the trends of the local market and view ALL the homes available – not just the ones currently being advertised in the local paper.

Although newspaper executives may have a different view of the situation – that drops in print advertising is cyclical and a reflection of the poor market – brokerage executives differ, saying the shift is permanent and that advertising on the Internet will continue to grow.

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