In an effort to embrace trending preferences toward the use of the internet, real estate professionals have increased their online marketing budgets by 27 percent, according to Real Trends.
Agents reportedly spent 64 percent of their total ad budgets on online media, and various other real estate professionals, such as apartment operators, mortgage providers, and homebuilders, spent 44 percent of their ad budgets on online media, according to the report (“2011 Real Estate Advertising Outlook”) by Borrell Associates Inc.
Borell believes that the increase in online marketing is directly connected to agents expecting recovery. It is estimated that, in 2011, professionals will spend approximately $21.8 billion (eight percent more than they did in 2010) on advertising, with $8.9 billion now designated to online media, creating “the second-largest online advertising category.”
“It is an early indicator that real estate professionals have begun adjusting their marketing dials for a more equitable mix. Agents, brokers and new home communities are finding that online media is great for the lower end of the buying funnel when people begin researching their options in earnest,” said Real Trends.
However, the benefits of online media are questionable outside of this sector. The article states that agents will now increase broadcast media, cinema and outdoor advertising ad budgets 33 percent this year.