Los Angeles Times Closes Real Estate Section
One of the largest newspapers in the country announced they will no longer publish its weekly real estate section. The newspaper also announced there would be staff reductions as a result of this change.
Two local South Florida newspapers are also feeling the same affect on declining readership. The Palm Beach Post's Sunday real estate section is a skeleton of what it's previously been and The Sun-Sentinel's new home section, which was one of the largest in the country, was not even printed this week. What we are now seeing are much smaller real estate sections in newspapers throughout the country.
I do not believe that the media created the initial market slow down, but they may very well have contributed to the long term market conditions.
Points to Consider
Do you feel that newspapers are now feeling the result of their endless negative press related to the real estate industry?
Is there a backlash from their readership?
Are the newspapers feeling the affect of the real estate professionals who have either reduced the number of ad's placed or are no longer advertizing in the newspapers?
Are the newspapers starting to feel some of the pain that the real estate professionals have been feeling for the past three years, and have the newspapers caused that pain for themselves?
What do you think the newspapers could do to help assist the real estate industry?
Personally, I feel that the newspapers are feeling the affects of new technology more than anything else. I have a neighbor who is a writer for the newspaper, and he has been informing me that the newspapers are making cuts everywhere, due mainly to the lack of advertising. The lack of advertising is due to the lack of readership. With news on the internet for free, nobody needs to buy a newspaper anymore.
Many newspapers over the last couple of years have folded, and many others are concentrating more on other things like the internet.
As far as real estate, our real estate section in our newspaper has never been much of anything to speak of. No real articles about anything, just advertisements. Most of the advertisements are from discount brokers and home builders advertising their new developments.
This was quite interesting. Hard to believe they would close the real estate section. Best of luck to you.
Carole Lhuillier
I cut my newspaper advertising a few years ago and felt no effects. I do advertise prominently on the paper's website, though. I think the web hurt the newspapers the most, as realtors don't HAVE to advertise in their classifieds to get info about their listings out to the public.
Well I guess the online classified sites such as are going to increase there business.
www.LosAngelesGrapevine.com
www.SanFranciscoGrapevine.com
www.SacramentoGrapevine.com
I think the cut back is primarily due to agents using the paper less. I get a better return off my free online marketing then I get from any paid newspaper ad. Agents realize this and start putting less or shorter run ads in the paper. This forces the paper to back off of the real estate section and in doing so people at the paper get laid off and ad space is reduced.
Lou,
People just aren't subscribing to the paper the way they once were. By the time the newspaper is delivered the news may be 24 hours old - news that we have heard and re-heard on radio and TV. Newspapers could be relevant by devloping a "Localism" like Active Rain has done but they chose not to.
Steve
I noticed that here in Southern CA -- The Orange County Register is even getting "thinner".
Just a sign of the economic times and papers trying to get advertising support. Papers are turning more and more to the net and are putting up listing inventory and with RSS feeds -- news is being pushed instantly rather than daily.
I thought it was already a fast paced life -- we haven't seen anything yet
WOW, if someone still thought they should advertise in the newpaper, this should give them pause.
Thanks for sharing.
Jim
I agree that this is more a result of the internet and technology. With over 80% of the consumers starting their home search on the internet, it is just not making sense to advertise in the newspaper anymore.
Lou: I think... depending on what you as a reader are looking for... I think that there are advantages to reading a newspaper over how it appears in its own online addition. Getting your news online is kind of like "scanning." You get more of an overview... and only get the articles that the editors feel will attract the most attention.
Many folks for whom reading the newspaper has been a daily part of their lives will tell you that oftentimes the articles that the editors uses as "filler" on any particular page can be very worthwhile... and it is these articles that never get onto/into the online version of a newspaper.
With the papers and the media carrying so much negative imaging of the nationwide real estate slump... and using that same broad brush to paint local markets with, what Realtor in her right mind would advertise a home in that newspaper... and lead that buyer right into the middle of such editorial negativity ? They... the newspapers... have shot themselves in the foot.