Do you want more real estate development leads? Facebook Advertising has proven to be one of the most cost effective lead generators for Real Estate. In today’s blog, we’ll give you all the tips you need to run campaigns that generate hundreds of leads for your business.
Why use Facebook Ads?
With regards to real estate lead generation, Instagram and Facebook Advertising are, without question, the greatest platforms you can use. This begs the question – is your target market using Facebook? Facebook is able to reach just about everybody. People can be reached through Facebook directly, or through other sites who use the social network’s tools. Every day, an average of 1.59 billion users log into their Facebook accounts. The specific targeting options you can use on Facebook are ideal for real estate. We have noticed people in the real estate industry achieve great success with lead generation.
Why does Facebook Advertising and the Real Estate industry go hand-in-hand?
What you see plays a key role in real estate. People enjoy visualizing the home of their dreams. Instagram and Facebook are where people go to get inspired by visuals. We’ve had a lot of success generating quality leads for under $1. The following are common issues people in the real estate industry face (and what are our solutions are for them).
1. Understand your Audience.
Whenever we ask the question, “who is your target market?”, the answers we often get are vague. Broad targeting is ineffective when it comes to Facebook ads. If you pay money to get customers, then you must understand who your audience specifically is. If you asked business owners about the type of customers that purchase from them most frequently, many of them would be hard-pressed to give you a concrete response.
Not very many business owners understand their market, nor do they know why such people continue to use their company. This information is of utmost importance! If you’re unsure about the answer to this question, then you will not have the ability to single out an audience that will pay for your services.
What would motivate your target market into making an investment in your development? Is a speedy return expected by your audience? Are they looking for a forever home or a holiday home?
Before you pay for ads, you must have these types of questions answered. The messaging you portray to each audience needs to be unique and highly targeted. Each ad campaign you create must speak specifically to that audience, otherwise people will scroll right passed it!
2. Use Specific Copy!
More often than not, we notice marketers create ads without knowing who their market is. We allocate a large portion of time towards understanding the mentality of your target market. That way, we can fully understand how to articulate your message to them in a way that piques their interest. What goals do they have? What fears do they have? Your conversion rate is heavily influenced by the copy of your ad.
The copy of your ad is equally as important as the back end. If your ideal customers are men in their early thirties who work in the financial industry, and are looking for good returns, then your copy better begin with the % annual return they’re expected to receive!
If your target audience are first home owners, then they’re going to need a bit more hand holding. Focus your ad on having the best service for first home owners, with grants and professional advice available.
Your development might be focused on overseas investment and wish to attract people who are looking to invest in foreign place. In this case, we can assume they know little about the foreign structure and how owning land as a foreigner works. Because of this, you would focus your ad copy on providing the type of information to eliminate fear from the prospect.
3. Customer Look-Alikes
If you are seeking out leads that eventually transition into sales, then you must focus on Facebook users who have things in common with your current audience. Make sure you have your pixels installed so you can track your monthly site traffic and create look-alike audiences based on this data. If you establish a pool of prospects who share traits identical to your existing customers, new leads will be generated – ones that will eventually convert to paying customers.
To explain this better, let’s pretend you have a few different seed audiences, 2-month website traffic, an existing list of customers, and a bunch of people who read your brochure by downloading it. Prospects resembling the 2-month traffic group may transition into sales. However, they can’t be expected to since they stem from a market that has visited your website without buying anything. This is also applicable to those who register for a webinar. Ideally, a look-alike may download and read your brochure before clicking your call to action, but they can’t be expected to by default.
A customer list is a wonderful source of lead ads. A streamlined format for collecting leads lets you concentrate on how a prospect can transition into a customer. When your leads are leveraged with a look-alike market (who are modeled after your current customers), the user’s streamlined experience is shown to people actually searching for your service or product whenever they stumble upon your ad.
As far as creating a look-alike goes, you must have a custom market created, which is fairly straightforward. Using the back-end, click the Audiences tab (Ads Manager > Audiences > Create Audience > Custom Audience > Upload). From here, your fields can be mapped out. Using this market, you can have a look-alike audience created based on your existing market. To learn more about Lookalike Audiences, check out Facebook’s guide or get in touch!
For the size of the audience, begin with 1%, as that is the population percentage that resembles your current customers the most. From here, you can establish the size of your audience. This strategy can be used with all types of campaigns, but it makes the biggest impact on campaigns for lead generation. When you integrate an ad experience with streamlined leads using this type of isolated targeting, you can focus on quality and volume, as opposed to only one or the other.
4. Ask the Right Questions
You can customize as many as 15 questions on your lead ads’ instant form, and as much as 21 questions overall. If a prospect answers 21 questions prior to clicking the submit button, you will know everything you need to about this individual – their color preference, the name of their first boyfriend, and how many sugars they like in their coffee, for example. However, not all prospects are going to answer every question. Fortunately, not every question is essential to the sales process. Asking a limited number of relevant questions is integral.
Let’s look deeper into the data. An interesting study was published in Ad Espresso about a year ago. Researchers assessed how the quantity of instant form questions affected a form owner’s costs per lead. They concluded that costs per lead get higher based on the quantity of questions asked. This is applicable to our theme. On the other hand, taking away more barriers than you need to between the conversion and the user risks alluring leads and conversions of low quality.
If you’re looking for a benchmark, go with 5 questions. The data will help you learn what a lead ad campaign’s objective is, and how leads from a campaign go through a sales funnel. Ask a limited number of questions to obtain information of significance.
For example, if a lead generation campaign is being run using a top-of-funnel model, and if those leads will be sent to a nurture group for additional screening, then simply request a name and email address (as well as any other essential fundamental details) for your marketing staff. Alternatively, if you believe your offer is strong and on par with an ad’s content, and your objective is to deliver leads directly to your staff, then request details your sales staff will require. In doing so, leads can be segmented before they are contacted. A slew of leads will be generated through these campaigns. Getting additional leads will be a non-issue if the right questions are asked. In filtering the type of answers to expect, we simplify the process for your staff to get those leads pushed down the funnel.
5. Leave your Ads Alone for 72 Hours
We notice many people switching an add on and off on the day it goes live. What these people don’t know is that Facebook requires 3 days to have a campaign properly optimized.
If ads are being run just to test the waters, an ideal starting point would be to run an ad for $10 a day. It needs to be run for 72 hours straight so Facebook can display the ad to various users to determine who your audience is.
An ad shouldn’t be run for too brief of a duration, as it won’t give you sufficient data to determine if the results are worthwhile. If the ad is performing poorly, you’ll be throwing money down the drain. Facebook needs some optimisation time each day. As such, constantly refreshing your ad is discouraged. Once the ad is published, leave it be for a full day.
As far as Facebook’s algorithm goes, how the initial 500 to 1000 people respond to your ad will establish the quality of individuals it gets seen by, moving forward. Because it might come across as totally random, some advertisers prefer to run a few copies of a particular ad per ad set.
Your campaign needs the opportunity to target a quality group of individuals from the get-go. After you engage with a few groups, you’ll have the ability to pause ad campaigns that are not performing well.
Don’t hesitate to get in contact! Send us an email at firstname.lastname@example.org. Read our blog post about the Top 3 Trends you Can’t Ignore in 2020!