It’s human nature to want the next best thing,
To be growing, elevating, heading upwards and onwards.
This basic human instinct is hugely helpful when looking to get maximum attendance at your open houses.
Facebook’s housing and income data allows you to promote your open houses to people in your community in “upgrade mode.”
We All Just Want To Live The Dream
Most Americans subscribe to the “desire to own their own home” belief system as is evidenced by NAR’s 2016 Home Buyer and Seller Report.
“Among buyers 35 and younger and between 36 and 50, the main reason for purchasing was the desire to own a home of their own.”
We’ve had it programmed into us since a young age that the American dream is owning our own home.
It’s one of the boxes we want to check to feel like we’ve “lived the dream.”
But owning A house isn’t enough…
Our grandparents may have spent their entire lives in one home but the majority of the working generations have subscribed to a new idea…a new american dream.
We’re in this home for usually a decade or less.
It’s the place we move in with our spouse, work our tails off, and start a family.
This works great for one kid, maybe two toddlers…but once our family starts to expand, we begin looking for greener pastures…
And that’s when we buy our expansion home [Upgrade #2].
This is the place we raise our families, earn our equity in our property, and begin to accumulate wealth.
This house is usually our residence for 15-30 years…but once our youngest makes it through their last year of college, we realize we’re going to have some extra liquidity.
That’s when we look for Upgrade #3…the dream home.
For some this is an ADDITIONAL home, for others it’s a standard move.
This home is the place we look to foster relationships with our closest friends, our children’s significant others, and our grandchildren.
Some people have the resources to make it all the way through the system, some don’t even reach step one…
The big thing is understanding it’s the BELIEF SYSTEM we’ve subscribed to.
We all want to move to the next step to feel like we’ve made it…
Which means it’s in your best interest to showcase your listings to the people who are looking to upgrade.
Housing And Income Data On Facebook
If you don’t know yet, Flipt is all about teaching real estate professionals how to use social data to make more sales…we even wrote an awesome, free ebook about it.
We define social data as INFORMATION about PEOPLE that allows us to make CONCLUSIONS about them.
And if there’s any social media network that knows a LOT of information about its individual users…it’s Facebook.
Facebook is amazing because it combines information volunteered by its users with data it purchases to make bigger conclusions.
Now, the way all of this information is determined is very technical (read: we’re not going to try to explain it).
Here’s what you need to know:
- You can target people by the size of their current residence
- You can target people by how long they’ve lived in that residence
- You can target people by household income
That’s pretty powerful when trying to get your listings in front of people who’d be interested AND bring in enough to afford it.
But knowing this targeting capability exists isn’t enough…you need a plan for using it.
Get Upgraders To Your Open Houses
We’ve done lots of advertising on Facebook and we’ve found that one tactic in particular works well regardless of market….promoting upcoming events.
Step 1: Determine Which Type Of Listing You’ve Got
Your listing falls into one of the “Upgrade” buckets we talked about (Starter vs Family vs Dream).
Determining the type of listing makes the rest a breeze.
Step 2: Who Views This As An Upgrade
Obviously, people in smaller homes view this listing as an upgrade…that’s not what we’re talking about here.
What areas in your geography view this area as an upgrade regardless of the size of their home?
Think about schools, commutes, amenities, and more.
We usually do this by zipcode as it’s the most reliable way to advertise in Facebook.
Step 3: Match Up With Relevant Facebook Data
The three (3) things we evaluate:
- Current square footage of their home
- How long they’ve lived in the house
- Household income
The better we do of identifying the type of people who view this listing as an upgrade and CAN AFFORD IT, the better our results.
Step 4: Create Your Facebook Event And Promote
It’s time to create your Facebook event and get it in front of the people you care about:
- Here are the instructions for creating a Facebook event
- Once you’ve got your event created, you’ll want to promote it using the criteria you determined in steps 1-3
Key Tips And Tricks
- Start promoting the event 5-7 days before the open house
- Post in the event every day for three days before the event to stay top of mind
- Offer to send people a calendar invite if they’ll send you their email address
- Schedule the campaign to end at the time of the open house
Our method of using Facebook’s Housing and Income data to put your open houses in front of “upgraders” a slick way of using social data to grow your business.
But we’ll be honest with you…while this is a great way to get more people to show up, the work falls on your shoulders to build a relationship and win the listing.
Just like any real estate marketing tactic, the key to closing deals is YOU!