Facebook is in the process of completely overhauling its ad targeting capabilities to remove discrimination in housing, credit, and job ads. This move is part of a legal settlement Facebook has made to remove discrimination from its platform based on race, ethnicity, national origin, and sexual orientation.
The social media platform is also building a tool that will let anyone search housing-related ads in the U.S. as well as different areas across the country.
WHAT DOES THIS MEAN FOR REALTORS AND RECRUITERS?
For the most part, realtors and recruiters won’t be affected much at all. The new rules will mean that if you are serving an ad on the Facebook platform or its properties (Instagram, WhatsApp, etc.) for housing, credit, or job-related ads then you will be subjected to the new Facebook targeting guidelines.
Ads related to these sectors will no longer be able to target ads based on age, gender, or ZIP code. As I mentioned above, it will limit your ability to target certain types of legally protected categories of consumers as well.
While this is a good thing for consumers, it could mean advertising costs for advertisers will go up in these areas. This means if you are advertising a million dollar home that ad must be shown to people who are 18 years of age. Most 18 year old can’t afford a home that cost this much; however, you will still be paying to serve them an ad.
WHAT DOES THIS MEAN MOVING FORWARD?
Moving forward, this means it is better to target a particular situation or solution rather than a consumer.
You may run an ad that targets people who have recently been divorced and are looking to sell their home quickly. Be sure to mention this in your ad text and concisely explain what you will do to achieve that.
You can take advantage of Facebook’s custom audiences to build a larger list of potential leads. These are based off of previous leads or customers you may already have.
It’s possible to upload a contact list and target those people on Facebook or even build a LookaLike audience based off of that list. Lookalike audiences are audiences of people that Facebook builds based off your current customers or potential leads that have the same traits as those you have already uploaded.
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What marketing strategies are working best for you as a realtor right now? Do you see these changes impacting your ad strategies or how you promote your homes/services?