Map-based real estate marketing is experiencing explosive growth


Homesnap has partnered with Waze to allow agents to pin their listings and open homes to interactive maps. Such advertisements have seen a lot of interest in the past month.

A card-based property marketing product that is the result of a partnership between Homesnap and Waze has seen rapid growth in recent weeks as more people return to driving and companies introduced new, lower-cost pricing.

The product enables agents and brokers to embed their advertising on a map from Waze – a Google-owned company that has a popular navigation app. The embedded ads can either appear as banners that briefly occupy users’ screens, for example when they are sitting in a car but have stopped, or they can appear as embedded pins in specific locations. For example, someone driving through a neighborhood sees a pin in their Waze app indicating the location of a new entry or an upcoming open house.

Left-to-right screenshots show an entry pinned to a map, a property details page, search results that include a home for sale, and a banner ad. Credit: Homesnap and Waze

The ads also place listings in Waze’s search results, and the idea behind all of these features is that since the ads are tied to an interactive map, they are also clearly targeted at consumer locations at all times.

Fernando Belfort

“You’re driving through the suburbs looking for a new house and you’ll see a pin,” Fernando Belfort, director of Waze’s North American Small and Medium Businesses, told Inman. “You can click on that ad and go there right now.”

Homesnap Chief Product Officer Lou Mintzer described the concept as a kind of virtual billboard, or a digital version of the traditional courtyard sign. And he explained that a user can tap the ad and view a variety of property information as well as contact details of the agent.

“It’s an inexpensive way to generate navigation to an entry,” Mintzer told Inman. “And it generates phone calls because it puts the agent’s number right into the Waze app.”

Homesnap and Waze first teamed up on this project in 2017. But two things have changed since then. First, Homesnap has cut its prices. When Waze real estate ads first appeared, it cost $ 99 to embed an entry on a card.

However, Mintzer told Inman that the companies unveiled a new $ 39 version of the product last month. This new, lower-cost option – available only through Waze’s partnership with Homesnap – will run an agent’s ad on Waze for a week. During that time, companies should estimate 12,000 views and at least 50 clicks (or taps since Waze is a mobile app).

Companies also offer various other price points, including the $ 99 option. At the highest end of the spectrum, a $ 449 ad will stay active for about a month, and companies estimate will get more than 100,000 views.

The second big change – related to the first – is that there has been a surge in interest in Waze-based property listings lately.

Lou Mintzer

“If you look at the table, it basically looks like a hockey stick,” said Mintzer. “We will probably grow by 60 percent compared to last year [in July] on this thing and I don’t see it stop. “

Describing the $ 39 option as “an incredible catalyst,” Mintzer said much of the growing interest in Waze advertising has focused on this entry-level price. In practice, this means Homesnap and Waze “run over 1,000 ad campaigns a day,” Mintzer said.

Or, the rising interest in Waze-based ads could be a sign of the times. Last year, much of the US was effectively closed thanks to the coronavirus pandemic. That meant fewer people were driving around, for example when commuting to offices.

More recently, however, many companies are gradually bringing their employees back into the office. Tourism and various leisure activities are also recovering, and overall driving has recovered to pre-pandemic levels.

So it’s obvious that ads aimed at people who get around in cars – who are the main consumers for apps like Waze – also have a moment.

Either way, Homesnap and Waze see the potential for significant future growth, with Belfort finding that despite supporting “a large number” of agents in the US, we “just scratch the service at the end of the day.”

Email to Jim Dalrymple II





Source link