The world of marketing has changed dramatically over the last few years including the use of Facebook and other social networking sites. One very effective way to reach your target market and channel them to your website is the use of Mortgage Facebook Ads.
Facebook ads are targeted to users based on their location, demographic, and profile information. Whether you want to score new leads or work on referrals, Facebook ads should be a vital part of your strategy. Here is why:
- Facebook has a lot of users – roughly 2 billion people use the platform
- People spend a lot of time on Facebook – the average person spends more than two hours on social media sites every day
- Facebook ads are targeted – you can attract new homebuyers, renters, refinancers, YOU name it
- Facebook ads are a deal – you make the budget, this can be a very inexpensive way to reach tons of people
- Facebook ads work for more than leads – these ads will help get new leads, but also work well for building relationships with your current database
WHERE TO GET STARTED?
The first step to getting started with Facebook ads is to create a business page from which you can advertise.
To create a page, just click the + button in the top right corner and select “Page”.
In addition to a Facebook page, you have the option to create a Facebook Business Manager account. While this is not required, there are several reasons why you would want to do so. For example, if you:
- manage multiple Facebook or Instagram assets such as Facebook Pages, ad accounts or apps
- want complete jurisdiction over your assets without giving ownership to people who assist your business operations
- have multiple people who work on your marketing or manage your Facebook or Instagram business presence
- want to request access to other Pages, ad accounts and apps, or share your own with other agencies.
To create a Business Manager:
- Go to business.facebook.com/overview.
- Click Create Account.
- Enter a name for your business, your name and work email address and click Next.
- Enter your business details and click Submit.
The next step is to set up your Facebook pixel. Pixel is a few lines of code from Facebook that you copy into the header section of your website. This code allows the pixel to receive information about the actions taken on your site to make your Facebook ads more relevant to your audience.
To create a Pixel:
- Go to Facebook Events Manager > Pixels.
- Select Create a Pixel.
- Enter the name for your pixel and select Create to confirm.
- Choose your installation method
There is a wealth of benefits that come with setting up a Facebook pixel, such as to deliver a campaign to reach people who visited a product page but didn’t complete a purchase to encourage them to go back to the website to do so. You can also create an audience of everyone who’s visited your website in the past 30 days (and even lookalike audiences based on data gathered from your website traffic).
If you already have a Facebook business page and a pixel installed, you can head straight to the Facebook Ads Manager or Business Manager to create your Facebook ad campaign.
At this stage, you will notice that your Facebook ad needs 3 parts to run: a campaign, ad set and ad. All these parts make up what’s called the campaign structure. Knowing how they work together will help your ads run the way you want, and reach the right people. Let’s break it down!
Campaign: A campaign is the foundation of your ad. Here, you’ll choose an advertising objective, whether it be awareness, consideration or conversion. Before you create your Mortgage Facebook Ads, first consider what your business goals are! For example, if your business goal is to send people to a URL, you’ll likely want to select Traffic as your objective. Conversely, if you want to collect leads for your business, Lead Generation could be your best bet.
Ad set: An ad set tells your ad how to run. At the ad set level, you’ll create an audience for your ad using Facebook’s targeting options. You’ll define your audience by choosing things like location, gender, age and more. You’ll also create a budget and set a schedule for your ad and choose your placements. Keep in mind that a campaign can include multiple ad sets, each with different targeting, scheduling and budgeting options selected.
Ad: Your ad is what your customers or audience will see. At the ad level, you’ll choose your ads creative, which may include things like images, videos, text and a call-to-action button. Learn how to make design ads that work. Keep in mind that you can have multiple ads within a single ad set. This is especially helpful if you are looking to split-test ad copies.
FORMATS OF FACEBOOK ADS
There are five different formats you can choose from. The ad formats you can use depend on your advertising objective. Your objective can also affect the placements (Facebook, Instagram, Messenger, Audience Network) where your ads can appear. Let’s see what they are:
- Image: we recommend using images of your product or brand.
- Video: adding movement to your ads can make them more eye-catching in News Feed.
- Carousel: carousel ads showcase up to 10 images or videos in a single ad, each with its own link.
- Collection: the collection format features multiple products and opens as an Instant Experience when someone interacts with it. Your customers can discover, browse and purchase products from their phones in a visual and immersive way.
TARGETING YOUR AUDIENCE
Who is the kind of person who might become a lead for your mortgage business? There are a number of ways you can define this using Facebook ads, including:
- Location: You can sort by people who live in a specific location and exclude people who are merely traveling to your location. This is great if you live in an area with a lot of tourists.
- Demographics: Choose your audience based on age, gender, education, job title and more. You can keep track of the types of people your ads are reaching, but Facebook will never share personally-identifiable information about them. If you are in the financing or real estate industry, it’s important to know that
- Interests: add interests and hobbies of the people you want your ad to reach—from organic food to action movies—and make your targeted ads more relevant. .
- Behavior: Target your ads based on consumer behaviors such as prior purchases and device usage.
- Connections: Choose to include people who are connected to your Facebook Page or event, or exclude them to find new audiences.
Due to Facebook’s non-discriminatory policies, for ads in special categories (Credit, Employment or Housing), the following audience options are different or unavailable:
Locations: You can target your ads to people by geographic location (such as country, region, state, province, city or congressional district), but not by ZIP code. Specific locations you select will include a 15-mile radius around that targeted city, address or pin-drop. For example, if you want to reach people in the city of Seattle, your audience will also include people within a 15-mile radius of Seattle’s city center.
Age: You can’t edit this option. Audiences must include ages 18 through 65+.
Gender: You can’t edit this option. Audiences must include all genders.
Detailed Targeting: Some demographic, behavior and interest options are unavailable. Excluding any detailed targeting selections is also unavailable.
Audience Expansion: You can’t use targeting expansion or lookalike expansion options if your campaign is part of a Special Ads Category.
As loan officers inevitably fall into this category, drilling down on an audience can sometimes prove incredibly difficult. Along with these restrictions to interests and behavioral targeting, Facebook introduced what it calls a “Special Ad Audience” in the “Ad Set” settings. This means that lookalike audiences are out of question for these types of ads.
The good news is that, apart from the name, these Special Ad Audiences introduced by Facebook are virtually identical to Lookalike Audiences used in the conventional campaign targeting. In fact, they’re created within the same area of Ads Manager with the same menu.
According to Facebook, the Special Ad Audience is filtered to prevent discrimination, although it hasn’t divulged exactly how that happens. As a best practice, we recommend loan officers to upload a list of working leads and create a Special Ad Audience based on it. From there you can play around with some of the detailed targeting features available to narrow the audience down.
Facebook measurement unlocks the potential to optimize your ads, understand your audience and grow your business. One of the greatest things about Ads Manager is that you can see all the basic metrics at a glance. Let’s check some of these performance measurements.
Budget: The maximum amount you’re willing to spend on a campaign on average each day or over the lifetime of your scheduled Mortgage Facebook Ads. For example, when you view your campaigns, this column will likely tell you that your campaign uses the ad set’s budget, unless you created a campaign with Campaign Budget Optimization. When you look at ad sets, this column would display the budget you chose when you created your ad set.
Results: The number of times your ad achieved an outcome, based on the objective and settings you selected. For example, if you chose Engagement – Event Response as your campaign objective, your results would display the number of Event Responses attributed to your ad. If you chose Traffic, your results would display the number of link clicks attributed to your Mortgage Facebook Ads.
Reach: An estimate of the number of people who saw your ads at least once. Reach is different from impressions, which may include multiple views of your ads by the same people.
Cost per result: The average cost per result from your ads. If you choose Engagement – Event Response, Cost per Result tells you the cost per event response. If you choose Traffic, Cost per Result tells you the cost per link click.
Amount spent: The estimated total you’ve spent on your campaign, ad set or ad during its schedule. For example, this column may display $0.00 for a campaign that’s in review, or $6.57 for a campaign that was recently approved and started running. This number should always be less than your Budget.
Ends: The date your campaign is scheduled to stop running. For example, if you set an end date when you scheduled your Mortgage Facebook Ads set, this column would display that date. If you did not choose an end date, this column would say Ongoing.
There are several other metrics that Facebook makes available within Ads Manager. You can customize the columns to show these different metrics and breakdowns by clicking the Columns or Breakdown tabs.
Alternatively, you could use Facebook Analytics to gain more insight into your audience. To access Facebook Analytics, you must be the admin of an event source, like a pixel or app. You can also use Facebook Analytics if you have a role on someone else’s event source in their Business Manager. If you don’t already have a role, you must ask an admin to assign you one.
To open Facebook Analytics on the web, go to https://www.facebook.com/analytics in your browser. Closely monitor how your campaigns perform in the Facebook Ads Manager dashboard. If a campaign isn’t performing well, put your money into an ad that is instead.
If you’re just starting out, it might make sense to run several ads with small audiences and budgets. Once you’ve determined what works best, use winning Mortgage Facebook Ads as your primary campaign.
The world of marketing has markedly changed over the last decade, including the use of Facebook for mortgage and other social networking sites. One very effective way to reach your target market is Facebook. With close to 2.5 billion active users across the globe, Facebook has wide-reaching penetration and undeniable impact on customer behavior. The average daily time spent on the platform is 35 minutes. In addition, 74% of users have reported visiting the site daily.
If that wasn’t enough to convince you of the power of social media, here are a few more benefits of using Facebook for mortgage:
- Brand awareness and influence
- Audience reach and engagement
- Support of business goals and objectives
- Insights and Analytics
- Customer service
- Information resource
- Drive traffic to website
Younger homebuyers, for one, are more likely to search for homes on their smartphones and via mobile apps than older generations. Creating an intimate digital relationship with those around you will help you build your business and encourage others to share. While your business page and personal profile are separate entities, your posts and attitude are every bit as important as your business page. A great tip for making the most of using Facebook for mortgage is to utilize groups and lists to segment your audience.
Your business page, on the other hand, is the professional space where you will curate successful stories of closings and share the culture of your office as well as your real estate partners’ listings. Make sure your page is complete with profile and cover photos, mission statement, website link, bio, company overview, products, categories and your company’s story.
There are several ways to increase your social media presence and strengthen brand awareness. Follow these simple steps to build your brand using Facebook for mortgage:
- Devise a strategy.
- Check statuses for spelling and grammar.
- Share blog links and hyperlink to business partners or customers.
- Ask your friends to be your fans of your business page.
- Befriend everyone in your sphere.
- Post about your closing with pictures of your happy customers.
- Post videos about why you love your industry.
- Publish original content.
If you are unsure about what kind of content to share on your business page, check out these post ideas:
- Selling: Do you have tips to make selling a home better, quicker or easier?
- Buying: Do you know how to buy a home for a lower price? Or have tips on choosing a Realtor?
- Videos From Around Town: You can conduct tours of various districts or neighborhoods.
- Images of Awesome Houses
- Reviews of Local Businesses: partner with local businesses and promote each other with honest reviews.
- Real Estate Stories: Did something happen nationally or locally in real estate?
- Cute Photos: Cute home projects are a great thing to share.
- Holiday Posts: Don’t forget the holidays!
The recipe for success is to capitalize on every event and create opportunities out of it. Are you paying money to sponsor events and teams? Make sure that you check in when you are there and take pictures. Giving back? Post volunteer pictures. Creating an event for business or networking? Remember to invite people, get the word out and showcase this. Are you having an open house? Share it on Facebook! Ideally, you want this to be on your website and then spread across Facebook so you can drive traffic back to your website.
Facebook is an excellent medium for creating a sense of community and building new spheres of influence. Location-specific Facebook groups are ideal for sharing news and showing potential customers homes that may be of interest. For example, if you create a group called “Seattle Homes for Sale,” you may not have a lot of people interested in the conversations you begin. But if the group is called “Best places to live in Seattle,” you would establish a group where everyone feels welcome. You can invite all your friends from Facebook to your new group and encourage others to share invitations to the group. Starting a “closed” group means you will need to approve members before they can join.
The biggest key is to start conversations and have others start conversations about up-and-coming communities, festivals and happenings, news of the area and much more. Once people start feeling bonded, they will begin conversations of their own. Engagement is incredibly important when it comes to creating the sense of community that fuels the group. Various options are available for engaging people in conversation. Group members can share photos and videos, and you can create polls where people can vote on their favorite restaurants, neighborhoods, stores and more. Members can ask others for recommendations on everything from home repairs to schools. Starting is easy. Simply follow the instructions found here and then invite your sphere to join. Keep your content fresh and allow it to grow!
Just remember that Facebook groups can be for homebuying professionals just as much as buyers. Real estate agents and loan officers often view their peers as competition but creating a Facebook group allows you to have open discussions with each other about the market and changes in the industries. If you have a group that you mastermind with, it is a perfect opportunity to build a network in a Facebook group. Try starting a group called “Seattle Real Estate Professionals,” and watch your group develop.
According to recent reports, Facebook is aiming to partner with banks to bring more services to its apps in hopes these partnerships will integrate personal financial information to streamline user experience. As part of an effort to offer new services, the social media giant is asking banks to share financial information such as card transactions and checking account balances. Services such as buying and selling goods, viewing account balances, and fraud alerts are among the many features that Facebook hopes to integrate with bank partnerships. Facebook believes the additional customer financial information has the potential to help Facebook offer services that will increase user engagement and cause users to spend more time on the Facebook Messenger app.
Due to the extreme growth of online platforms, banks are being pressured to build relationships with web-centric companies in an effort to boost growth and gain traction in the mobile payment market. However, despite the pressure, banks seem hesitant to hand over too much control and financial information to third party platforms. As part of its quest to ascertain more data, Facebook is requesting information that reveals where its users are using credit and debit cards. Google and Amazon, meanwhile, have likewise asked banks to share data. Facebook currently has partnerships with American Express, PayPal and MasterCard, which allow users to perform various banking services and customer service inquiries through Facebook Messenger.
For more information on Facebook’s efforts to obtain financial data from banks, click here.