Although mortgage rates and home prices are still very high, the single-family housing market is showing signs of returning to “normalcy.” At the end of June, mortgage rates and the average asking price for a home decreased slightly and fewer people were searching for homes online.
The RAB’s “Radio Works for Real Estate” presentation showed realtors can reach 85% of home buyers and 84% of sellers on radio. As the ultimate reach medium and one of the most trusted, radio is where realtors can tell their stories and invite listeners to visit their websites, social media and local listings.
The Media Audit’s 2021 Aggregate Report of 49 consumer/market surveys supports the RAB’s presentation. Adults 18+ and the primary generations (Gen Z and Millennials) planning to buy a home during the next two years all over-indexed for heavy exposure to radio. Conversely, they under-indexed for exposure to TV.
Gen Xers and Baby Boomers, especially, over-indexed for heavy exposure to TV, as would be expected. The table above also reveals the strength of some other media to reach home buyers in most generations.
Unsurprisingly, Gen Zers and Millennials planning to buy a home over-indexed for heavy exposure to social media and the Internet. Many of the generational groups also over-indexed for newspaper, outdoor and direct mail, creating many media mix opportunities for realtors to maximize their consumer engagement.
The Media Audit’s 2021 Aggregate Report also shows all adults, Gen Zers and Millennials over-indexed for heavy exposure to radio based on more detailed data of their home buying or selling plans.
Although many people who are currently housing renters are likely waiting to purchase a home because of prohibitive mortgage rates and home prices, the demand remains in the marketplace. The Media Audit table above shows Gen Zers who are heavily exposed to radio over-indexed the most for planning to buy a new home during the next two years and who now rent.
Planning is just as important as implementing marketing and advertising campaigns for realtors and all businesses. Now is the time for realtors to plan their radio campaigns for the “normal” market activity that will return, the Media Audit says, and establish a strong voice on radio today to generate long-term interest and trust among home buyers and sellers.
The Media Audit/Heavy Exposure to Media
Radio, the Internet and Social Media: 180+ minutes during an average day
TV: 300+ minutes during an average day
Newspaper: 60+ minutes during an average day
Outdoor: 200+ miles during an average week
Direct Mail: 75%+ read weekly