Little Known Ways To Gain More Real Estate Clients With Facebook Marketing
While I’m a digital marketer, not a real estate agent, I have bought and sold homes, and I know how many real estate agents market their services: referrals, word of mouth, glossy postcards and flyers blanketing target neighborhoods, even grocery separators used to separate your food from the person in front of you in the check-out line, and many other grassroots local guerrilla marketing tactics. The problem with this strategy is that not only are all the other brokers utilizing these traditional marketing tactics, which makes it harder to differentiate, but there’s also an incredible amount of waste in traditional advertising (postcards as an example are just plain and simple carpet bombing).
And finally, it’s not integrated (a post here talks about the importance of integrated marketing) with other more efficient lower cost online marketing tactics, specifically with Facebook advertising (and remarketing).
Why Facebook Ads For Real Estate Agents?
The Facebook ad platform provides some of the most cost effective and precise demographic and behavioral targeting out of any marketing platform whether it’s traditional or digital (which is why the company has a market capitalization of $300+ billion). Since many agents do not leverage Facebook’s fantastic ad platform, there’s a clear opportunity for agents willing to learn to gain a competitive advantage on their local competition, which is still stuck implementing old-school traditional marketing strategies.
The Facebook ad platform offers a rich, diverse, and deep level of targeting options. Two of the broad areas include Interests, and Behaviors, which then can be further segmented geographically (among many other segmentation variables). But let’s see how this targeting works, how laser focused you can get with your Facebook marketing, and how it can benefit real estate lead generation.
Facebook Ad Tactic #1: People “Likely To Move”
Facebook has a behavioral category for people that are “Likely to move.” How fantastic is that? Consumers that are likely to move probably have a higher likelihood of needing a real estate agent, among a whole host of other products and services. Facebook knows who these consumers are from its rich behavioral data sets that include both online and offline data about consumers, and from its partners that collect information about consumers. Suppose you’re a broker in San Diego, and you specialize in the areas in and around the Poway, Rancho Bernardo, and Scripps Ranch areas – mostly upper middle-income neighborhoods with Household Incomes (HHI) above $100,000 per year.
Suppose you’re a broker in San Diego, and you specialize in the areas in and around the Poway, Rancho Bernardo, and Scripps Ranch areas – mostly upper middle-income neighborhoods with Household Incomes (HHI) above $100,000 per year.
Laser Targeted Facebook Segmentation
If we pull zip codes in those areas in Facebook, we find 88,000 people that we can reach on Facebook. But when we add the behavior of “Likely to move” we narrow that target down to 4,400 people. The beauty of Facebook ads for real estate agents is that you can continue to layer the targeting and get even more precise and focused.
Prequalify Potential Home Buyers
While it’s great to target people who are “Likely to move,” you can further focus the ad spend on consumers with additional variables to cut even more waste out of the ad spend – how about selecting on HHI? When we segment for people living in those San Diego zip codes with HHI above $100,000 per year we narrow our target down to fewer than 1,000 people – now we’re getting laser focused on a behavior that has a higher likelihood of converting to a lead, and cutting the waste out that is common with other traditional marketing tactics. So far we’ve layered our Facebook targeting with four segments:
- Geography: by selecting zip codes in our territory.
- Age: 28 – 65 years of age.
- Income: HHI greater than $100,000 per year.
- Behavior: consumers that are “Likely to move.”
Facebook Ad Tactic #2: Integrating Facebook Ads with Traditional Advertising
Postcards, flyers, and local community papers are still standard tactics for creating awareness. But traditional real estate marketing will be far more effective if it’s integrated with online tactics.
Today consumers need an average of 12.4 sources before making a purchase decision (source: Think With Google). What that tells us about consumer behavior is that multiple impressions are important to maintain mind share and push people closer to a purchase decision. What do the majority of people do when they get a postcard promoting an agent or a property listing? They toss it in the garbage! What did that single impression cost? It was the cost of the postcard and its distribution so probably somewhere between $0.20 – $0.65.
Why not extend the reach and impressions by implementing Facebook ads that will reach those same people, but for a fraction of what that postcard cost and on an ongoing basis pushing the potential home buyer closer to a decision on utilizing your real estate services.
If you’re going to blanket a zip code with postcards at least integrate complementary Facebook ads promoting your services to the same zip codes – this will produce “lift” in response to your postcards. Preferably you would start your Facebook ad campaign slightly before your postcards drop, and continue to run them for a time afterward.
Facebook Ad Tactic #3: Awareness with Mortgage Brokers For More Referrals
Job title targeting is one of the other fantastic variables you can fine tune Facebook ads with. Mortgage brokers are a good source for referrals. If you wanted to create awareness about your real estate services among mortgage brokers and maintain mindshare that you’re the best in the community, Facebook ads are another fantastic way to target them.
Below we selected for anyone with a mortgage broker related job title, and we even threw in people that work at Wells Fargo with a mortgage-related title (we could do the same for all the other banks too). We managed to reach under 1,000 people which is fine when you’re doing laser targeted focused community marketing. An ad campaign like this would cost very little money, but would have a huge impact on awareness of your brand of real estate services. In conclusion, I presented 3 Facebook ad tactics any real estate broker professional could implement quickly to grow hyper-focused brand awareness and leads. If you want to gain a strong competitive advantage over your slower, less sophisticated peers, Facebook ads for real estate agents are one fantastic way to grow your business and local market share.
The three tactical ad strategies presented above are just the tip of the iceberg – there are so many more targeting options. With Facebook, you can be incredibly targeted and endlessly creative in how you reach the home buyer audience. Don’t let your competitors get ahead of you! If you need help with your local Facebook advertising, we can help. Please call or email today and find out how we can help you win in your market. Download A PDF Copy of This Post >>
Not sure if you want to do it on your own? Call us!