A leading local media group has revealed the results of property advertising research trying to convince agents to continue advertising in local newspapers, despite an uncertain future for print and local media.
Johnston Press, best known for its flagship titles The Scotsman and the Yorkshire Post, owns 13 local dailies and 235 weeklies. It has shared its research findings with Estate Agent Today.
Johnston commissioned independent researchers to speak with three groups - active vendors, active buyers and home owners not currently in the market. The research was conducted in Sheffield, Milton Keynes and the Surrey town of Horsham; most interviews were conducted in person but some were handled over the telephone.
The research showed that the decision on which agents to approach is usually informed by the vendor's perceptions of agents and that these perceptions are shaped over a long period of time before the vendor makes the decision to sell explains Johnston Press spokeswoman Jane Muirhead.
One of the major influences on the perceptions homeowners have of different estate agents is their presence in local newspaper property sections, so too the design and content of their ads. The research also illustrated the extent to which people seek out local newspapers when they get into the property market she has told Estate Agent Today.
Headlines from the results include:
- 51 per cent of buyers regularly read or looked at local newspapers before entering the market;
- 56 per cent of vendors regularly read or looked at local newspapers before entering the market;
- 84 per cent of homeowners not in the market regularly read or looked at local newspapers;
- some 30 per cent of vendors had seen three agents before instructing one - 11 per cent saw four to seven agents;
- 35 per cent of vendors only invited one to give a valuation (32 per cent invited two, 27 per cent invited three);
- 56 per cent of vendors who read a property section each week already had a view on which agent they would use, while only 35 per cent of those who did not read a property section already had a view.
So, should estate agents stop advertising in local newspapers, as recently advocated on the Industry Views section of Estate Agent Today
The research would suggest that would be a mistake, especially at a time when most agents are eager to boost stocklists. Withdrawal from local newspapers will impact the ability of agents to attract market valuation invitations from potential vendors claims Muirhead.
Comments
Good to know, Thanks Karl
Simon, I am aware of the research within this article and to reassure you although it was commissioned by the media owner, it was developed and carried out in partnership with some key estate agents by a credible, independent, research company
Good to read the comments against this piece. Rob, I can confirm that the research showed that the vast majority of potential buyers use online channels, although the majority use other channels as well - they look at local newspapers, visit estate agents and so on. We wouldn't discourage estate agents from using online as a core part of their marketing activity. However, the research makes clear that local newspapers play a crucial role in helping agents to attract new instructions, for the reasons that Ray notes. A print + digital approach is surely stronger than print or digital only.
On a personal note, it still bemuses me to see so many estate agency ads in local newspapers that don't have any content or messages targeting potential vendors. A missed opportunity
Graham
Head of Research & Insight
Johnston Press
Local newspapers, especially the free ones delivered regularly, are a serious way of getting your brand and USP's noticed. Just remember - Attract, Inform, Promote Action. It works. Obviously the majority now search the web for actual properties but that is different advertising
It's still important, and another means of advertising, but I'd say the majority would look at property on the internet, especially those of a younger generation. Rightmove, Zoopla, Gumtree, Spareroom, Prime Location - all these sites get huge traffic. There's still a place for advertising in the local papers, but it has to be combined with a good brand and a strong online presence.
I'm sure this is area specific. Maybe this is true where a local free paper is actually still delivered to lots of homes, however, our experience has been that local newspapers were marginal in Sales compared to other factors, even before the Internet. Lettings was different, Landlords did respond to special offers in the old days but now with so many agents making offers, it is hard to be heard above the noise. The one thing I lament about Internet Advertising is how hard it is to get your USP's across, especially on portals that actively discourage or forbid it. Finally, the research would be more credible if it had been done by someone outside print media.
"84 per cent of homeowners not in the market regularly read or looked at local newspapers"
They might look at the NEWSpaper, for news, but do they look at the property section. Big difference.
That said, it is still an important part of the marketing mix. The days of featuring all your stock in the paper are behind us, instead, branding is paramount.