I find myself in my new role, as a licensed real estate agent in the Auckland suburb of Devonport developing a healthy pragmatism of the age-old decision as to the choice of print, or digital media when it comes to property marketing.
Ten years or so ago, I recall standing on-stage at numerous real estate conferences as the CEO of Realestate.co.nz confidently stating that at some time in the not too distant future our lives would have been so transformed by the evolution of digital media, that the humble newspaper would be dead. I foresaw a time when all forms of real estate advertising would be digital. Fast forward those 10 years and clearly that is not the case. Digital is certainly critical; valued by the real estate industry and consumers alike. However our daily newspapers still survive, somewhat depleted and sadly sullied by the race to the bottom, chasing advertising dollars for general advertising heavily driven by eye-catching headlines and lifestyle celeb stories.
However for the real estate industry print media retains a true relevance. As an agent, I value its ability to deliver passive buyers and the even more valued serendipitous buyer. The story can be easily told of buyers (unknowing it at the time) idly flicking through a weekend property supplement or Property Press at the local cafe or friend's house on a quiet afternoon, only to be enthralled by a property that they suddenly become captivated by.
The value of the print media lies in context, and the fact of strangely imprecise targeting - let me explain. The ubiquity of the newspaper places these adverts in close proximity to everyday news thereby potentially interrupting the daily read with an unexpected opportunity to present a property. It also acts as a reinforcement of a property advert to active buyers who may have seen the property online, thereby reinforcing its appeal and relevance, maximising frequency of presentation.
The imprecise targeting is a very interesting counter-logical argument. The very appeal and efficiency of the digital platform which enables for the specific search for 'this number of bedrooms' in 'this price range' in 'this suburb' is the same process that excludes a perfect property that matches all the requirements but is in another suburb that the buyer never thought about. In the case of Auckland, Wellington and Christchurch there are many suburbs that are close substitutes, yet people have fixed mindsets until they are exposed to a house they love the look of, only to find it is located in a suburb that was not on their list, but they go on to buy. That is the power of the print media. Or put another way that is an opportunity as yet not exploited by the digital media players.
So what other capability can print media offer and how might the very latest technology assist them?
Well I came across a very interesting post on Twitter over the weekend in praise of Apple's new ARKit. This is the latest software Apple has released at its recent developer conference to power Augmented Reality. Here's the tweet that peaked my interest and got me thinking about AR a little bit more - watch the embedded short video to get a sense of this capability.
So this example created the sense of an embedded sports video coming to life within a newspaper, leveraging the capability of an iPhone or iPad and the Augmented Reality software. Where you see a sports image and video on a newspaper page, imagine it being a property listing. Simply view the property page with your iPhone and the listing comes alive showing the video of the property or the slideshow for the property.
In someways this is just another iterative step that started years ago with URL weblinks on print adverts, progressed through QR codes and lately encompassed the NZ Herald Homes app that used image recognition that took the user to the listing on the web. All of these technology steps by today's standards seem clunky, especially when you see and imagine this in action (A crude representation made by me shown below roughly visualised).
This really appeals to me. I have so often sat with people who flick through print publications for property listings and want that bit more information but end up frustrated by trying to find listing numbers and search for them on the Trade Me Property or Realestate.co.nz app.
This clearly is a golden opportunity for NZME's OneRoof - the perfect intersection of print and digital. They have the digital content and the print media platform - it'll be interesting to see how long it takes them to develop this and monetise it!
As for Realestate.co.nz and Trade Me - this presents an opportunity, but would require a partnership with a media company. The logical path being Property Press unless the appetite is big enough for Trade Me to make the ambitious move to acquire NZME, a relatively achievable acquisition when you see that NZME market cap is just $165m and Trade Me sits at $1,900m - something for Jon McDonald to think about as a parting shot of for the new Trade Me CEO.