The cost of online leads has skyrocketed in the past few years.
Recently, Zillow offered us shares in Dublin for $800 per month. They told us we should expect 1.2 leads. We politely declined. This investment does not make any sense.
Most agents can no longer justify the cost of Zillow leads.
Here is an alternative …
Inexpensive Online Ads that Yield Quality Leads
We started to use a much less expensive alternative called Megaphone. It’s provided to us by RE/MAX. Your brokerage may have a similar tool.
Megaphone helps agents create social media ads on Facebook, Instagram, Google, and Waze. It’s really easy to use and, somewhat surprisingly, produces quality leads with emails and phone numbers.
If you get a new listing, Megaphone automatically creates and publishes an ad on Facebook. RE/MAX pays for roughly 1,000 impressions, then you can add funds for more leads.
Putting Megaphone to the Test
I decided to put Megaphone to the test and invest $35 to promote a new listing – a home on 5 acres in Marysville.
Here’s a picture of the Facebook ad and its performance:
For an investment of $35 we generated 3,688 impressions, 858 people clicked on the ad, and 26 became leads.
That’s a mere $1.35 per lead – almost 500 times less expensive than Zillow.
In average, Megaphone yields 1,500 views, roughly 80 clicks, and 3 to 5 leads during the “free” period – for any new listings.
Megaphone leads are automatically forwarded to our CRM, which immediately sends an email and a text to the new lead. We only engage with leads that respond to either message.
All of this is FREE. It’s part of the RE/MAX tech suite available to all our agents.
How much do you pay for leads?
Would inexpensive online leads help you grow your business?
If so, give me a call at (614) 395-7375 or schedule a time to chat via a FREE video consultation!