Research released by property research company CoreLogic (formerly RP Data) found that properties advertised in printed newspapers, as addition to online advertising, improved sales outcomes.
Online real estate advertising works, but properties sell faster and achieve higher prices when printed newspapers are included in the advertising plan.
Research released by property research company CoreLogic (formerly RP Data) found that properties advertised in printed newspapers, as addition to online advertising, improved sales outcomes. The analysis, based on 850,000 homes sold over the past two years, showed including ads in printed newspapers increased the average price achieved, the percentage of properties successfully sold, and consistently reduced the time the property was on the market.
Results varied by market, with increases in the average price ranging from $18,973 in Melbourne to a very impressive $49,491 in Perth.
Core Logic Australia – Media Maximiser January 2015. Based on sales of houses and units.
Newspapers boost the effectiveness of real estate advertising because two out of three of Australia’s 1.8 million prospective property buyers (66%) read digital news media over a four week period, an even higher percentage (82%) read printed newspapers.
Data from emma (Enhanced Media Metrics Australia) also shows that print outperforms online for delivering targeted real estate content. While one in three (34%) property buyers visit real estate sites such as realestate.com.au and domain.com.au over a four-week period, almost half of property buyers (46%) read the real estate section of a newspaper. The combined footprint of digital and print real estate content is an impressive 1.1 million (63%) of property buyers.
CoreLogic finds that including print was especially effective in maintaining prices in the premium end of the market. This is consistent with emma data that shows that high value prospects – property buyers who are “very likely to buy in the next 12 months” and earn over $100,000 p.a. – are especially heavy users of property/real estate content.
Two out of every three (69%) of high value prospects read publishers’ real estate content in print or digital format over a four week period. Half of these buyers (52%) read the property section of a print newspaper, 38% visit a real estate site, and one in five (22%) visit both.
The way people read newspapers contributes to newspaper advertising effectiveness. Since newspaper readers tend to browse they can more easily reach people who aren’t actively searching for a home, but are still potential buyers.
Greg Dickason, CoreLogic’s head of solutions, illustrates this point with an anecdote of a colleague’s house-buying experience. Craig Mackenzie, CoreLogic’s chief legal officer, wasn’t actively looking for a new home when he sat down to browse through the weekend paper.
“He said to me, ‘I was sitting down having a cup of coffee, it was an ordinary Saturday morning, the kids had just been to sport, and my wife was flipping through the paper.
“‘She said, ‘hey, look at this property, I really like it, I love the kitchen – let’s go see it!’
Printed newspaper are more likely to reach prospects who aren’t searching, and to nudge them into the market, while digital content excels at reaching buyers active searching for content,
The superior reach of printed newspapers and their capacity for reaching a broader range of prospects, combined with the highly-targeted efficiency of digital real estate sites, is an unbeatable combination for vendors.
Sources: CoreLogic Australia – Media Maximiser January 2015. Based on sales of houses and units; emma, 12 months to November 2014; digital trend compared to 12 months to November 2014. Survey conducted by Ipsos MediaCT, people 14+, Nielsen Online Ratings, November 2014, people 14+ only.