Facebook has launched the “Dynamic Ads For Real Estate” advertising feature to challenge Zillow for supremacy in real estate marketing. The product is designed to work through the integration of a real estate brokerages’ existing website listing data and the Facebook ad platform.
Retargeting, or remarketing advertising, is a form of advertisement commonly featured on Amazon. The technology follows users of a website across the internet to other websites using tracking cookies to display products previously viewed. Facebook uses similar technology to gather user preferences to display user specific real estate listings as they utilize the social media network. The listings display on Instagram and Facebook feeds in a slideshow format.
Keith Watts is the head of real estate and financial services at Facebook. Watts told real estate news website, Inman, “Real estate is an area we’re betting big on as a company.” Facebook plans to make a significant longterm investment in real estate industry related products. Watts also stated, “I think there’s a lot of ways that we can help the industry in general.”
Apartment Guide and Japanese real estate listing portal owner, Recruit Sumai, have both reported positive feedback from their respective test use of “Dynamic Ads For Real Estate.”
Facebook notes that “Dynamic Ads For Real Estate” works best for real estate brokerages that have a minimum of 100 listings on their website.
“For the folks that can have that amount of volume, we think it’s going to work really well, and once it’s set up, it’s pretty much automatic, you don’t have to spend a lot of manpower to keep the system up and running,” Watts stated.
Facebook hit the 2 billion users-a-month plateau in June of 2017.
With a massive amount of people on the social media giant’s platform, “Dynamic Ads For Real Estate” is certain to have a direct impact on the real estate sector. According to CoreLogic, U.S. real estate inventory is at a 30-year low.
CoreLogic also warned that U.S. housing prices are overvalued in Denver, Houston, Miami, and Washington, D.C.
“While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge,” Frank Martell, president and CEO of CoreLogic stated.
“Dynamic Ads for Real Estate” is Facebook’s first ad product designed specifically for real estate.
Amazon previewed the “Hire A Realtor” page on its website during Amazon’s annual Prime Day in July of 2017.
Amazon and Facebook are both preparing to challenge Zillow for dominance in the real estate advertising sector.
[Featured Image by Nam Y. Huh/AP Images]