Facebook Releases Lead Ads for Real Estate Agents
In early 2016, Facebook added a new type of advertisement to its direct response advertising toolbox. Facebook doesn’t like it when an ad takes a user OFF of Facebook to view an offer. So, to keep people on Facebook, they created “Lead Ads.”
Lead Ads give you the ability to collect a prospect’s name, email, phone number, and address. You can even collect answers to a few simple questions; and you can do all of this right inside your prospect’s news feed. Your prospect will never have to leave Facebook to fill out your form.
This was great news for advertisers.
For example, let’s say you’re looking to generate seller leads for someone who lives in the “Turnberry Subdivision.” They have a 3-bedroom, 2-bathroom home valued at $400,000 dollars that just expired. You can target an advertisement to them asking if they’d like to see how you market homes for sale.
If you’re looking for buyer leads, then you can market a list of properties available for sale in a certain price-point in a certain part of town. In just one or two clicks you can have a new lead without the prospect ever leaving Facebook.
The bad news for advertisers is that it took quite a bit of time for Facebook to perfect this new tool. When we first tested some of these offers we saw leads come in for around $0.50 per lead; but as more agents came into the Facebook space, these offers became more widely used and we began to see an increase in the cost per lead. Agents that were getting leads for less than a dollar were now paying up to $3 per lead.
Here is the thing, though. Over the last few months my team began re-testing Lead Ads and it looks like Facebook finally has it right. After testing Facebook’s improvements to Lead Ads we are seeing the types of results we had grown accustomed to. Agents are now back on track to capturing leads for less than a buck a piece.
Here’s some more exciting news about Lead Ads. If you’re not sure how to build landing pages or don’t have a website, you don’t have to worry about it. Lead Ads eliminates the need for them. All you need is a solid Facebook business page or community page and a basic understanding of how to build a lead form.
You can also download your leads directly from Facebook or connect them to the CRM of your choice.
When you get a Lead Ad in place and target it the right way you can expect the lead flow to pick up! Just be sure you have a system in place to handle that increased traffic. You’re going to need it now that Facebook’s best version of Lead Ads is in place.
If you want to learn how our agents are using these new ads and what their success rate is like, then book some time to speak with one of our coaches. They can let you know more about our program and what you get when you join our family of Modern Agent Masters.