Property market conditions are currently weak in much of Europe. Yet several European markets, including the UK and Sweden, have showed signs of stabilisation in late 2012. (Source: Yahoo! Finance)
Showing positive signs, UK property prices have also seen a modest increase in May 2013. Also, the Council of Mortgage Lenders forecast that the UK will see 95,0000 property transactions during 2013, up by 15% over 2012.
With most homes typically sold during the warmer summer months, advertisers in the property business should optimize their campaigns now especially as the mortgage rates are at historic lows in UK, loans are becoming more liquid, and monetary incentives are available for home buyers.
Most people now start their search for a new home online. According to this online estate agency, 88% of the home searches start online with two third of the researchers being women under age 45.
Below are a few recommendations designed to help you maximize your success with Bing Ads.
An analysis of keywords being used by successful property advertisers shows a diverse portfolio including brand, sales and rental as well as localized terms:
Brand terms: Less experienced advertisers often neglect their own brand, assuming they appear on top of the organic listings anyway. When a brand name appears in both organic and paid search results it helps build your brand awareness among the audience.
Sales & rental terms: receipt both the keyword lists for home sales or rentals are essential for any property advertisers. This is the area where to invest time to build out a robust list of long-tail keywords.
Generic terms: Generic terms such as just “homes”, “apartments” or “property” are great for driving volume but obviously have low CTR. They can be very powerful though when used in a targeted state or metro area campaign to reach the right audience in the right place. Below listed are few generic property terms:
To ensure you do not exclude people in other areas with a high purchase intent we recommend to set the advanced location options as shown below:
Localized terms: Most of the larger advertisers run national as well as localized campaigns. The keyword “houses” alone will likely drive a lot of traffic to your site but generate low conversions. “London houses” or “houses in “London” is much more precise. Creating localized terms is time consuming but rewarding. Combine your seed term (e.g. 2 bedroom apartment) with a specific city, neighborhood or postcode.
Bidding and Seasonality:
Property seasonality changes with weather patterns. New Year being the search period, summer is the most preferred season for home buyers and movers. Placing a competitive bid is important as making a qualified offer. Highest click volume and best CTR is typically seen in the mainline, meaning those ads that appear right above the organic results.
Average bids & average CPC for the property terms are £0.89 & £0.32 respectively.
Bid on all match types. If you run on broad only, adding exact and phrase can greatly improve your CTR, often at lower costs per click. We recommend the bid for exact match to be slightly higher than for other match types.
Property agents know that location matters as the value of a home is determined to a large extent by geography. If you advertise on search engines you also know that for paid search location matters, too. Your ad performs very differently by position. On Bing Ads, it is estimated that close to 70% of the clicks are from ads appearing in the mainline positions. Dynamic insertion is a must-have for advertisers in the property business. Since many user searches are tied to a location, you want to see this location reflected in the ad copy.
Bing Ads can help you drive more traffic to your website, but the road to conversions happens on your website. Home buyers specifically find features like photos, detailed information on the property, virtual tours and interactive maps particularly useful when using property websites. The more your technology is equipped to fulfill these expectations the more successful your campaign will be.
Demographics & Incremental Bidding
Incremental bidding offers additional opportunity to reach your preferred audience by increasing bids specifically for the target customers. Here’s an example of how it works:
Using this feature on Bing Ads, you can target your right audience at better positions for optimum results. 55% of property searchers are women and fall in the age group of 25 – 49.
The easiest way of course is to let us do the work for you. Contact us and we’ll do the optimization work for you. Our search experts are more than happy to help. Another quite simple way is to export your already optimized campaigns from another search engine. Just use “Import from Google AdWords” from the main menu in Bing Ads and follow the instructions.