** Quick Facebook Ad Targeting Update **
Just a quick update today pertaining to the new rules and regulations around what detailed targeting is still available for real estate agents, mortgage brokers, title and insurance agents to use in their Facebook Ads.
(Mostly) discriminatory targeting options have been removed
Facebook has been a staple platform for real estate advertising for many years now and continues to grow. So, it’s super important to make sure you are getting the most up-to-date information surrounding what you can and cannot do on Facebook when it comes to any that could be construed as discrimination. In my research I found even some of the most highly regarded social media focused websites and services still providing incorrect information as recent as August 2019 (such as being able to advertise to people based on their age and income).
These new rules all started due to a legal battle between the Department of Housing and Urban Development and Facebook, for violating the Fair Housing Act which Facebook lost, Facebook now must comply with not allowing its advertisers to create ads that could discriminate.
There’s some items that have been omitted (I don’t have the official list) but things like:
– newly married and
are not included, but targeting such as:
– gated community condominium (broad not a single condo)
– single family house
– luxury real estate
– starter home and first time buyer
are all still included.
Those are all the main detailed targeting that are included in real estate (there are a few focused on rentals too).
Other restriction include:
– age (18-65+ only)
– no gender specification
– no zip code focus
What does this mean for you?
I see the zip code restriction being quite detrimental to real estate agents who like to focus on a particular community or condo. Now, the smallest geographical location you can center in on is at least a 15 mile radius. The good news is that you can at least focus on just targeting those who are interested in condos and not all residential properties.
I also see that there is going to need to be some new strategies building built around how you market to a large number of generations – creating ads that are compelling to twenty-something’s AND sixty-something is near impossible.
I would highly suggest that you sit down with your marketing person and discuss new strategies and ensuring that those in place are removed or redesigned and retargeted now – all cities across the U.S. will have these restrictions in place in January 2020 (if they haven’t been already).
Think Outside the Advertising Box
There are many new ways to advertise on Facebook, and there will be many more to come. But one of my absolute favorites is Facebook Messenger. It’s safe to say that a large portion of 18-45 year olds prefer to communicate via text messaging and, within the next two years, I predict that it will be the preferred method above any other mode of communication.
In fact, research has already shown that most millennials prefer to use social media and chat options than the (old fashioned) phone.
As you can see from an example above, open rates from Facebook Messenger on a client’s Facebook Page are at 100% and clickthrough rates at an outstanding 77.5%. If you want to have a great comparison as to how astronomical these numbers are, the average open rate on an email is 20% and clickthrough rates range between 3%-5%.
Would love to chat with you about how you can utilize Messenger marketing in your real estate business and start thinking about how you can attract more buyers and sellers outside of the Facebook Advertising Box. Click the yellow icon on the bottom right of this screen or reach me via Facebook Messenger here.