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That's because the purpose of the two is completely different. Marketing an individual home means having a precise fit for the buyers' needs, something that the Internet accomplishing far, far better than searching the classifieds, squinting at the tiny type, circling likely looking ads with a pen, and seeking those homes out on a map.
Meanwhile, marketing a development means being a lot further out in the search process for buyers, and helps buyers identify themselves in positioning terms such as demographics, perceived style, interests, pricing and amenities that really matter. Plus high-end print ads in this situation reward the reader by providing them with a follow-up mechanism that doesn't involve dealing with an agent (i.e., web site). Meanwhile, because this kind of advertising builds far stronger brand identity, developers can typically ask a higher price for the home, rather than sell it just as they would another house.
I agree that for new construction subdivisions that print can be very helpful, but I STUNNED at how many agents/builder's don't do websites for developments. It has been a frustration for many of my buyers.
Sold the actual home? No. Brought me in buyers, yes.
Something to keep in mind...it all depends on your area. Here in my area, we have a lot of people coming/going/vacationing. They will pick up the pennysaver or the Homes & Land mag and start looking through it. I've had quite a few buyers come into my office with them in their hand asking me about this house and this house.
Also.. as you can see, compared to days in the past there are that many fewer advertisers. Where there were 20 pages of home for sale ads previously, now there are 3 pages. If you are in there, you're getting more bang for your buck than you would have in the past.
Choose the properties you advertise carefully so they attract more buyers. Always make sure your website address is in the ad...make it extremely visible like you would your telephone number. I can't put a number on the people that came to my website because of a newspaper ad but I'll bet ya it's quite a few.
My cut on this is that you have to know WHO your buyer is...and target the media outlets that are most likely to expose the listing to THEM.
For example, if your buyer is a younger family (say - parents under 50 years old) - print media is generally a waste of time. This buyer is Internet all the way...as well relying on good signage in the neighorhood and flyers in the box.
If, on the other hand your most likely buyer is in an older demographic (60 plus) - where they MAY be using the Internet...but ARE going to read the Sunday paper and look for houses - then you better have a nominal print media budget to reach them too.
In the same way, if you have a house that's perfect for a 1st time buyer - why not put flyers up in local apartment buildings and other places (like laundromats) where they are likely to be?
I try to start from the buyer's perspective - and design a strategy that will reach THEM. There is no answer that is right 100% of the time...and each of the elements of marketing are tools in the tool bag and you'd better know how (and when) to use them all.
Good points, Dave. Beyond the demographics of your typical buyer, also consider whether your market is mainly local (first-time and move-ups) or out-of-town buyers. Probably 75%+ of the buyers in my area are relocating here from another state. Obviously print ads will be of rather limited value, although I do advertise in one of the r.e. mags that goes in the Chamber's relo info packet. Even then, I focus on my website and MLS search site.
That's because the purpose of the two is completely different. Marketing an individual home means having a precise fit for the buyers' needs, something that the Internet accomplishing far, far better than searching the classifieds, squinting at the tiny type, circling likely looking ads with a pen, and seeking those homes out on a map.
Meanwhile, marketing a development means being a lot further out in the search process for buyers, and helps buyers identify themselves in positioning terms such as demographics, perceived style, interests, pricing and amenities that really matter. Plus high-end print ads in this situation reward the reader by providing them with a follow-up mechanism that doesn't involve dealing with an agent (i.e., web site). Meanwhile, because this kind of advertising builds far stronger brand identity, developers can typically ask a higher price for the home, rather than sell it just as they would another house.
I have had great success with print advertising. That is why I get really suprised when I hear other agents say how much of a waste it is. I will admit that I dont usually sell the home the person called on but many times I have ended up selling another one of my listings. I do advertise in a much different manner though and have meticulious records on where and what a call came from. I do this by using 800 numbers and domain parking. I am able to get the very best records via the 800 line. Domain parking is still very expensive for this as of now. The extensions on the hotline give what print media it is from, the style of the ad, difference in headlines and of course which property they are calling on. Another thing I have noted is that the discription of the property is worthless and just a waste of page space. All I provide for each advertised property is price and general area or development if it is well known and popular.
Why on earth should realtors advertise out of their own pockets especially during slow markets when the likelihood they will be replaced with another realtor is great and they won't be reimbursed. Who thought of this/advertising without reimbursement? Sellers should be told that the realtor will advertise, but the seller will pay for it and then be reimbursed when the house sells - reimbursed up to a certain amount. With the reduction in commissions, the poverty level of many realtors, and more homes for sale with fewer selling, it is outrageous to expect realtors to advertise properties out of their own money and not be reimbursed when sellers switch to another realtor while being unrealistic about the state of or price of their home or are unrealistic about the market. What madness! Canadian Realtor wondering about the logic of print advertising and unrealistic sellers - demanding sellers who want reduced commissions and constant print advertising when it rarely seems to attract buyers - and open houses are rarely attended by those seeing the ads in the paper.
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