The Canadian Residential Real Estate market is highly lucrative. Its estimated market worth is over $6.1 Trillion. That’s more than the GDP of a lot of countries.
With such a sizable market share, it's no surprise that everyone wants a piece of the pie. A lot of businesses use Facebook Ads in Canada to boost their sales.
According to The Canadian Real Estate Association - CREA, there are more than 140,000 agents, real estate brokers, and sales professionals working in 79 real estate Boards and Associations all over Canada.
So, how will your real estate marketing agency stand out in Canada?
How will you be able to get real estate leads with so much competition?
Well, you’ll need a solid marketing strategy. You can use Facebook Ads to generate converting leads for your real estate agency.
To help you with that, we have created an in-depth guide to help you create result-generating Facebook ads without wasting your marketing budget. We’ll walk you through step-by-step instructions for setting up your lead-generating campaigns.
So, without wasting any more time, let's get started.
What are Facebook Lead Ads?
According to statistics, there are around 28,780,000 Facebook users in Canada, making it one of the biggest platforms to reach your targeted audiences. Its user base is the reason why Facebook Ads are better than LinkedIn Ads.
So what are Facebook Lead Ads?
Facebook Lead Ads allows marketers to find people who may be interested in your products and collect information from them.
Instead of using a landing page, Facebook Lead Ads offer Instant Forms through which you can collect information from your leads. You can collect contact information such as:
- Email address
- Phone number and more
Facebook forms also allow you to include custom questions that can help you better understand your potential customers.
Here’s how lead ads can be useful for your real estate agency:
- Help you identify who can be potential customers for your real estate agency
- Help you collect information about your subscribers through your agency newsletter
- Help you convince your audience to download your agency’s brochures
- Help you understand the behaviors and interests of your potential clients
How do Facebook Lead Ads work?
With Facebook Lead Ads, when a user clicks on an ad, a pop-up window appears within Facebook with already filled user data. Ideally, the user just needs to just confirm that the data is correct and gets automatically added to your leads list.
How To Create Real Estate Facebook Ads To Generate Leads (14 Steps Easy Guide)
1. Figure out how many leads you want to acquire
On Facebook, you can either target buyers or sellers with ads. Since you’ll ideally just want to acquire buyers for your real estate agency, you’ll need to decide how many buyers leads you’ll need to acquire to meet your business targets. Buyer leads are much easier to generate with Facebook ads than seller leads.
2. Calculate the maximum cost per lead you’re willing to spend
Once you’ve decided how many leads you want to generate, you need to now figure out the dollar amount you’re comfortable with spending on acquiring each new lead.
To figure out the cost per lead (CPL), you’ll need to first find out how much gross commission you can earn from Facebook leads. After that, simply divide the number you get by the number of leads you generate from Facebook ads.
Don’t worry. Let us give you an example.
Imagine you sell properties in the ballpark range of $100,000 and you earn a standard commission on each sale. Typically, the real estate commission rate in Ontario Canada is around 2.5%. This means that you’ll make $2500 CAD for every deal you close.
Now, imagine, you acquire 500 cold leads from Facebook and manage to convert 10% of them. The 10% of 500 is 50. Out of those 50 leads, you manage to convert 10 of them. This means that you’ll make $25000 CAD from your Facebook Leads Ads.
So, if you spend $250 per lead, you won’t be able to make much commission. However, if you spend 200 instead per lead, you can make a profit of around
3. Create a proper Facebook business page
Next, you’ll need a Facebook Business Page to start running your real estate ads. You can check out this guide to create your Facebook business page if you haven’t already.
You’ll essentially need to type in a name for your page and select “estate agent” as your category. After that, add a description for your real estate business page. You can talk about which Canadian states you operate in and stuff like that.
When you’re done adding the description, simply click on the “create page” option.
Last, add a profile picture along with a cover photo and click on “save.”
4. Set up your first Facebook Ads campaign
Now that your page is all set up, it is time to create your first Facebook Ads campaign. Within your ads campaign, you will need to create ad sets for all the different ads you’ll run in your campaign.
For example, your buyer lead campaign will have multiple ads such as:
- Satisfied customers testimonials
- Facebook Live virtual property tour
- Free Home evaluation
- Newbie homebuyer’s guide
- Feature new real estate construction
Each ad set will have multiple ads and also retargeting ads to target visitors who visit your website.
To create your Facebook Ads campaign, go to “AdCenter”.
5. Establish a campaign objective & adjust ad settings
Every ad campaign has an objective. It is essentially the outcome you expect from your ads. Since our objective is acquiring leads, we’ll set our objective as then and then name our campaign.
To choose an objective, click on “lead generation” and then name your campaign. You can name it anything you like “XYZ Lead Ads.” After that, click “Continue.”
Once you’ve selected an objective, you need to adjust your ad settings. To do that, click on the campaign and look for “special ad categories,”. Next, click on “housing.”
6. Set how you want your leads to contact you
Now, you need to decide how you want your leads to get in touch with you. Facebook Ads offer you 3 contact options:
- Instant Forms
- Automated Chat
For our ads campaign, we’ll choose Instant Forms. Once you’ve decided how you want your leads to contact you, you need to visit your Facebook Business Page and accept Facebook’s terms and conditions.
After that, look for “Dynamic Creative” and click on “yes”. Once you do that, Facebook will automatically optimize your ad to get you the most leads.
7. Set your ads budget
The cost of Facebook ads depends on how much you're bidding. Advertisers will bid a dollar amount that they are willing to spend to show their ads to a specific audience.
The bidding process is completely autonomous and doesn’t require manual monitoring. You just need to set your maximum daily bid and Facebook will automatically determine how much, and when to bid for ad placements.
Once you’ve decided on a daily budget, select the start date and end date for your campaign.
8. Target the right audience
You don’t just want anyone to see your ads. For example, you’d only want people in Canada who are interested in purchasing real estate to see your ads. You don’t want college kids to view your ads.
To make sure that you’re targeting the right people with your ads, you’ll need to tell Facebook your target audience. To specify your target audience, go to the “Audience” section and click on “create a new audience.”
You can choose an audience based on:
- Demographics & Interests
9. Choose where you want your ads to be placed
Now, you’ll need to tell Facebook where you want your ads to be displayed. And of course, since Instagram is also owned by Facebook, you can also choose to display your ads there. If you’re not sure about where you should have your ads displayed, you can simply choose “automatic placements.”
10. Create Your Lead Forms
Now we get to the crucial part. This is where you need to create your leads form. Your real estate leads will fill out this form to get in touch with you.
To create a form, click on “Instant Form” > “Create Form”. You’ll need to provide an image for your ad along with a headshot image. You’ll also need to write a question that you want to ask through your lead form. Don’t ask too many questions, otherwise, your leads may not fill-up the form.
11. Optimize your ads & adjust budget spending controls
Now that you’ve created your leads form, it is time to do some fine tweaking and adjust the budget spending controls for your campaign.
To adjust spending controls, take a second and go back to the cost per lead (CPL) that you calculated earlier. Provide Facebook with your maximum daily budget. Word of advice, if you set your budget to a high dollar figure, Facebook will be able to better optimize your ads - getting you more leads faster.
The goal of a lead generation campaign will be to get anyone interested in your agency to provide you with their contact information. Using that information, Facebook can automatically choose ideal leads for optimization.
After setting everything up, Facebook will show you the estimated daily ads reach and ad clicks. You must make sure to target a large audience so that you can get the maximum number of qualified leads as per your projections.
12. Decide on what ad format you want to go with
If you use Facebook yourself, you must have come across all types of ad formats. Ad format basically lets you decide how you want your ads to appear. Do you want your ads to appear with images or appear within a video?
There are multiple types of Facebook Ads that you can choose from:
1. Dynamic Facebook Ads
2. Instant Experience Facebook Ads
3. Lead Facebook Ads
4. Carousel Facebook Ads
5. Offer Facebook Ads
6. Facebook collection Ads
7. Video Facebook Ads
8. Domain Facebook Ads
You can choose any ad format you see fit for your lead generation goal.
13. Create a lead magnet
Decided on the ad format you want to go with?
Now, you’ll need to create your content. By content, we mean your ad. You’ll now need to design and write content for your lead magnet. You need to pick an eye-catching image, a preferred layout and write your ad copy. When creating an ad copy, make sure you're speaking in a tone that resonates with your target audience.
14. Create a killer landing page & create a retargeting strategy
Last but not the least, you need to create a landing page and create a retargeting strategy.
Well, a landing page is a web page on your website that your visitors will get redirected to when they click on your ad. When you create a Facebook Ads campaign with the “lead generation” objective, your landing page will be made available on Facebook.
Since in this guide we’re concerned about generating leads on Facebook for a real estate agency, we just want a landing page that asks for a visitor's contact information.
Designing a landing page also comes in handy when retargeting the visitors who visited your website and left without providing their contact information. To capture lost leads, you can use retargeting to show your ads on Facebook to only those people who left your website without interacting with your lead magnet. You will have to show your ads multiple times to retargeted audiences to hopefully get them to click on your ad.
When In doubt, Let Orion Handle Your Marketing Needs!
As with any marketing strategy, advertising on Facebook also has a pretty significant learning curve. If you want to generate leads right away, you can hire our team of experts at ThinkOrion. We’ll help you run optimized lead-generating ads for your real estate agency in Canada.
With our years of experience planning, executing, and reporting, we can effectively help you with:
- Social Media Marketing for Event Promotion
- Search Engine Marketing (SEM) For Event Marketing
- Landing Page Development & Optimization For Event Campaigns
- SEO to Boost Event Visibility in the Search Engines
- Email Marketing to Promote Events