The press is a buzz with the news that Zillow has signed a deal with 11 major publishers that equates to 282 Newspapers.
With the new arrangement, real estate ads placed with these news papers will automatically get placement on Zillows web site.
I say so what ?
While this may be good for Zillow in raking in some cash from the Newspaper Publishing industry, Realtors can already do this from many different sources.
Savvy Realtors that have embraced Technological changes and are up to speed on Web 2.0, are doing this now. Any Realtor worth his or her salt knows that 80% of the buying market goes to the Internet first. Spending money on a dying medium like news papers is literally throwing money out the window. In the current Economic client and down turn in the market, I would put my money and expertise where it gets the best results. I am sorry but the statistics don’t-support the News Papers as a viable source for Residential Real Estate sales as they once did.
Which is interesting because in Zillows Press release they pretty much back up my comments above, but they stick to the story line that “to brokers and agents, the paper is a core marketing tool.”
“Reading the weekend real estate section is a ritual that many enjoy and to brokers and agents, the paper is a core marketing tool. Now, the process of real estate discovery will be further integrated into the online world. We are honored that this consortium of newspaper companies has chosen Zillow as the partner to fast-track their presence in the digital real estate world,” said Lloyd Frink, Zillow president. “Research shows that 80 percent of home buyers use the Internet in the home-buying process. That, combined with Zillow’s audience of engaged real estate enthusiasts, creates a huge opportunity for local brokerages looking to expand their reach online.”
How many buyers have told you that they found your listing from a News Paper advertisement or circular vs. other traditional methods and the Internet ?
While I am-sure their are some markets that will still support this model, it is a dying market segment. I think the News Paper Publishing Industry knows this and jumped at the opportunity. I would not put it past them to now raise their rates ?