Have you noticed that the real estate section of the Portland Press Herald is getting smaller and smaller? Is this a function of a down real estate market or a dramatic increase in Internet advertising. The answer is probably some of both, but we believe that online advertising for homes reaches more potential buyers and is more cost effective than any print medium could be and the latest announcement by one of the nation’s largest papers seems to support this.
In what could only be called a dramatic move, The Los Angeles Times has ceased publication of its weekly real estate section, which it has been printing for more than 100 years. The paper, which has a circulation of more than 1 million, has continued to see advertising revenue decline during recent years and has implemented staff cuts, content reductions and a shift to online media as a way to stay current in today’s environment.
According to sources at the paper the “Home” section will move from Sundays to Saturdays and would combine with “Real Estate.” The “Book Review” will be merged with an “Arts & Books” section to become a more general “Arts and Books” feature. During the week, it is expected that the paper will continue to run real estate classified advertising as part of the “Home” or “Business” sections. Earlier in the year the Times had earlier announced the termination of its weekly magazine, among other reductions in content.
We believe that as the real estate market improves in Maine there will not be a major move back to print media. There has been a fundamental shift occurring and there is no turning back. Online home advertising allows for a broader reach and a more analytical approaches to gauging effectiveness.