Facebook is “betting big” on real estate and has developed its first tailored product, Dynamic Ads for Real Estate. The announcement, made at the San Franscisco Inman Connect, has caused ripples throughout the global real estate profession as many wonder what this means for them.
Facebook, which recently reached 2 billion users a month, announced the new ad product with a spokesperson saying, “real estate is an area we’re betting big on as a company. We think it’s content that consumers want to see”.
There’s no doubt that this is exciting news for everyone who works in real estate. Over the past 12 months Queensland real estate agents have moved to using Facebook professionally in ever greater numbers and we’re seeing a range of uses beyond just putting listings on the platform. Some uses are more successful than others but it’s very early days at the moment and we’re all feeling our way.
Inman reported that the product works best for agents with “100 listings or more” so the implied message is that it won’t be as successful, if at all, for small businesses that have lower volumes. This may be better suited to the big franchises.
According to Inman’s report:
The new ad product mimics the type of advertising that Amazon excels at: promoting goods related to what a consumer has already purchased or looked at on the internet (like the abandoned contents of your online shopping cart) — and in this case, for-sale properties, said Facebook’s Keith Watts, who oversees projects covering the real estate and financial services industries.
The ad product requires integration between Facebook’s ad platform and the brokerage advertiser’s listing data and search system.
Facebook will glean a prospective buyer’s property search preferences by looking at their search activity on the brokerage’s site.
Then it will automatically select listings from the brokerage’s inventory that fit the buyer’s search preferences and present those listings in the buyer’s Facebook or Instagram feed in a slideshow format.
Facebook launched Dynamic Ads last year with considerable success. This new product, Dynamic Ads for Real Estate, is a tweaked version of this existing product, tailored to suit the real estate market.
The Dynamic Ads product is also promoted as a “good tool for listing portals”, suggesting some integration is possible for existing portals in Australia.
In October last year, Zillow announced its Facebook partnership which helps agents sell property by pushing property listings into the news feed of those users who have visited the Trulia or Zillow websites.
Zillow Group Chief Business Officer Greg Schwartz was reported as saying: “We know these people are using Zillow and Trulia and now there’s a new opportunity to connect with them on Facebook.”
Facebook will be at the REIQ Real TECH Conference, talking about how it’s working with real estate agents to help them use the platform better.