I recently acquired a rate sheet for the local newpaper. It is for the Sunday real estate section. First, I am not against newspaper advertising. What I am for is realtors rethinking how they are advertising in the newspaper. It is well known that the internet is it! Knowing that, why do realtors continue to spend thousands of dollars on putting pics, and a short description in their ads?
If I was a broker/owner for a day, this is what I would do. Unless you are a very small realtor office, you can’t put all your listings on a newspaper ad. I would focus more on driving the traffic to your website, that is where all your inventory is. To do this, it only requires a fraction of the space on the newspaper page. I would simply state the name of the company, contact info, our website address, and mention that we have professional virtual tours of all our listings. It’s that simple.
Alright, about the professional virtual tour part. That is important because it tells the potential buyer that you don’t just have the run of the mill realtor photos on your site. You’ve taken your listings to another level, and are serious about selling properties.
What about the saving money part?
You don’t need a super big ad to make an impact, and thus a smaller one saves you money.
Yeah but what about the cost of the professional virtual tours?
Let’s look at two cost benefit examples for a two month period
ABC Real Estate Company
ABC Real Estate Company has a full page ad with 24 properties on the ad. There are three different options for ads to run in the paper. I’m going to base this example on the middle option. The ad is a colored one, and costs $3,645 to run. That is for one week, and you don’t have any professional virtual tours. You change the listings around, and run the ad for eight weeks. Your total cost is $29,160.
123 Real Estate Company
123 Real Estate Company has 50 listings, and they have 50 professional virtual tours done. Their cost is $300 for each tour. There total would be $15,000. With the virtual tours done, they run an ad for eight weeks in the paper. They are focused on getting the public to their site, so they go with an 1/8 colored ad. That will cost them $477 a week, for an eight week total of $3,816. Add the price of the virtual tours, and their eight week total is $18,816. This saves them $10,344 over the traditional ABC Real Estate Companys ad. Plus, they have the professional virtual tours, which unlike newspaper ads do not have residual costs. Take the example further with your own company. When you add up the savings over a year? The bottom line is starting to look much better.
Final point to consider is this. If you are a realtor, how many buyers have called you and said that they were ready to purchase a home that they had only seen in the newspaper? Now how many properties have been sold only based on their online virtual tour? Guess what it has happened, and will continue to happen. Which Company are you?
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