Luxury Real Estate Ads Advertising Network - 7Search PPC
Part two of a series on real estate PPC is presented here. We discussed what PPC is and how Google Ads operate in part one.
Real estate brokers frequently run PPC advertising poorly, spend far more than they had planned to in their budgets, and then opt to stop using the program before they waste any more money. Agents that have had a bad experience and don't want to continue with PPC are all too common.
PPC campaigns, however, can attract motivated visitors to your website, produce more leads, and eventually close more real estate deals. When done correctly, prices can be kept under control and wasted advertising funds can be avoided, giving you a competitive advantage. Find out why by reading on.
One of the worst kept secrets in the business is PPC
Cost per click (CPC): How is it calculated?
The sum you fork over each time a buyer or seller hits one of your adverts is known as the Cost Per Click, or CPC. This indicator is crucial since it enables you to evaluate the effectiveness of your advertisements. Prior to attempting to raise your typical CPC, it is helpful to comprehend the main contributing components.
-Quality score: Google rates the effectiveness and appropriateness of your ads and keywords. A high ranking on Google costs less the higher your quality score is.
- Ad rank: If two ads have the same quality score, the benefit of ranking higher requires you to pay a higher CPC.
- Age of the campaign: It takes time to enable your campaign to run more efficiently and raise your quality score, which lowers costs.
- Website quality: Landing pages with excellent quality and a strong keyword relevance receive better quality scores.
- Competition for keywords: Google Ads functions like an auction. A keyword will cost more than individuals who are bidding on it.
- Location: Prices vary depending on the area you're trying to reach and whether you're aiming for buyers or sellers.
What factors determine the conversion rate?
Your conversion rate, as a real estate agent, is the proportion of website visitors who become leads by providing their contact information or asking about a listing.
There are a few important aspects that can affect it, just like CPC:
- Lead generation: Do you have a place where prospective leads can enter their contact information before pursuing your listing further?
- User experience: Because they reflect the quality of your landing page, metrics like time on site, bounce rate, and loading speed can have an impact on your quality score.
- Audience you're aiming for: Similar to CPC, costs will vary depending on your area, the kinds of properties you specialize in, and whether you're aiming for buyers or sellers.
A good conversion rate is what?
One of the most widespread fallacies is the idea that agents should aim for a "normal" conversion rate. Furthermore, various real estate ads brokers in the same market can provide dramatically varied lead counts due to the sheer number of website-specific and external factors that can influence the number of visitors who submit their contact information.
increased conversion rates, on You desire a high conversion rate because it would suggest you are getting more leads given their amazing faces. A high conversion rate won't truly help you build your business if you're converting less quality leads who aren't currently interested in your offerings.
Cost per lead (CPL) calculation: how does it work?
Another marketing measure that aids in determining the success of your PPC advertising is cost per lead. Divide the amount of money you spent on a campaign during a specific period by the number of leads that campaign generated during the same period to calculate CPL.
Cost Per Lead = (ad spend over a month) / (leads produced during that month).
($1000 spent on advertisements) / (50 leads produced) equals $20 CPL
Word Stream reports that the real estate ad CPL in the market is $116. With a CPL of $12, Avenue consumers often pay 10 times less. It's critical to keep in mind that these are averages based on all clients and markets. Because they are more saturated, some markets have higher cost per lead. Texas, New York, and California are a few examples of markets. With Avenue, you may anticipate paying roughly $10 for a medium-sized market.
What should my advertising budget be?
You can determine how much money to set aside for your advertising expenses after you know your cost per lead. We advise each agent on your team to generate 1-2 leads per day. This enables a sufficient amount of leads for your efforts, resulting in a respectable return on investment. Keep in mind that web leads turn into home sales at between 1% and 3%. It will take a while to close a lead if you're only producing a little number each month.
Agent count * daily leads * projected cost per lead * 30.4 days
For a single agent who wishes to work two fresh leads each day, consider the following example:
$729.60 is the monthly average when one agent has two leads per day at a cost of $12 each.
In Part 3 of this guide, we cover the ROI of advertising in more detail.
How can Avenue help you save money?
You won't want to waste a dime of it, regardless of how much money you have to spend or how tight your budget is. Your budget is spent with the help of our real estate marketing effectively with:
- Regularly including negative keywords
Targeting audience adjustments
- Writing persuasive ad copy that encourages viewers to CLICK
- Raising your quality rating
- Controlling bid alterations
- Tracking key phrases
- Keyword optimization
- Regularly experimenting with ad types and extensions
You have a professional marketing team handling your advertising, and you avoid the agency pricing point, all in one.
Main Points
There isn't generally a one-size-fits-all method for choosing your PPC budget. real estate advertisement Until you begin a campaign, you cannot accurately determine your cost per click, conversion rate, or cost per lead. Depending on how competitive your market is, your cost per lead will change, but a well-run campaign should allow you to budget between $7 to 18 for each lead.