In today’s digital age, property managers are spoilt for choice when it comes to reaching their prospective tenants. The internet offers a multitude of platforms where they can advertise properties. Among these platforms, websites such as Zillow and Zumper have gained popularity for their user-friendly interfaces and wide reach. But Facebook and its Marketplace have become really popular places to find tenants.
Why is Facebook so popular? Well, it has a vast user base which increases the chances of marketing content reaching a large number of people. And it also offers a variety of marketing tools that can be used to target specific demographics, thereby optimizing marketing efforts.
Why is it important for Property Managers?
Firstly, let’s understand the scale of Facebook’s reach and popularity.
Now the majority of renters in North America are also under 35 yrs of age, matching Facebook’s largest user base – making Facebook a must in your marketing strategy. Since almost all businesses use Facebook, it is crucial to improve the effectiveness of your marketing efforts, and this starts with understanding what you can accomplish with it.
What are the Facebook marketing options:
- Facebook Business Page
- Facebook Groups
- Facebook Marketplace
A property management company can utilize both Facebook and Marketplace for distinct purposes. Facebook Business Page is geared towards building a brand presence and establishing a lasting relationship with your target audience, whereas the Marketplace is focused on immediate sales and is more transactional in nature. The Marketplace attracts individuals with a clear intent to purchase, making the process much simpler. And the various Facebook groups available can be employed to amplify your marketing efforts.
Facebook Business Page:
At this point, most businesses will have a Facebook page – an essential and cost-effective marketing channel for engagement. Having a Facebook page can help increase awareness and build a following within the social media community while also providing a glimpse into the company’s operations. It’s important to remember to verify your page, as having the blue checkmark next to your account name can make a significant difference. Verified business accounts and pages receive more engagement and trust from users, increasing your chances of converting leads. Additionally, this platform has a lot of potential for growth if you continue to experiment with new ways of using the available formats. One can use these seven types of Facebook posts for rental marketing:
- Text Posts: The perfect tool for sharing quick updates about available properties or asking engaging questions to understand your audience’s rental preferences.
- Photo Posts: Use eye-catching images of your rental properties to draw in potential tenants. Showcase the unique features of your properties, from stunning interiors to beautiful neighborhood views, and make the most of this option.
- Video Posts: Much like a commercial, use this feature to provide a virtual tour of your rental properties. Show potential tenants the layout, features, and benefits of living in your property to grab their interest. You could also create promotional videos highlighting special offers or discounts.
- Live Video: Host a live Q&A session to answer queries about your properties. You could also conduct live virtual open houses, giving potential tenants a real-time view of your property.
- Pin Posts: Have an important announcement about a new property or a special promotion? Pin the post to the top of your page to ensure maximum visibility.
- Link Posts: Direct your followers to your website or blog, where they can find more detailed information about your properties. You could also link to resources that might be helpful for potential tenants, such as moving tips or neighborhood guides.
- Stories: Share day-to-day activities related to property management or give followers a sneak peek into the life of a tenant in your property. Limited-time promotions can also be shared via stories to create a sense of urgency.
The best way of having your rental marketed on Facebook for conversion will be to straight away target Facebook Marketplace because that is where all the renters are.
Let’s look at the different Facebook Marketplace marketing features and make the most of them:
|Facebook Ad Manager||Command center for crafting, steering, and scrutinizing ads||Acts as your digital real estate office, providing insights to fine-tune your rental property marketing strategy|
|Demographic and Geographic Targeting||Shape ads to resonate with specific age groups and geographical locations||Ensures your rental ads reach the right age group and location, like young professionals in the city|
|Interest Targeting||Align ads with users’ interests and lifestyles||Helps you reach users who share similar interests, such as students and academics, if your property is near a university|
|Lookalike Audience Targeting||Find individuals who mirror your current tenants or the ideal renter profile.||Though not 100% successful all the time, it finds potential tenants who are similar to your current happy tenants, expanding your pool of potential renters|
|Custom Audiences||Blend various data points to form a laser-focused audience||Allows you to target individuals who have shown interest in your rental properties, visited your website, or interacted with your Facebook page|
|Ad Placement||Decide where your ads appear||You can choose to display your rental ads in the news feed, sidebar, or even on Instagram, reaching a wider audience.|
|Ad Formats||Choose from a variety of ad formats||Select the format that best showcases your rental property and resonates with your target audience, from a photo of a newly renovated kitchen to a video tour of the entire property options.|
Types of Marketplace ads:
It’s not effective to rely on safe and monotonous content when Facebook offers a variety of marketing options. To enhance your property management marketing strategy, it’s important to understand how each option can be utilized to achieve specific objectives and mix it up for the best results. These options are similar to Facebook ads but can also be utilized in Marketplace for a more focused approach.:
- Facebook Ads: Think of these as your digital “For Rent” signs. They can appear in news feeds, the right column of the Facebook website, or within videos, reaching users based on their location, demographics, and profile information and work like placing your ad in a neighbourhood that’s tailored to each reader’s interests.
- Boosted Posts: These are your regular Facebook posts with a megaphone and are PAID. They start as a standard post on your page, but with a little “boost,” they can reach a wider audience.
- Sponsored Stories: These are the digital equivalent of a tenant referral, like your tenant telling their friends about their great landlord! They showcase a user’s interactions, such as a Facebook like, to their friends, encouraging them to follow suit.
- Carousel Ads: Imagine a digital tour of your property where each slide can hold a different image or video, each with its own link. It’s like having a virtual open house where each room gets its spotlight.
- Dynamic Ads: These work like your personal leasing agents, promoting your properties to people who have shown interest in similar listings. It’s like a leasing agent who remembers every prospect’s preferences and recommends properties accordingly.
- Lead Ads: Exactly like digital rental applications and virtual open houses – they include a contact form, allowing interested individuals to leave their details for you to follow up
- Video Ads: These are your virtual property walkthroughs that work like a commercial showcasing your property in action.
- Slideshow Ads: These are lightweight, fast, and play well regardless of the connection speed. It’s like having a digital photo album that tells the story of your rental property.
- Collection Ads: These are like interactive property brochures, allowing people to discover, browse, and learn more about your properties directly from their mobile devices.
- Messenger Ads: Like a personalized invitation, these will appear in the Home tab of Messenger, leading people to a destination of your choice when clicked.
Getting your listing on Marketplace
Whether you prefer using your phone or the web, following these steps is easy and straightforward. By simply following the instructions provided below, you can easily accomplish your task and achieve your desired outcome.
- To add a new listing on Facebook, start by locating the Marketplace option on your homepage. Then, click on ‘ + Create new listing’
2. Click on the listing type that is exclusively for renting or selling a home.
3. Here, we have essential tabs required to enter information about the unit you wish to list. Provide detailed information such as up to 50 photos related to the unit, its type, size, number of rooms, price, starting date of availability, and most importantly, whether it is pet-friendly. Additionally, there is space to add a description where you can include other vital details you may want to add.
4. To increase visibility for your listings, finish by adding relevant groups to promote them. Facebook can assist you in finding these groups. Preview your listing and make any necessary changes before it competes with other units on the market.
Now, let’s move on to the crucial aspect – how to enhance your Facebook marketing strategies.
Remember ‘Boosted Post’ from earlier: You can create an advertising campaign for your listing to boost visibility and unlock more leads. Here’s how:
- Get to your Facebook Ad Manager portal from your Facebook home page. From here you can go on to create your ad campaigns.
2. When initiating an Ad campaign, select an objective like ‘Lead Generation’ or ‘Conversions’ that aligns with your rental business goals. Name your campaign for easy identification, especially if managing multiple campaigns. Choose a category to aid the Facebook Ad algorithm in boosting your ads. Regularly conduct A/B tests to gauge campaign performance and identify areas of improvement. Utilize the ‘Campaign Budget Optimization’ feature to maximize your advertising budget across different ad sets.
3. With the Ad Manager, you can choose your target audience for more effective marketing and set both your budget and schedule.
Pro-Tip: To make it more effective – don’t miss out on setting your performance goal from the options below. This will push the Facebook algorithm to match the objective of your marketing campaign.
4. When it comes to putting marketing assets on Facebook, you can add an image, video, carousel, or combination that your marketing team has decided on. Then, upload all the contents, including media, copy, and text.
Pro-Tip: Remember, marketing and advertising should include a definitive call to action to engage your target audience. Use the call-to-action feature on your Facebook ads to ensure your audience is acting on your advertising campaign.
Boosting your marketing effectiveness
- Spotlight on Your Brand: To increase brand visibility, make sure your listings on Facebook Marketplace are engaging and accurately represent your properties. Use high-quality images and compelling descriptions to make your brand stand out in the bustling digital bazaar.
- Conversations with Prospects: As Facebook is a peer-to-peer platform, leverage the power of direct communication. Stats show that people are 53% more likely to do business with people they can message. Respond promptly to messages from potential tenants and use these interactions to build relationships and initiate the tenant screening process. It’s like having a friendly chat over a virtual cup of coffee.
- Budget-Friendly Marketing: Take advantage of the cost-effectiveness of Facebook Marketplace. Experiment with different listing strategies and paid advertising options to find what works best for your brand. It’s like shopping at a thrift store for marketing – you can try new things without breaking the bank.
- One-Size-Fits-All: Think of Facebook as your digital tailor, expertly crafting your rental housing listings to fit the mobile screens of its vast user base. With its automatic optimization feature, your listings are trimmed and polished, ensuring they’re not just mobile-friendly, but mobile-perfect. So, let Facebook handle the details, and watch your rental properties shine on any device.
- Tailored Search Experience: Use detailed property information such as square footage, price, bedrooms, bathrooms, and rental type in your listings. This will help potential tenants refine their search and find your property more easily.
- Harvesting Testimonials & Reviews: Imagine Facebook as a bustling town square, where satisfied tenants can shout their praises from the rooftops. By encouraging and collecting testimonials and reviews on Facebook, you’re not just gathering valuable feedback, but also showcasing positive tenant experiences to potential renters.
- Leverage User-Generated Content: Encourage your audience to share their own content related to your business. This could be photos of them using your product, stories about their experience with your service, or reviews of your business. User-generated content is not only free advertising, but it’s also more likely to be trusted and shared by other users.
- The Wild West of Ads: No verification of the advertisement can make Marketplace very cluttered and busy. To stand out, provide comprehensive property information and website links in your listings. This will add a stamp of legitimacy to your ads and make them more appealing to potential tenants.
- Missing Landlord Portal: While Facebook Marketplace doesn’t currently offer property management protocol integration, you can still use it effectively for listing setup. For property management tasks, consider integrating Facebook with CRM tools to get a more comprehensive view of your marketing efforts.
- Automated Listing Ease: Picture Facebook Marketplace as your personal assistant, taking care of the listing process for you. With the ability to automate your property listings, you can ensure consistent visibility without the manual hassle. This means your properties get continuous exposure, even when you’re busy with other aspects of your business. It’s like having a tireless marketing team working around the clock, making sure your rental properties are always in the spotlight.
Data intelligence and analytics to improve marketing success: Cue CRM tools
- Meta Pixel (formerly Facebook Pixel): This is a piece of code that you place on your website. It collects data that helps you track conversions from Facebook ads, optimize ads, build targeted audiences for future ads, and remarket to people who have already taken some kind of action on your website. For example, if a potential tenant visits your website but doesn’t fill out an application, you can use pixel data to show ads to that person again on Facebook.
- Facebook Analytics: This tool provides insights into your audience’s behaviour. You can see how people are interacting with your Facebook page and ads, and use this information to make informed decisions about your marketing strategy. For example, if you notice that video ads are performing better than image ads, you might decide to invest more in video content.
- Integration with Other CRM Tools: You can also integrate Facebook with other CRM tools to get a more comprehensive view of your marketing efforts.
Remember, the key to effective marketing is testing and optimization. Use these tools to gather data, but also make sure to analyze that data and use it to improve your marketing strategy.
Retargeting rental ads = Higher Conversion
If your initial Facebook ads for your rental property didn’t spark the interest you anticipated, don’t lose heart. The wizardry of Facebook retargeting can bring an impressive return on investment. Studies reveal that retargeting can resurrect the interest of 26% of consumers who might have otherwise vanished into the realm of lost sales.
Moreover, when rental properties reappear in listings, it imprints a memory in users’ minds, reinforcing the authenticity of your property. This plays a pivotal role during the Interest and Desire stages when potential renters have already noticed your property and are contemplating whether to explore the possibility of becoming residents.
Being well-acquainted with your potential tenants’ characteristics is like having a secret map. It enables you to craft highly targeted ads with precision. If you’re missing this information, fear not. Make the most of features like Lookalike Audiences and Retargeting.
As you delve deeper into these features, you’ll witness a surge in your success rate. This can empower you to rent out properties at your desired rates and to your ideal tenants!
Facebook Groups are like digital communities, brimming with individuals who share common interests. Imagine tapping into this goldmine of potential tenants for your rental properties. By strategically targeting your Marketplace listings and advertisements to these groups, you’re placing your properties directly in the line of sight of interested parties. In today’s digital age, it’s increasingly common for people to turn to these groups when looking for rentals. So, why not meet them where they already are? Harness the power of Facebook Groups and watch your tenant pool grow.
Find Inspiration with Facebook Ad Library:
- Peeking at the Competition: Consider the Ad Library as your private detective, offering a sneak peek into your competitors’ marketing strategies. Uncover their tactics, from the enticing messages they use to attract potential tenants to the creative elements they employ and the demographics they’re targeting.
- Catching the Trend Train: Use the Ad Library as your trend telescope, spotting the latest fads in the rental industry. By examining the ads run by various property management businesses, you can identify common themes, popular styles, and emerging trends.
- Burst of Creativity: Imagine the Ad Library as a vibrant art exhibition overflowing with creative ideas. Browse through ads from diverse industries, drawing inspiration from their visuals, copy, and overall presentation. You might discover a unique way to showcase a property, a compelling call to action, or an engaging storytelling approach that you can adapt for your ads.
- Performance Insights: For certain ads, the Ad Library turns into a data analyst, offering performance data like the number of impressions and audience demographics. These insights can help you understand what kind of ads resonate with different tenant groups.
- Learning from the Leaders: Look for businesses known for their successful rental marketing campaigns and study their ads. What makes them stand out? Is it the stunning property images, the compelling property descriptions, or the irresistible rental offers? Use these insights to shape your own strategy.
Remember, while the Ad Library is a fantastic source of inspiration, it’s crucial to maintain your unique brand voice and identity in your ads. In the world of rental marketing, authenticity reigns supreme!
RealSage for increasing effectiveness.
Realsage is a powerful tool that can significantly boost the effectiveness of your rental marketing on Facebook. Here’s how:
- Data-Driven Insights: Realsage harnesses the power of your data to provide meaningful insights, enabling faster and better decision-making. Monitor your leads to know which demographic is sending you the maximum leads and tailor your Facebook Marketing campaign according to the demographic. RealSage will also help you filter the demographic of your maximum prospects, understand what they are looking for under tags and give you essential information that can be used to design your marketing communication. Pro-tip: As we know, 68% of Marketplace users are women – won’t it help to know what women prospects are looking for while designing your next communication piece?
- Pricing Strategy: Get a comprehensive understanding of the competition asking rent and trends of price change in different areas before setting your rent. Realsage’s Price feature helps you maximize revenues and gain a competitive edge with this kind of up-to-date market rental data. This can guide your rental pricing strategy on Facebook Marketplace, ensuring it’s competitive and appealing to potential tenants.
- Performance Analysis: With Realsage, you can analyze portfolio and performance across all the marketing channels. This can help you understand which of your Facebook marketing strategies are working and which ones need improvement.
- Lead Management: Realsage’s Convert feature allows you to manage your leads-to-lease funnels like never before. This can help you track the effectiveness of your Facebook ads in generating leads and converting them into tenants.
By integrating Realsage into your Facebook marketing strategy, you can make data-driven decisions, manage leads more effectively, engage with tenants, and optimize your pricing strategy, all of which can significantly boost your marketing effectiveness.