Homes for sale that are advertised in both print and online are 20% more likely to be sold than those that use just one medium, according to research from RP Data, one of the world’s biggest property data companies.
The data — the first time marketing methods for real estate have been statistically analysed — shows properties that used a combination of both print and online advertising also had lower discount levels and spent less time on the market than those that with just one marketing method.
The Media Combination Research, carried out on behalf of News Limited, tracked more than 503,000 properties put on the market during the past 12 months and examined their advertising mix and the results.
Real estate is the single biggest revenue category in print for News Limited, which publishes more than 120 titles nationally, carrying a significant property advertising presence. News Limited is also a majority owner of Australia’s No. 1 property Web site, realestate.com.au.
So the research provided critical insights into how both media performed.
Greg Dickason, general manager of data products at RP Data said, the Media Combination Research was the first statistical proof that removed the guesswork from advertising a property for sale.
“We identified if properties were listed online or in the newspaper, how many times or for how long they appeared online, and the outcome,” Dickason says. “We wanted to know, if it was listed did it sell, and if it sold, what was the discount and how long did it take to sell.
“This shows that print advertising absolutely makes a difference. It increases your chance of selling by 20%. That's no longer not just gut feel from an agent’s perspective or wishful thinking on behalf of the newspaper.”