Property management companies know that in order to thrive in the current highly competitive real estate industry, their skill-set can’t be limited to selling a property.
In fact, the ability to generate leads and convert leads into sales through digital marketing campaigns is even more critical to achieving success.
How can you sell a property when you have no qualified leads to sell it to?
According to a recent study by Mediakix, the average person spends 35 minutes per day on Facebook, giving property management companies ample opportunity to get in front of the right people.
The sheer number of active users on Facebook makes it an ideal platform for digital marketers. Aside from the platform’s popularity, Facebook’s detailed level of targeting makes marketers’ dreams even more exciting.
Whoever is spending money on ads should make sure those dollars are going toward the right group of people – your target audience.
Facebook has multiple layers of targeting options. This feature could be for good or for bad, depending on your level of understanding of your targets and the advertising platform.
If utilized well, the platform can maximize your ROI by accurate micro-targeting.
Otherwise, you could be wasting a lot of money showing your ads to irrelevant traffic that do not convert to sales.
Here are 7 Insider’s Tips on Effectively Capturing Qualified Audience on Facebook.
#1: Micro-target by Location, Demographic, Interests, and Behaviors
Location Targeting: Target by Zip Code
For property management companies, the first filter to add on to your ad campaign is location. If you are mostly targeting tenants that are relocating from other areas in the same city, then the location target could be as targeted as some zip codes or as broad as the entire city.
- How to decide which zipcode to target?
- We recommend looking at past renting/selling history to see where your tenants come from. Are there particular zip codes from which tenants have been moving to your apartment? Is there any zip code that is not likely to relocate to your area?
Age Targeting: Target the Age Groups Most Likely to Rent / Buy
- Are you attracting single working millennials?
- Are you attracting young families?
- Are you attracting empty nesters?
Depending on who your building is best suitable for, the age targeting range is self-explanatory.
When thinking about the age targets, consider the building’s location, pricing, and its surrounding lifestyle.
For example, young families likely won’t choose a studio or one-bedroom as their residence. And seniors aren’t likely to rent an apartment on a trendy street with bars and nightclubs.
Demographic Targeting: Target by Income
By navigating to Detailed Targeting > Demographics > Financial > Income, you can target your audience based on how much they’re making.
For example, college students aren’t likely to rent an apartment that is $3,000 / month. While there are people making $100 million a year, they aren’t likely to live in a $3,000 rental apartment either.
Therefore, your ad dollars will be better spent if you assign a lower limit as well as a higher limit.
Demographic Targeting: Target by Home Ownership Status
Detailed Targeting > Demographics > Home > Home Ownership will lead to three options: first-time homebuyer, homeowners, and renters.
If your apartment is in a trendy area offering studios and one bedroom apartments for rent targeting young working class people, then you probably would have a better bang on your buck by targeting renters.
Similarly, if you are selling an extravagant luxury condo, your buyers won’t likely be renters. There are exceptions, but when buying ads, we need to select the most likely targets.
Custom Audiences: Lookalike Audiences
With Custom Audiences, you can upload a list of your renters / owners contact information onto Facebook. And then Facebook will find similar individuals like your existing clientele who are likely ready to invest in your properties. Beware, only use their data when you have permission.
Behavioral Targeting: Target those “Likely to Move”
By navigating to Detailed Targeting > Behaviors > Residential profiles, you’ll find the option for individuals who are “Likely to Move.” This target option is one of the coolest features of Facebook targeting.
Who would want to waste money on those that meet all your categories but don’t have the slightest interest in moving?
And who wouldn’t want to target those that are already showing interest to move, meaning they are currently in the market?
As a summary, these are the Facebook targeting filters that can maximize your ROI.
- Zip code
- Home ownership
- Lookalike audience
- People “likely to move”
#2: Bring Your Properties to Life with Video
With social media occupying the attention span of most people, long articles, no matter how well-written, can no longer compete with short and visually-pleasing videos.
According to an Australian Real Estate group, listings with a video received 403% more inquiries than those without.
Some property descriptions could be seen as pure exaggeration. Some property photos could be thought as deceiving due to photoshop techniques. Videos, to an extent, give the audience a snippet of what reality is most likely to look like.
- Virtual tours help prospective tenants who are not good at spatial awareness get a better sense of the layout of the floor plan.
- Drone videos help out-of-region or out-of-state renters get a picture of what the location looks like.
The trend for property management companies to utilize videos in their leasing efforts are catching on. So don’t miss out on this effective marketing trend!
#3: Showcase Multiple Rooms / Properties in Carousel Ads
It is not uncommon for websites to have a carousel background to showcase multiple features of a product. This feature is available in Facebook’s Carousel Ad format.
The carousel ad format essentially allows the advertisers to display a series of images in a catalog type format, so viewers can scroll through and view multiple images or listings.
The more images a target can see, the higher the chance that one of the images will capture their attention.
Using carousel is like catching several birds with one stone, because this single ad has multiple pathways to convert.
#4: Write Transparent Ad Copies
Building trust is one of the most challenging aspects of real estate. When someone is making not only a huge financial decision, but also a personal one that is going to impact their day to day, they want to ensure they’re working with a trusted party.
Trust can be incredibly hard to establish when there are so many real-estate horror stories out there, but one way to do this is by being as transparent as possible to ensure your lead never feels like they’re being deceived.
When crafting your Facebook ads for real estate, show realistic imagery, and be direct in your ad copy. Tell the consumer exactly what it is they are getting before they even have to click by including information like price, square footage, location, number of bedrooms, etc. in your Facebook ad.
A good ad copy follows the AIDA rule, which leads a prospect through four phases: Attention – Interest – Desire – Action.
#5: Anticipate Peak Season To Increase Your Ad Spend
Real estate has distinct hot and cold seasons.
One common mistake property management companies make is that they put off marketing during those peak seasons because they are filled with calls, leads, and showings.
However, if you add your ad spending during the times where most people move, you will end up with more qualified-leads that are ready to pull the trigger.
So when is the best time to sell properties? According to Zillow it’s based on weather patterns! “In markets with warm climates like Miami, the magic window starts in March. But in places with harsh winters like Boston, waiting until mid to late April is your best bet,” says Zillow.
Zillow also reported that homes sold from mid-March to mid-April sell around 15% faster and for 2% more than the average listings. “That’s a national premium worth more than $4,000. And in hot markets like San Francisco, that could mean an extra $22,000 in your pocket!” says Zillow.
#6: Build Social Proof By Using Testimonials And Reviews
It’s quite easy to talk about how great you are, but when compliments come from other people, especially the peers of your target audience, the impact of the words amplifies drastically.
- Talk to your current tenants.
- Find out a few loyal advocates.
- They are those that come to community events all the time, like being social, and truly enjoy living in your property.
- Ask them for a review online, or even better, a short video testimonial where they talk about how much they love your property!
- Put the video on your website, and sit and wait for higher lead conversions.
#7: Capture Appealing Lifestyle Creatives
Last, but not the least, make sure you have high-quality, high-definition, and appealing photography that tells the story of your brand.
Instead of putting beautiful photos of your property’s amenities, try painting the picture of what a tenant would feel like living in your property.
Capture some photos with happy people dining, or a family enjoying their night.
There is no second chance for a first impression.
Let your ad viewers imagine themselves living in your property is the ultimate goal of a good, high-converting creative.
Facebook advertising for property management companies doesn’t need to be an overwhelming task.
Take these tips and have some fun with it!
You will see change in your lead conversion by implementing these 7 tips.