How Much Does Facebook Advertising Cost for Real Estate Agents
With many real estate negotiators now using Facebook to market their properties and development projects for sale, its good to understand how Facebook works when it comes to charging for their advertising services. Real estate digital marketing has become an essential tools for agents and negotiators.
One important thing to note, is that Facebook advertising is a form of push advertising, which means that you push advertising to a target audience, who may or may not be interested in your services. So choosing the right audience is very important because if you don’t, you waste advertising dollars paying to display your ad to people who aren’t even interested. This is different from Google search advertising, which is a form of pull advertising because its based on keywords that people are searching for.
Anyone that has used Facebook advertising before knows that there are multiple options to choose from and many ways to target people based on different campaign objectives. This can be very confusing for real estate agents especially negotiators who have had no prior experience with using Facebook advertising. In this article we will break down the basics to how much it cost to advertise on Facebook, so there is a better understanding on why and how agents should use Facebook advertising for your real estate marketing objectives in Malaysia.
How your advertising budget is spent on Facebook
There is no straight answer to how Facebook spends your advertising budget. Its is based on a variety of factors and is run like an auction, where you bid for exposure for your ad to a selected target audience.
The main thing to decide on at the start is how much you are willing to spend on a daily basis for your Facebook campaign. Facebook will make recommendations based on your target audience, but ultimately you will need to decide how much to allocate for this marketing channel.
Based on what marketing objective you have chosen you can also decide how much you are willing to pay for an action whether it’s an impression, click, conversion or page like. Again Facebook will give you a recommendation or even manage the bids for you, but ultimately you can choose how much you are willing to pay for an action.
What factors affect how much you actually spend on Facebook
Facebook has many options for what kind of advertising campaign you would like to run, whether your goals are to get clicks, get more exposure, get page likes, or leads.
But the main factors that affect the cost per action includes:
– Target audience chosen
– Quality of ad
– Click through rate
– Time of the year (season)
– Advertising competition
– Campaign engagement
Types of bidding options
Depending on your selected objective you can bid on actions based on the below options:
CPC – cost per click
CPM – cost per 1000 impressions
CPA – cost per acquisition
CPL – cost per lead
So many options! Which do I pick?
Well a good marketer will tell you to test them all, so you know which combination will generate the best results, at the cheapest costs. But doing this will take some expertise and a lot of time invested into testing out which combination yields the best results. So it’s best to hire the experts handle the optimizations of your Facebook advertising campaigns.
What other cost is there?
Part of your marketing budget should be invested into getting digital marketing experts to setup and manage your Facebook campaigns for you. Because they spend most of their time optimizing digital marketing strategies, they have the experience and time to invest into your campaign, and work out the best strategies for getting the best results. The more niche the digital marketing agency is the better, ones that specialize in real estate marketing will have the most experience and insights to offer you.
These are tasks a digital marketer can do for you to save you time and efficiency with your Facebook real estate marketing.
- Setup campaign
- Develop ads
- Monitor ad frequency
- Spilt testing ads
- Setting up fresh new ads
- Audience selection and optimization
- Objective selection and optimization
- Data analysis for optimization
- Reporting on results
Here are some Facebook stats to give you an idea of how much Facebook costs globally
In summary, Facebook costs are still quite affordable in Malaysia compared to other countries globally, but Facebook costs will gradually increase based on more companies advertising on Facebook, and costs of bids will naturally increase. For now, it’s the best time to get started with Facebook marketing as a channel for marketing your real estate business. But before you begin, its best to consult some digital marketing experts, who specialize in Facebook marketing for the real estate industry in Malaysia. Start your Facebook marketing journey today with a good start.