Lead Gen Demographics for Real Estate Investors on Facebook
If you are a real estate agent, broker, or investor, you have noticed how hard it has become to run a successful ad campaign on Facebook. There are tons of regulations, TOS, and other things blocking you from running meaningful campaigns. This is a bummer as Facebook more than any other social media channel has the most relevant users to who your targeting.
If you are needing some help don’t worry! Today we will be sharing a success story and outlying what exactly we targeted in order to help out our client.
Texas is a competitive market for real estate and there is no doubt about that. Our company though comes from New York City which is arguably way tougher than Texas when it comes to selling homes.
We took on a new client Fast Cash For New York Homes last month. They are a cash buyer in the New York City area. They buy houses fast in the Bronx, buy houses cash in Brooklyn, and pretty much every other borough in New York.
One of the challenges that this company was facing was an average ad spend. It’s nothing for a real estate company in NYC to dump 24,000 dollars on an ad campaign and another 24,000 on SEO. As a smaller company, they did not have the big dollars these other companies can throw around.
Budget is a key piece to the puzzle when its a competitive market like this. Single-family homes in the Bronx typically go for 400k plus and 2 family homes around 600k. In comparison, the average price per home sold in San Antonio Texas in July was 280,000. With profit margins that big you can easily see why the market is so fierce.
For our ad campaign, we decided to use Facebook and geo-target the NYC area. This included all 5 boroughs of New York. Facebook gave some numbers and tried to triple the ad spend that we were doing on our first test. Don’t believe you necessarily have to spend this much. Our clients budget was a lot less so we decided to split test some ad groups.
There's no point in putting an advertisement in front of someone who can’t use your service. That’s a waste of money. In order to make a relevant ad spend, we looked at 2 key areas. Homeowner age in the area and what does a typical homeowner look like.
Before we began running our ads we did some research on homeownership in the NYC area. Utilizing various resources we saw reports that the average homeowner ranges between age 50-54. We also saw various data on income by age. Knowing that the average sale price per home is in the 400,000 range we decided to combine this data and target ages 33-69.
This is where we had to put our thinking hat on. What kind of behaviors would a homeowner show while interacting with Facebook? That last sentence is king. Facebook can only track what users do through the app to segment their interests. After a couple of quick huddle sessions, we came up with the following.
Home Owners Insurance
This is pretty much a requirement if you own a home.
If you own a home, chances are you are going to have to buy appliances or do some form of repair to it.
If a person is looking to move they are more than likely looking to sell.
The campaign is still ongoing but what you can see here is a minimal add spend with a low cost per lead.
One thing the form does not show are the amount of inquiries and leads we received from visits to the website from the ad and messages we received through the Facebook Business Page (2 from website, and 3 from messenger).
The company that we are helping was also able to close on one of the leads this past Tuesday! We plan on changing imagery and running a few more in this style and if the results stay true cost per lead should only get cheaper.
If you need help with generating leads for your real estate business give us a call today 210-812-9224 or check us out online at www.socialmediasa.com