Real estate industry abandons print media!

by Alistair Helm in

OK - this headline is not quite true. But I couldn't help myself to take the opportunity to headline an article that I never foresee occurring, a least not anytime soon.

So the real headline is

Real Estate Industry Authority abandons print media

The news is that the Real Estate Agents Authority (REAA) the body that has under the mandate of the Real Estate Agents Act (2008) undertakes the licensing of the industry has after 4 years in existence decided (very smartly in my view) that there is no logic in requiring that prospective agents advertise as a Public Notice their intention to seek registration as a licensed real estate agent in local newspapers. Instead they are offering the facility on their own website. This is completely logical as their website also hosts a directory of all licensed agents in the country.

It always seemed somewhat illogical to me at the time to seek to make a public notice in a newspaper as a means to challenge people's right to oppose applications to be an agent. At the time I offered for to host such notices given the contextual audience.

The move will also no doubt please prospective agents who in addition to the costs of the course and the license application (c.$3,000+ in total) were required to spend what in the case of Auckland was around $500 on 2 adverts which I would challenge anyone to say they had ever read.

The losers will be the print media companies who will face an estimated loss of c. $100,000 of advertising revenue per annum - so continues a steady and pervasive decline, however those media companies can still count on the more than $75,000,000 of spend the real estate industry overall will spend this year on print media. A sum that seems slow to transition to digital and thereby pushes further out my long awaited headline of "The Real Estate Industry abandons print media!"