The Internet has helped change the way new developments are marketed, and has brought down marketing costs, says Andrew Gerringer, managing director of Douglas Elliman’s development marketing group.
“A lot of selling today is done on the Internet,” said Gerringer, who said the Web has become a significant addition to his marketing campaigns for new developments, bringing in 40 to 50 percent of their new buyers.
Elliman has cut its New York Times ad spending by 30 percent, proving that on the Web, if you post it, they will come – and buy. That’s bad news for the Gray Lady, which saw between $1,500 and $2,500 per week per project in ads, he said.
“We don’t do as much as we used to a few years ago,” Gerringer said. “We put some of that money in the Web and do our promotions on the Web and we’re seeing more from that.”