Facebook is overhauling its advertising platform in the wake of accusations that it helped enable housing discrimination. This and other coming changes from the tech giant may have a major impact on housing.
Prior to the policy change, marketers were able to be "ultra-precise" when targeting customers on Facebook, but with the new changes, branding will top lead generation in importance when leveraging Facebook data as a sales and marketing tool. CEO and founder of fintech company Total Expert, Joe Welu, says "Lender and Realtor Facebook activity today is ... about building brand awareness and trust with customers so you can engage them when the context is right."
Total Expert is responsible for marketing and customer engagement for banks and lenders representing more than 10 percent of the U.S. mortgage industry’s $1.6 trillion in annual volume, HousingWire reports. “People don’t really go on Facebook to find an agent or a lender, but they’re happy to jump into conversations an agent or lender might be having about a listing,” Welu added. “It’s the digital version of hanging out at an open house.”
Welu says it’s business as usual for lenders and Realtors who post and discuss listings, and it’s also Social Media 101 for salespeople and marketing teams who do this organically –because they build brand for free by putting in the time.
“But if you want to spend money to build brand on Facebook,” said Welu, “think education-centric content deployed with your ideal customer in mind in addition to property listings.”