What can be learnt from The Block Pt 2
This post continues the review of the TV3 series The Block. Having examined The Block as a commercial venture, I now turn my attention to the marketing of the properties for auction once they were completed.
The Marketing of the Properties
The 4 properties were marketed for sale for a period of 4 weeks from the 9th of August and culminating in the live auction on Thursday evening the 6th September. Bayleys were the official real estate company, for which I am sure some heated negotiations and horse trading was undertaken. Certainly the profile for Bayleys in the live auction and the preceding media around the open homes etc certainly more than justified the sponsorship fee and / or the forgoing of commission on the sales.
There could not have been more exposure given to the homes in the run up to the auction, especially online. In hindsight it seems like a missed opportunity for the production company that they did not leveraged more effectively the online opportunity. The regular traffic to online real estate is huge with over 180,000 visitors per day viewing property online in this country, this was a ready audience to be primed to the show and the media exposure - maybe next time they will review this area of the profile of the show. Anyway the audience viewing the properties on both Trade me Property and Realestate.co.nz checking out the growing presentation of images of the renovated houses as they were revealed, was certainly active engaged and came in massive numbers.
Over the course of the 4 week marketing period more than 280,000 views were made of the 4 properties on Trade me Property and Realestate.co.nz.
The audience viewing the properties grew online week-by-week. The early weeks’ viewing was dominated by realestate.co.nz which capitalized on its existing audience to provide free premium advertising for all 4 properties as well as promoting the listings through an email campaign and extensive social media coverage. This resulted in more viewings on realestate.co.nz than on Trade me for the first 3 weeks, quite the reverse of the situation for normal listings whereby properties gain more views on Trade me as a function of the massive casual audience on Trade me everyday. The chart below showcases the daily audience to just one of the properties 78 Anzac Street, on Realestate.co.nz during those 4 weeks.
Trade me did offer a premium advertising package to one of the property couples and the associated agent – with a flourish in the final 10 days to promote all the properties through advertising on the site and email campaign.
As compared to the massive viewing online the exposure of these properties offline in print media was all but non existant – a clear testament to the prioritization of online marketing .
In evaluating the marketing campaign I don’t think any vendor or agent would grumble at the scale of online viewing of 280,000 times, an open home audience of well over 15,000 and a very successful auction – well that is one way of looking at it.
If you want to review the presentation of these homes Bayleys still have the details of each of the homes and the full images on their website here.