Earlier this summer, the Los Angeles Times announced they would no longer print their Sunday Real Estate section. Many real estate professionals (including yours truly) don’t advertise in newsprint for a couple of reasons: 1) it’s absurdly expensive; and more importantly 2) it isn’t effective.
Today a local Phoenix area newspaper — The Tribune — announced major cutbacks, including come January the death of the Scottsdale and Tempe editions of the Tribune. It will also move to four-day-a-week printed editions in Mesa, Chandler, Gilbert and Queen Creek — and free distribution in these communities. Online coverage will remain at seven days a week.
Sadly, the cut-backs mean the loss of 142 jobs at the Trib — about 40% of the staff. I’ve had the pleasure of talking to several folks there and hope they are spared the pink slip. If not, they will land somewhere, I’m sure.
I don’t think this should come as a big surprise. While I do enjoy sitting on the patio in the moring, sipping a cup of coffee and reading an actual newspaper, I can’t recall the last time I did so. Just yesterday I watched a guy buy the Sunday paper, pull out the coupons and sports page and throw the rest away.
When is the last time you read a newspaper?
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Evan Fuchs 10.06.08 at 6:04 pm
Jay,
I canceled home delivery years ago. We get the paper at the office, mostly to check our ads. If I happen to see an interesting article on the front page as I walk by, I hurry to my desk and read that sucker online.
It’s no surprise newspapers are hurting. They’re advertiser-driven, and the ROI on print ads has been nose-diving for awhile. Like everyone else, the newspapers need to reconsider their old school business model.
Times are changing…
Linsey 10.06.08 at 6:09 pm
Only just a month ago, I canceled our subscription to the Orange County Register because all too often, it went untouched. I almost never open it and my husband is pretty inconsistent.
But within 4 weeks, I realized we weren’t quite there yet. Even if he only reads it 2 or 3 times a week, he does like the ability to sit down with the paper when the mood strikes. Even I miss some of the local human interest pieces occasionally.
But for news - we both get everything online. And certainly anything related to the election, the economy, and the real estate market is found online from sources that I’ve already got bookmarked or in my Reader.
So I’ve reordered the paper to satisfy the ‘coffee and paper’ urge but it won’t be for much longer I bet.
Linseys last blog post..Predictions for Market Recovery in the OC
Jamie Geiger 10.06.08 at 7:22 pm
I think it has been 18 months, since I read a newspaper- my Mom still does and saves articles for me, but I usually have already found them online.
Jamie Geigers last blog post..Where’s Waylon-Oct 4, 2008
Mark Eibner 10.06.08 at 8:04 pm
canceled all print media a couple years ago…and of course, the newspaper KEEPS sending Sunday, sometimes Saturday, …even after repeated calls to cancel. That’s desperate to keep the Circulation count…my God, I struggle to read hundreds of RSS feeds…keep up with social sites.
Mark Eibners last blog post..FHA government-backed loans are now the buyer’s choice
Jayson 10.06.08 at 8:29 pm
It’s been too long to know - the Internet is more convenient and it doesn’t involve clutter, ink fingers or worrying about wasting paper.
As far as advertising goes, it’s been too expensive for awhile - I think they shot their own foot in that aspect…they charged a lot, err a TON because they could show good results, but that was years and years ago. It was only a matter of time before something more effective and less expensive (Internet) replaced the newspaper. I wonder how long many of the magazines will last.
Terrible news about the layoffs -
remsinfo 10.06.08 at 8:58 pm
I think that newspapers will not vanished. It really depends on the readers. The more interesting the topic, the more the readers will read the news. For real estate, there’s an internet that are constantly updated than newspapers. Somehow, the advancement of technology is growing so fast like the internet. From this, the need of a newspaper is constantly declining.
Elaine Reese 10.06.08 at 9:28 pm
I was down to only the Sunday paper for years. I finally gave up on that last month.
The print quality of real estate ads is so terrible - blurred, off-register - it sure isn’t a positive way to sell the home. We’re all too used to the beautiful, crisp photos on the internet. The only agents who still used newspaper ads here are those without any internet presence.
Elaine Reeses last blog post..It’s time for the Woollybear’s prediction
John Wake from Scottsdale MLS 10.06.08 at 11:41 pm
We canceled the Tribune and the Republic last year.
You feel a lot more positive about life when you don’t read the newspapers. It also reduces your carbon footprint tremendously.
I have really started to look forward to picking up a free Tribune when I go out with Liz for a quick dinner on Friday night. I’m going to miss the Scottsdale Trib.
I guess everyone is going to be like the New Times, free. I wonder how the New Times is doing?
John Wakes last blog post..Jury duty and Liz Habib
Ricardo Bueno 10.07.08 at 12:04 am
Hmm… Well, I got the paper when Johanna and I stayed at the Biltmore for the conference. I glanced at it (notice I said “glanced”) while we walked over to the conference lobby. As soon as we got there, I tossed the paper and hopped online!
Ricardo Buenos last blog post..Blogging in Real Estate: does it make sense?
Charleston Real Estate Blog 10.07.08 at 5:08 am
Jay, if I don’t have a client over the weekend, my wife and I always go out for either breakfast or lunch on Saturday and that is the only time that we buy and read the paper. I’m always amused when Polly looks through the real estate section with the little pictures and minimal descriptions [ as if she'll find our next home that way
].
James from Insurance Reviews 10.07.08 at 5:22 am
Many new papers are in serious trouble. Between TV and the internet their reader bases have shrunk to unsustainable levels. There are however some large newspapers and magazines that have successfully made the move to the information age, and are making big money from online advertising. For instance the Financial Times.
Jamess last blog post..Dental Insurance Companies
Brady Pevehouse from Central Florida Real Estate 10.07.08 at 6:17 am
I read the paper everyday, and have about 40 feeds that I review on a daily basis as well.
The problem with newspapers already is that much of it is already syndicated, and can be found everywhere. Few local papers have the ability to write just local content and disseminate it in a rapid enough fashion to be beneficial. Add that to the fact that 90% of todays paper was 70% of last nights local news. So essentially they are delivering yesterdays news?
I am just curious how advertising dollars will be affected by the change in delivery methods over the years to come. Advertisers will have to get creative in the future no doubt.
Tina Fountain from Atlanta Real Estate 10.07.08 at 7:53 am
I read the paper online and cancelled my subscription about 2 years ago. The only time I read an actual paper is when I travel. We still take out newspaper ads and do get good results. Many readers see our ad and then visit our website to contact us.
Tina Fountains last blog post..Marietta Luxury Home Price Reduction
James Bridges from Real Estate Training 10.07.08 at 8:43 am
Unfortunately the papers did not change with the times. I don’t like to see people lose their jobs, but the leadership of the papers didn’t adapt quick enough to the online market. They were once THE source for information at local levels but their method of delivery is now not efficient. There are some great papers across the country that I hope adapt to be more nimble so they can continue to exist in a new format.
James Bridgess last blog post..How to Use the Fear in the Stock Market to Your Advantage
Evan Fuchs 10.07.08 at 9:05 am
@James - I agree that the papers haven’t reacted well. Print media is a static, one-way proposition. Some papers have done a great job of incorporating social media into their online content, which is a great example of tweaking a business model to meet the demands of clients and remaining competitive.
Evan Fuchss last blog post..Bullhead City Real Estate Report - September, 2008
Tucson Michael 10.07.08 at 9:26 am
I used to read a couple newspapers a day for a long time, now i get all the same news more up to date by watching the news channels on TV and the internet. The real problem is that the newspapers are way over charging to the point where it is ridiculous. Back when they were the only game in town businesses had to pay up (same with the Yellowpages) to advertise, but in Tucson it is like $300+ to run a weekend ad with 1 picture and that’s for 3 days! It just doesn’t add up at all, to me anything over $50-$75 is a asking to much……Anyway I know most of the real estate agents feel the same way about it’s effectiveness vs. cost.
Charles from Las Vegas Real Estate 10.07.08 at 10:07 am
The only thing we use the newspaper here for is to line the bird’s cage. I think the major publications will survive in some form, but a lot of them will disappear.
Charless last blog post..Monterey Auction
Brad Shaffer 10.07.08 at 10:47 am
My wife and used to get the paper back in Indiana. When we moved to Arizona we never subscribed to The Tribune or The Republic. My wife still will get the Sunday paper to feed her coupon-clipping addiction.
For the most part, you can find everything you need online at the papers’ websites. And since that’s what the majority of people do these days - go online to search for nearly anything they buy (houses, cars, electronics) - it just makes sense for news sources to invest in online marketing as well as those of us in real estate.
Brad Shaffers last blog post..Tempe Two-Year Real Estate Prices and Statistics as of September 2008
John from Maryland Real Estate 10.07.08 at 11:25 am
I don’t know if newspapers are completely dying but advertising real estate in them is dead. There is just no way to justify the cost. The only time I will advertise a property in the paper is when a client absolutely insist. If it is a great listing I will usually take out an ad just to appease my client.
Johns last blog post..Baltimore Real Estate
Cedar City Real Estate 10.07.08 at 12:31 pm
Newspapers are definitely a thing of the past. I thought people knew this when the biggest mogul in the newspaper industry Rupert Murdoch sold over half of his newspaper agencies to buy Myspace.com.
People thought he was nuts but he is successful with Fox and Myspace.com among others so I think he is a good person to follow.
Eric Lee 10.07.08 at 6:02 pm
I grew up on the newspaper but I dropped my subscription the day I got Internet in 1997.
Hadn’t looked at a paper in awhile but about 6m onths ago, I bought a paper to read at brunch one morning and realized the price for the Arizona Republic is still 50 cents. I remember when they went from 35 to 50 cents and the uproar that caused. That was in 1994 (IIRC - that’s off the top of my head). 1994! Their price hasn’t changed in 14 years! What other product doesn’t increase in price in 14 years!?!?!?
It is a fundamental rule of economics that price is the intersection of supply and demand and where demand goes down, price goes down. Factoring in inflation, newspaper prices in the Valley have been declining for 14 years now.
I suspect we are not too far away from the physical newspaper pretty much disappearing. It will always exist (there will always be a segment of the population that won’t get Internet), but I think it will change drastically from its current format to almost be unrecognizable.
Miami Beach Real Estate 10.07.08 at 8:11 pm
Real newspapers have a nice feel and are fun if you have extra time in the morning or to sit at Starbucks, but that is not many people. I have to be in to work early and am busy afterward. In the end the papers pile up and do not seem worth it, cost-wise and environmental-wise. I do like the Sunday paper with a coffee.
Linsey from OC Real Estate Voice 10.07.08 at 8:27 pm
Those of us inclined to comment on a blog like this in the first place are clearly the group of people that are likely to be reading blogs and internet sites for our news rather than the paper. While newspapers and print publications are slowly losing their audience, I do believe there are still a significant number of people that like to sit down with their paper in the morning.
That being said, I do think that it’s a different story when we are talking about marketing property. Serious buyers don’t look in the newspaper. When 80% + of buyers begin their home search online, it is foolish to spend a marketing budget in print.
Sometimes we may buckle to a client that is pressuring us and want to see their home in print, but as agents we know that homes are not sold that way. I’m fascinated by those (especially the big companies) that continue to spend big advertising dollars on print advertisting. Let’s be honest, it’s agent or company advertising, not real promotion of a listing.
Linseys last blog post..Predictions for Market Recovery in the OC
Matt Fox from AZ Home Insurance 10.07.08 at 9:58 pm
Jay,
Can’t remember the last time I read a newspaper. I read brief snips of news on my Treo or online. I do still subscribe to certain print magazines to keep up to date on industry and other business ‘hot’ topics.
This is simply a changing economy. Life is filled with changes. The way people buy, the way people study, the way people live is changing in every aspect every day. You must either adapt and change by choice or you will be forced to change and adapt.
Matt Foxs last blog post..The Top Safe Cars of 2009
Jeremy Hart 10.07.08 at 11:50 pm
Honestly, last time I read a paper was this past weekend when I bought one just to see the mistake the publisher made on an ad I ran. Before that? At least a year … and that time was probably to see firsthand a publishing mistake.
Jeremy Harts last blog post..Weathering The Real Estate Storm
Mike Taylor from Indianapolis Real Estate 10.08.08 at 3:49 am
I know I am the oddball, but I actually do still read the paper. The problem, especially with the real estate section of the paper is that they just suck. Papers really have an opportunity in front of them they missing. Everyone’s eyes are on real estate now and the only thing they can run in the RE section is a few builder ads, some lame nationally syndicated article about wall paper and a bunch of liner ads from agents? Missed opportunity IMHO.
Gregory Bain 10.08.08 at 11:27 am
Jay, I like the newspaper. I like the Sunday paper and a cup of coffee on the backyard table with the birds and squrrils early in the morning. It is almost like I am on a vacation stepping back in time to a simple way of life. Too bad I don’t get many Sunday mornings in my backyard.
The Atlantic City Press is trying to go internet with Jersey Devil Homes. They want us real estate agents to post our listings for free with any open house dates we hold. They want to sell us a better position (like Realtor.com) and get this - the search engine they tied into is Trulia.
The newspapers are so far behind the curve it is funny. A couple of years ago they started publishing a Homes magazine to sell our listing advertising. The last time I checked they had to cut out one and the other magazine had only a dozen to two pages.
Then the Asbury Park Press does a Sunday Edtion that has so many “open house” ads that they would be cheaper to go back and print the old MLS books and just hand them out to anyone who wants a copy.
Everyone keeps trying to get into our pockets as if there was money in them. Maybe they will start putting out advertising that is paid on a percentage of the house sale and collected when we get it sold?
But, I do miss those Sundays in the early AM at the table in the backyard and big Newspaper to read with my coffee.
Edge from Foreclosure and Credit Crisis 10.08.08 at 12:59 pm
Linsey,
I also like to sit down with a section of the paper when I’m eating lunch as it’s a nice way to zone out for a while.
Problem is though, that I don’t use 90% of the paper that day and 100% on the days I don’t need it at all.
Like a bank, it would be nice if your subscription fees gave you uncluttered (by ads) web access and the OPTION for “paper statements” that would get delivered for a time period.
There may be weeks when I’m at home for a while, on vacation, etc. And I may want the paper coming so I can read it there. But normally, I have no time for it and as their business model doesn’t support my reading habits currently, I just get it elsewhere *shrug*
Edges last blog post..Property Taxes Going Up, MythBusters, Central Banks, and How Our Inflation Compares To Japan
Jonathan Blackwell 10.08.08 at 4:59 pm
What are newspapers? Are those the things that they throwdown before they dump the low country boil?
Jim Gatos 10.08.08 at 7:27 pm
I suspect the newspapers are a large source of negative articles against real estate agents ’cause we wised up and don’t spend stupid money anymore. I used to pay over $3,000 a year on classifieds, some years I went up as high as $5,000. No more. Why should I? SSSSOOOOO many buyers now just go online, do their search, and it’s over. Does anyone think there’s a pattern of the newspapers slowly ganging up against the real estate profession and trying to embrace the do it yourself fsbo market ? Hmmm?
Jim Gatoss last blog post..The Coldwell Banker Residential Brokerage 10 Day Sales Event.
Nobel from SantaFeEstateBlog.com 10.10.08 at 12:52 pm
Our local newspaper relied on real estate advertising as its main revenue until about a year ago. In the Santa Fe, NM real estate market, our clients generally shop for a realtor on-line long before they visit the city. The days of checking out print ads to find a realtor are over.
Nobels last blog post..SANTA FE, NM REAL ESTATE MARKET REPORT
cassiano travareli 10.21.08 at 1:22 pm
It’s not really common to read the newspaper. We have other resources, like the news on TV. The best place for a real estate person to write is on the net.
Brady Pevehouse from Central Florida Real Estate 10.29.08 at 12:15 am
While I admit I still get the paper, today it may have paid off. On occasion I write about an article in the paper that I might typically miss, b/c I would never willfully follow some of the writers that show up in our papers locally.
But today one of the better know writers, one who I agree with 90% of the time actually called me because he found a few of my blog postings.
After a 20 min conversation and thanking him for his time (why did I thank him, he called me?) but anyway I left the conversation worrying about what I said and maybe shouldn’t have said…….. but then I remembered, I don’t always play it safe in my blog either. So I still consider it a win-win.
Much of my time in the paper now involves the opinion side. I still get most of my news elsewhere. But local newspapers still have there niche. Even if it is a small niche.
Rafaat from Croatia apartments 11.01.08 at 12:33 pm
Unlike most of you here I regularly read newspaper, because I don’t feel comfortable looking at the monitor screen for hours, but again I doubt how long I can do this.
I guess the key reason for why most of us now don’t read newspaper is because of the availability of other resources, and guess what they are more updated and cost effective also.
Here you cant generally blame newspaper editors or owners for this. With the cost of everything on the rise its is almost impossible to make newspaper cheaper. More importantly by its very nature you cant expect real time updates of news, which thanks to internet and other e-media we now have access to.