Should real estate agents invest in Facebook or Google Ads?
It’s a tough world out there. As the world becomes a global village and embraces tech-friendliness, real estate agents might wonder if they’re slowly losing relevance as a real estate agent. Unless they get on this fast-moving train.
If you’re a realtor and you’ve decided to promote your real estate business online, you may be wondering whether to use Facebook or Google Ads to market your services.
This is where your search ends; here, we offer some valuable tips on how to select the right marketing platform.
So, Google or Facebook? Let’s dive into that!
The basics – lead classification
The essence of online marketing is generating leads, right? With marketing, you gain awareness for your brand and ideally convert leads into paying clients. From your clients, you can get positive reviews for your business to further strengthen your brand. All of this starts with gaining leads and nurturing them effectively. However, before you begin seeking out leads through Facebook or Google Ads, you need to establish some facts:
What should be the intent of your lead?
You must quickly figure out which leads are interested in taking immediate actions, and which platform they typically use. With this knowledge, you can then channel your energy into the right platform. For example, a lead that checks land transfer tax in Toronto is likely buying a property in Toronto.
Know your lead acquisition cost
Your lead acquisition cost (LAC) is the net cost spent on getting a single lead. If the total cost expended on getting one lead surpasses how much the customer brings into the business, you would be at a loss in the long term. This is why you must choose a marketing channel with a lower LAC.
Types of leads
Classifying leads based on age, city and other demographic information would help create a superb online strategy. For instance, you may be searching for specific real estate leads in Canada – rather than in the U.S. Another way of segmenting leads is based on their ability to afford the kind of property you’re offering.
After lead segmentation, you can then decide which of Google Ads or Facebook would better position you to find the right leads.
Online leads are classified into three broad categories: Buyer leads, seller leads and agents.
Buyer leads are individuals that are ready to strike the deal and get that house. If you are targeting these kinds of leads, you should make Google your preferred marketing channel.
Why? When a person performs a Google search, it shows an already bloomed interest. So, we have found Google to be the best when it comes to intents such as this. A similar benefit of using Google Ads is the ability to target a specific region. For instance, if your aim is lead generation in Canada, you can make that extremely succinct on Google, while still getting leads that are ready to strike the deal.
Seller leads are individuals who are looking to lay off their property. Similar to buyer leads, seller leads would preferably make a Google search rather than wait for a selling opportunity to appear on their Facebook timeline.
While traditional marketing teaches us to approach potential customers, online marketing allows us to be approached by ready-to-buy customers. And, this is exactly what you do with a Google Ad.
These include leads who are acting on behalf of customers. In this regard, Facebook Ads would likely be more productive. Why?
With Facebook, you can target customers – agents in this case. And, this is a huge advantage.
The bottom line
So, should you use Google Ads or Facebook? Your choice should depend on:
- The kinds of lead you are targeting
- The lead acquisition cost for each channel, and
- Which channel offers you the best lead segmentation
While Google Ads are generally more effective for buyer and seller leads, Facebook ads are preferable if you’re targeting agent leads.