Hello ISA enthusiasts! Here at PowerISA we’d love to tell you about a fun experiment we ran using our new Speed to Lead service to convert leads from Facebook. We decided to try out Facebook Lead ads. Facebook Lead ads are ads that keep you on Facebook and ask you to fill out your information without having to go to another site. They debuted in 2015 and have been the preference of Real Estate marketers ever since.
We wanted to get a diverse set of leads, so we created 2 different types of ads: A Home Search ad that advertised a list of homes available in a certain price range, and a Foreclosure list ad that advertised access to a list of foreclosed homes for the same area.
We selected these two since they are very popular kinds of Facebook ads for Real Estate (in addition to Single Property ads, Ebook ads, Special Offer ads, etc), and we wanted to see if the different creative work would affect conversion rate. We keep everything else consistent between the two ads: Audience, Target location (radius around Bothell WA), budget, etc. We adapted our script so that our ISA Team could be prepared (more on scripts later), and we were off to the races.
And (drum roll please) here are the results we got after running these ads in our own Bothell, Washington area for 4 days apiece with the same targeting and daily ad spend ($50 per day limit):
We were really thrilled with the results and encouraged that we can convert Facebook leads at a high level 26%+ regardless of the type of ad we used in this example. Key takeaways:
- The Foreclosure ad definitely created the most buzz, more leads and lower cost per lead. A catchy Call to Action in your ad is always key.
- The Home Search ad was less interesting for buyers, less leads and higher cost per lead overall.
So, what did we do to get this awesome conversion rate?
I'm not gonna lie, a huge part of the success of these ads is the design of the ads themselves. With Facebook ads, the creative aspect is the variable that can sink or make a campaign. More info on who created these ads below.
With regards to the conversion process, there are a few aspects that deserve unpacking: Speed, Scripts and Follow-Up. You need to have all three on point to get a great result.
1. Speed to Lead
Goes without saying, but we hit these leads quick. 3 touches (Text, Call, Text) within the first 5 minutes. Speed makes the greatest difference you’ll see in this business. Speed and consistency. Everyone needs it, we provide it. After those first 5 minutes, we continued with our 15-Touch Marketing program for the next 2 weeks to maximize our shot at converting these leads.
2. Solid Script
After speed, this is the biggest difference maker. Now that you have a hold of the lead, what do you say? The script needs to be specific to the lead source you’re targeting. It’s not the same responding to a Realtor.com or Zillow lead than to a Facebook lead. The Facebook lead is much more likely to just be getting started in most cases so you can’t just close for the showing.
Your script should basically have 3 parts:
- Qualifying questions
- The Hook
Intro is just the basic introduction, we need to reference that we got their message from Facebook and that we’re there to make sure they get what they’re looking for (Home list, Foreclosure list). At Speed to Lead by PowerISA, we’re able to customize the script to match the Facebook ad, this is huge for conversion! Be sure you’re able to bring up the very reason the FB lead clicked on the ad.
Qualifying Questions refers to the tried and true things we always need to ask: Timeline, Motivation, Price Range, What they’re looking for, Already talking to an agent? Lender? And most importantly the hook and appointment close. For this experiment, we found the Foreclosure ad to be tricky, we needed to qualify not just for folks searching for foreclosed properties but we also needed to ask if the lead was interested in other homes as well. The ones that were, were set as Qualified leads. For the home search ad, this process was much simpler.
The Hook. This is the key part of the whole script. You not only need to ask qualifying questions, you also need to listen to the lead, see what their concerns or questions are, and offer them massive value in order to get them to meet with you. Always keep in mind that nobody wants to go to an appointment with a Real Estate agent, they avoid it if they can. But what about making some time to solve that big problem they have? To find out about that great opportunity to buy their home? That, they can make time for. Position your hook as the solution. Great hooks include access to down payment assistance programs, off-market properties, VIP buyer programs, Special offer, etc.
Speed and a solid script will help you convert leads on the first day, but what about the next day? The next week? To get the long tail of conversion, you need to have a follow-up plan in place. Nothing makes Real Estate Team leaders angrier than knowing that their teams are not making every effort to convert the leads that come in.
We use our 15-Touch Marketing Plan with Calls, Texts and Emails to get maximum conversion. Yes, some leads still convert over email, some hate phone calls and some will only trust someone they can talk to. We use all three forms of communication to get the best results for you. Every touch has to be very intentional. Every touch needs to count and should try to get a dialogue started. For example, you need scripts for your text messages that are requesting a call back:
“Hey Bob, I got your message through Facebook, when is a good time to chat?”
They can even request a confirmation that you have the right number:
“Hi Bob, haven’t been able to reach you, are you getting these?”
The idea is to get their attention, prompt a response and get a conversation started. The more conversations we have (Engagement) the more Leads we will get (Conversion). It’s that simple and a follow-up plan is how you get. Our ISA team makes sure no lead if left behind.
Hope these tips will help you and your ISA's with Facebook lead conversion. Facebook is becoming a dominant force in Real Estate Online Lead Generation and every team should have a plan to turn these leads into clients.
Big shout out to Steve Goltiao, who helped me create these ads and manage the campaign for them. Check him out here: facebook.com/stevegoltiao