Realtors in Maine have found success using Portland radio to capture a large share of the expanding real estate market in the state.
According to The Federal Home Loan Mortgage Corporation, also known as Freddie Mac, the home-purchase market is expected to strengthen along with the economy in 2015. "The good news for 2015 is that the U.S. economy appears well-poised to sustain about a 3 percent growth rate in 2015, only the second year in the past decade with growth at that pace or better," says Frank Nothaft, Freddie Mac's chief economist. "Governmental fiscal drag has turned into fiscal stimulus; lower energy costs support consumer spending and business investment; further easing of credit conditions for business and real estate lending support commerce and development; and consumers are more upbeat and businesses are more confident, all of which portend faster economic growth in 2015. And with that, the economy will produce more and better-paying jobs, providing the financial wherewithal to support household formations and housing activity."
Data from the Maine Real Estate and Development Association supports the national trends. According to the semiannual MREDA index real estate sales in the states continue to expand. The index has risen by 2.4 percent since the first quarter of 2013, driven by strength in the residential market.
Maine real estate agents have been using Portland radio to expand their share of the real estate market. Cathy Manchester of Keller-Williams Real Estate has used radio advertising to double her sales in one year. Prior to adding radio to her marketing mix, her team of agents was selling a respectable 100 homes per year. But Cathy wanted to take her business to a higher level. To achieve her goal she consulted with high-volume agents across the country who were selling 200-500 houses per year. According to Cathy, "One of the things I found that was consistent with them is they were all using radio." As a result of her research, Cathy added radio as a primary component of her marketing. Over the course of her first year using radio, Cathy's sales doubled.
Research: Portland Radio Is Most Effective Medium For Reaching Home Buyers & Sellers
Cathy's results are not surprising given the consumer characteristics of people who are likely to buy or sell a home. Research from Nielsen specific to Portland Maine and the surrounding 5 counties reveals that of all major media, radio is best suited for reaching prospective home buyers and sellers. The chart below indicates that people who plan to buy or sell a home next year are 22% more like to be radio listeners than TV viewers. Additionally, they are 35% more likely to be radio listeners than newspaper readers.
Most residential real estate transactions require at least one of the parties to secure financing to complete a purchase, Therefore, for a realtor's advertising to be most effective, it is essential that the message reaches credit-worthy consumers. Among consumers with a credit-worthy characteristics, radio ranks higher than both TV and newspaper as their preferred medium.
For Maine realtors who plan to invest in advertising to expand their sales, Portland radio proves to be most effective. To find out more about how Cathy Manchester uses successfully click here.
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