The New York Times today reported that print media is facing its worst year yet, as the toll of the credit crisis spreads and impacts ad dollars. A Criterion Global comparison of total ad spend to property sector ad spend reveals real estate as one of the worst categories for print media: realtor and developer ads that once filled classified sections have gone online to free listing sites like Craigslist. Editor and Publisher magazine discovered that 51% of local realty groups said newspaper ads were “no longer necessary.”
At the same time, a recent poll by Classified Intelligence of 344 real estate professionals showed that 39% of respondents were overwhelmed by the media options available. The same report determined that declining property value and increasing inventory on the market required media capable of producing low cost-per-lead ROI.