There has been a lot of talk recently around Mark Zuckerberg's announcement that Facebook will change its algorithm to promote more personal content and less from businesses, brands and media.
For some time, the advertising industry has also provided commentary on real estate being the "sleeping giant" that social media and other advertising platforms have only just woken up to.
So, it stands to reason that somebody wishing to rent their investment property may now be able to streamline the process of advertising - and save cost - by managing the marketing process themselves using platforms such as Facebook.
By way of background, prior to joining Carnelian Property Management I worked for more than 15 years in digital marketing roles across the automotive, financial, higher education, and consumer goods industries.
Digital marketing (which should really be thought of simply as a part of marketing in the current day) has often been seen as a self-serve, low cost solution to reach many people effectively. It is very rarely as simple as people estimate.
Do you know how to promote your rental property on Facebook?
The quick answer to the question "Should I Advertise My Property For Rent on Facebook?" is yes. However, a more pointed question should immediately follow - do you know how to?
The point of this post is not to provide a step-by-step guide to promoting a home on Facebook. It is simply to encourage you to consider to what extent Facebook should fit into the larger marketing mix for your property.
4 things to consider before promoting your rental property on Facebook
Consideration 1 - Effective Facebook Promotion Is Not Free
Facebook has long been a paid - not free - means of promotion. Businesses started to see these changes several years ago, with research indicating that only 2-5% of Facebook page followers actually see a business's organic (unpaid) posts.
If you really want to be effective with the promotion of your rental property on Facebook, you need to spend money to reach people beyond your own personal - and relatively small - network of friends. Rather than reaching tens of people, you could reach thousands through advertising. Keep in mind though, your personal Facebook profile cannot be used itself to create ads. You must have a Facebook Page set up as well. This is itself a barrier to many promoting their home effectively on Facebook.
Consideration 2 - Your Friends Network Is Untargeted
Your Facebook post about your rental property - unless run as a paid ad - will only be seen by a portion of your personal Facebook friends. Of these, very few are likely to be interested in the ad themselves, or comfortable and generous enough to share your post with their own network. This is another reason why any truly effective promotion on Facebook should be paid, enabling targeting to a highly relevant audience and in greater numbers.
Consideration 3 - Content and Context
Mark Zuckerberg himself has said that Facebook has shifted its focus to "helping you have more meaningful social interactions". Facebook has always been a social space. Posts about products and businesses not relevant to the user will have an ever-decreasing place on the platform.
So think of it like this - is Facebook the most relevant place to communicate the availability of your rental home? If not, explore other avenues.
Consideration 4 - Don't Put All Your Eggs In The One Basket
Two things fundamental to the effectiveness of the promotion of your rental property are relevance and reach. Put simply, where is the most relevant audience likely to be found and how can you reach as many of these relevant people as possible?
It will always be the case that additional promotion such as listings on Domain.com.au, RealEstate.com.au, and regular conversations with potentially interested parties will go a long way towards filling your vacant property sooner than if only one means of promotion is used.
Facebook should be a part of a professionally managed mix
Facebook advertising, while useful in the mix of promoting a property, should not be seen as a standalone solution. Remember the above considerations when you next need to promote your home, and of course contact us if you need expert assistance in promoting your rental property to achieve optimal rental return.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.