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Daily Real Estate News | June 2, 2009 |
Practitioners Shift to Internet Advertising
Major real estate companies have cut back significantly on conventional advertising, turning instead to less-costly alternatives, including blogs and online video tours.
For instance, Realogy Corp., parent company of Century 21, Coldwell Banker, Sotheby's International, and Better Homes and Gardens Real Estate, spent 31.7 percent less on newspapers, outdoor and television in 2008, according to TNS Media Intelligence. Spending dropped to $129.3 million from $189.4 million in 2007. At the same time, it upped its Internet spending 29 percent to $8.6 million.
Newspapers in particular are the losers as the industry moves online. Christina Lowris, executive vice president of marketing and advertising at the Corcoran Group, says, "It is very antiquated to think that people are opening up the Sunday paper and looking for real estate. It just doesn't happen anymore.”
Big winners include Google and YouTube, where the real estate advertising presence is growing daily.
Putting ads on YouTube is “game changing,” says Michael Fischer, Coldwell Banker’s senior vice president of marketing. "With video, we can really show a property off."
Source: AdAge, Marissa Miley (06/01/2009)
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