It’s not a stretch to say that Social Media could be the Number 1 lead generation source in the property industry as it is very close to claiming that spot already after such a short space of time. In this article, we will look at how this platform is performing currently and then also take a look at where it is headed for the future.
Now, just think… Social media platforms currently have over 2.77 billion active users in 2019 with that number set to rise to 3.1 billion in 2021! That number in 2010 was only at 0.97 billion, so already in such a short space of time, the numbers are growing at an exponential rate. The more people using platforms such as Facebook, Instagram & Twitter means the more people you can reach and entice.
If the answers aren’t favourable then you should re-evaluate your approach as you’re missing out on one of the most profitable and efficient platforms out there in 2019.
Another thing you need to do to be a successful estate agency is to adapt with the times, you can’t go down the route of posting fliers through letterboxes anymore, or throwing an advert in the Yellow Pages… Those methods are archaic, from when dinosaurs used to roam the earth in marketing years. Everything is going digital, so you need to be as well.
The problem with most conventional marketing methods is that they struggle to be targeted, so a lot of the time you will be sending people content or adverts who have 0 interest in buying or renting a property, as an example if you are printing out 1000 brochures or paying for billboard space, there is a potential that over 900 of those don’t want to buy, sell or rent, so it is a lot of wasted time and money.
Where with Social Media you can target very specific demographics, instead of targeting the whole of the UK (as an example) you can choose an audience that is located in the exact area you are selling properties, if you know the demographic that lives in your area you can tailor the ads to reach people within that specific age range (It’s pointless trying to sell a home to someone who is 16). So if you want to stay ahead of your competitors you need to start investing in social media marketing, it’s the best way to gain brand awareness, traffic & leads to your agency.
Another key point of using Social Media for lead generation in the property industry is the fact that you can constantly refine & adapt your approach. Typically you could spend £1000’s on what you believed was the right content or sent to the correct demographic, but if that ends up being wrong then you have just made a huge mistake and lost a lot of money that can’t be cancelled. With Facebook advertising, you can create a lot of tests without the risk, spend £10 on a test advert and see what the results yield, if they’re successful then place more budget on that advert.
If it isn’t successful you have only spent £10 and you can cancel that advert at any point you start to see the results slow down, or dry up. It allows you to be flexible in your approach and create effective strategies that reach the most people at the lowest cost. Now how can you sit there and think that sounds bad? The future of marketing is epic right!?
I bet that title caught your attention! That’s the moneymaker right there, and most likely the reason why you are reading this article. So we realised just how important social media marketing is for estate agents and to get ourselves ahead of the curve we introduced a digital marketing executive that specialises in social media marketing.
We then approached several of our existing clients with the notion to test Facebook advertising for a month to compare it to their other marketing efforts & wow does it make a difference!
Test #1 – With a PPC spend of over £250 a month and only generating 1 lead, we asked them to take that budget and allow us to create some Facebook adverts with the same budget. With only £90 spent we generated 5 leads at a cost of £17.93 per lead. Whilst also increasing their website traffic by 30% MoM generating website visits at a cost of £0.06 per session.
Test #2 – With this client, we took an ad spend of £500 for the month and wanted to test just how much social media could alter a marketing strategy. With only £105 of the ad spend being used we generated a staggering 28 leads! The website traffic also soared, with a 185% MoM increase, generating over 5000 website visits through social media alone at a cost of £0.03 per session! As well as generating 34 leads in total (Direct & In-Direct) it also gained 6 newsletter subscriptions which show that we are targeting an engaging & interested audience.
Now you know the potential gains you need to ask yourself…can your agency afford to miss out on results like this?
Or if you want to get in touch with one of our marketing executives to discuss creating a strategy/campaign for your agency you should drop us an email firstname.lastname@example.org or call us directly on +44 (0) 1429 450510