As a journalist I risk being labelled an enemy within for writing this article, but here goes.
Is it not time for estate agents to stop advertising in local newspapers And should they perhaps even set up their own more modern alternatives
Don't get me wrong. Nothing would give me more pleasure than to see Britain's local press thriving. A local newspaper can genuinely contribute to building a community.
But in the age of the internet, social media and live streaming of everything from sports events to movies, where is the quality' in a local newspaper that comes out perhaps once a week and is so badly funded that some of the articles and many pictures come not from professional journalists or skilled photographers but from passers-by and local retirees
Figures prove my point: local papers are losing readers by an average of 14 per cent per year, with many performing even more badly. The South Wales Argus lost 32 per cent of its print readers in 2013 and the Lancashire Telegraph lost almost 34 per cent.
And while local titles can point to browser hits showing an increase, it is an inconvenient truth that web readers pick and choose what to view - typically excluding the property supplements they have little choice but to see when they flick through a physical paper.
As a journalist, I'm frankly a bit embarrassed by most local papers I see across the country. Which brings me to the question - why do estate agents still advertise in them
The answer, it seems, is steeped in negativity: agents are simply afraid to be the first to go.
In a completely unscientific experiment, I canvassed 10 agents that advertise in my local newspaper (one of the luxuries of being a freelance is that I do not have to live in London, so this exercise was in the south west of England).
I asked each of the 10 agents three questions.
Firstly whether they got any leads from their local press advertisements Secondly could they explain why they still advertise in local print And thirdly where did local newspaper advertising rank in terms of cost-effectiveness compared with the fees for advertising on portals and the cost of running their own website.
In response to the first question, only three agents claimed to have got definite leads for specific properties at any time so far in 2014 as a result of local press ads. Six of the other seven said their worry was that if other local agents advertised and only they did not, they would look as if they were not serious' players when potential buyers picked up the paper.
In response to the second question - why advertise locally in print - there was more agreement. Nine of the 10 said the main reason was to keep the vendor happy. No one disputes that every professional agent wants to keep their clients on side' but is it doing anyone any favours to advertise in a medium which now produces so few leads
And finally in response to the third question - bingo! - complete unanimity.
All 10 agents said advertising in the local press was less cost-effective than the price of maintaining, updating and modernising their own websites, and less cost-effective than paying to advertise on the main portals despite beefs about Rightmove and Zoopla costs.
My conclusion from this small sample is obvious.
Agents want a local profile (it's vital, of course) but have perhaps too much faith in the local press to provide that profile via specific property advertising. So why not use the local press for brand awareness and use more modern digital means for specific advertising
It's easy enough to set up a local YouTube channel; the US local social media service Borders is launching in different parts of the UK complete with house sales sections; some agents are negotiating with local papers to advertise only online and not bother with print; while most agents have some sort of social media presence which could grow too.
It pains me to say it but local print newspapers are on their way out.
Estate agents right now have a great chance to create their own outlets and get a mix of brand-raising exposure and free advertising to boot. Seize the moment.
*Editor of Estate Agent Today, Graham can be found tweeting about all things property @PropertyJourn.
Comments
Some interesting points raised here.
My view on the matter is this:
With a pressure on both providers of services and users of services to start doing everything on the internet, it is inevitable that some time in the next 10-20 years, there will be no such thing as local high street businesses who interact face to face with each other and advertise locally.
The thought of this is a little depressing, and although people like to say 'it's what the consumers want', I don't see that to be the case at all.
I live in a busy market town in Herefordshire where building close personal relationships with people, alongside local advertising and networking are a huge part of how we manage to sell property and gain new instructions.
Advertising in newspapers is not just about generating leads, it is about promoting local businesses and encouraging people to interact with other local people (i.e we help the local newspapers by paying them to advertise for us and they help us by presenting our properties to a large chunk of the county who do not use the internet). Let's not forget, England is an ageing population and not everyone uses the internet regularly.
Of course websites like Zoopla and Rightmove are essential to our success, but when we have around 10 people daily pop into our office to pinch a copy of the property times, it is obvious that this is still very much a form of advertising that is being noticed and for many is still a worthwhile marketing tool.
Graham, there has been an interesting repost to your article here: -http://www.estateagenttoday.co.uk/1154-media-group-insists-local-press-produces-leads
I also have to agree with Maurice that creativity and thought are the best ways of standing out from the crowd, regardless of what platform you use to promote yourself.
Interesting article and everyone is allowed to voice their own opinion - I have attached a link below to a video which shows that people - still need, seek, read and engage with newspapers. Enoy!
https://www.youtube.com/watchv=e512_OxFWyM&feature=youtu.be
What this piece does not reference is the way consumers go about selecting their estate agents and purchasing their property. Of course the final click through to the agent comes from the portals, but as
Google and others have proved the initial enquiry is generated by the trusted local paper. The buyer then chooses to search for more details online rather than the good old days when they would contact their local agent. The enquiries coming through to agents are now really pre qualified hot leads.
Regarding estate agent selection, 7 out of 10 buyers will use their local paper when choosing which agent to appoint which is why 79% of people going through the house buying process believe it is still important for agents to support their local paper.
Far from being on its knees the local press is still the most trusted source of news and information available. Of course it needs to move with the times, but commentators predicted its demise when Radio was launched, then again when TV was launched, and 300 years down the line it is still relevant and growing audiences by using the internet, and now mobile platforms, to keep local people informed.
In my experience local papers & journalists do little
to build Community. They are little more than gossip
Columns and they run scared of offending local politicians and send drafts of articles to them for approval so residents feel isolated from them contributing to their inevitable demise regardless of what agents do!
We have been morphing over to this approach all year. The one thing local papers did do was provide a platform for creative agents to sell their services. portals are currently very bad at that but things may change soon. I recently looked at Zoopla's iPad and iPhone app and when you go into a property you can reach the agents stock. What this means is you could also reach the agents USP's and the same thing could be made available via the thumbnails. I think this is a much needed improvement so agents can differentiate themselves. The big portals will no doubt charge more money for it but it would be worth paying extra for. If this does not happen then the portals risk being marginalised as agents find other ways to reach their audience.
Excellent piece Graham and I could not agree more. If Agents are to continue using the local newspaper, for gods sake put a bit of thought into the page and don't be like the vast majority listing property after property which is just so dull and uninspiring! Take some time to create visually interesting ads with editorial features which will be of interest to potential clients, position yourself as the local authority on the market otherwise you are simply wasting your money week after week.