Facebook Ramps Up Property Advertising, Begins Taking On REA
Editor’s Note: This is not an April Fool’s day joke…
The social media giant has begun ramping up it’s property advertising offerings to disrupt the advertising market, with appearances at events including the Property Portal Watch Conference in Bangkok earlier this year, along with holding meetings with C-Suite level executives of major brands.
According to sources who spoke with Real Estate News Group, the tech giant has sent executives to begin scoping out how they might take a larger cut of the property industry’s marketing budget through event attendance and high-level meetings.
Much of the conversation is believed to have centred around how Facebook could better utilise it’s Marketplace Platform to post real estate listings.
Facebook Ads Already Outperforming REA Ads For Enquiry
For David Stewart of Market Share Property in Croydon North, Victoria, a $220 Facebook campaign generated 7 times the enquiry of an $2,100 realestate.com.au advert, despite REA having a “couple of weeks” head start.
“Initially we went with a program that was pretty standard with board, photos, floorpan and REA ad. We have a Premiere all account so the upload to REA was $2,100. After the first couple of weeks we were not getting any enquiries or traction. The opens were like a deserted wasteland of me just playing games on my phone.” David said in an interview with Real Estate News Group.
“So I had a chat with our owner and we took the original photos and sent them off to be made into a slide show video. I selected the music from a subscription I have and sent that off too, to be added to the final cut. I then scheduled a local Facebook ad to send for a week at a cost of $130 and targeted it specifically to the areas I thought the buyer might come from.”
The Realestate.com.au advert attracted 1,021 page visits, 1 enquiry and no booked inspections, at a cost of $2,100.
The Facebook advert meanwhile reached 4,357 people, 7 direct enquiries, 10 comments and 4 booked inspections, at a cost of $220.
When we asked David about selling exclusively through social media, he said: “At this stage I have no considered nor will I consider only selling via social media, not until this is a consistent result replicating many times but I do believe it is a sign of the times and that day is coming, just not today.”