Since March, our team has been dedicated to sharing knowledge that helps Agents and Brokers make educated decisions regarding Facebook and Instagram advertising during the Pandemic. To continue our promise to the real estate industry we have added another month-over-month analysis that compares April and May result data to our analysis.
Between February and May our team analyzed a subset of our real estate business that includes over 340,000,000 ad impressions and behaviors that have generated over 140,000 leads. The below analysis shows a unique advertising landscape that offers an unprecedented opportunity. As media costs remain at an all time low and buyer intent continues to surge, Agents and Brokers who understand how to navigate this landscape may reap substantial rewards.
This data continues to describe an incredible story of low media cost and extremely high buyer engagement.
To better understand our current advertising environment our team conducted a seasonality analysis to better understand the unique landscape of real estate advertising.
We believe CVR is the best metric to use when measuring buying intent. Simply put, the higher the CVR, the more motivated the audience is to start the home buying process. Below we have included two maps of the United States that show state-by-state breakdowns of CVR, with dark green showing low rates and dark red showing high rates.
Comparing April CVR to May CVR it’s noticeable that high buyer intent has returned to the majority of states.
The below line chart is a day-by-day look at conversion rates for real estate listing ads on Facebook spanning from February 1 to May 31st 2020. COVID-19’s impact is clearly seen in the March time frame. The steady increase of CVR can also be clearly identified.
The drop in media cost on Facebook is clear, along with its subsequent gradual increase. This chart also shows that a lot of movement is needed before media rates return to normal.
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