An Australian real estate agency, Philip Webb, has announced that it is no longer going to advertise in printed media. The agency further claims that local newspapers are being kept alive by real estate agents who use customers’ money to promote themselves instead of what should be ‘the star attraction,’ which is the property in need of selling.
Philip Webb intends on turning its back completely on the dinosaur-like newspapers and it is committed to buying and selling property solely online. In a YouTube video produced by Webb, the powerful statement, “Once upon a time dinosaurs ruled the planet, much like newspapers ruled real estate advertising” flashes on the screen, comparing newspapers to the now extinct dinosaurs. Following the introduction, the presentation points out the high cost of advertising in a newspaper – between $5000 and $12000 – “most of it spent on an advertising dinosaur, which is lucky to attract 0.5 per cent of your target audience. That’s not great return on investment for any vendor.”
Though people still enjoy leafing through property sections of a local newspaper, most browse the adverts merely out of curiosity, as they would look through a clothing catalogue, but they don’t intend on actually purchasing property. According to Philip Webb, due to the search ease and up-to-date database of properties, potential buyers prefer to go online to do the ‘serious’ buying/investing. So, are newspapers going the way of the dinosaurs? At least as far as the real estate world is concerned?