Lyon Living is part of Lyon Management Group which has a portfolio filled with 37 luxury properties in California, Colorado, Georgia, Florida, and Nevada. In total, they also have over 7,500 apartments with happy tenants!
The problem this client was facing was trying to bring in qualified real estate leads to fill the units at their properties. We were given a $400 budget for each property.
- Needed qualified real estate leads
- Budget constraints
The solution we proposed to fix their problem was to run prospecting lead ads to people on Facebook in a 15 miles radius around the community. We were only targeting people who were interested in renting, apartments, and luxury real estate.
Pain Point Solutions
- Geo targeted advertising
- Granular targeting
- Advanced reporting
We launched the ads on September 2nd, 2020, letting them run for a while in order to gather data before we made changes. Initially, leads were coming in for their community, with Rowan Community at about $6.03 per lead, while Hollister Village had leads coming in around $1.51 per lead (which is already a good starting place) – but with some optimizations, we can make that lower. After letting data come in, we noticed the dynamic ads we tested were bringing in a lower CPL compared to the rest, so we turned off the lower performing ads to let the better performers get more of the budget. After letting that run for another 3-4 days, we saw the CPL drop to $4.64 per lead for Rowan and went up a little for Hollister Village to about $1.95 per lead.
With our creative doing good, we now wanted to start turning off the underperforming audiences, so we kept only the 2 best performers out of the 5 total we were testing. After letting that run for 3-4 days we saw the CPL for Rowan drop all the way down to $3.38 per lead and Hollister Village went down to $1.58 per lead! We were now happy with the results we were getting, so we decided to let the campaign run how it was currently set up, through the end of the month, and ended up getting a total of 89 leads for Rowan with a CPL of $4.49 per lead which is a 34% decrease compared to the beginning of the month. For Hollister Village, we got a total of 221 leads with a CPL of $1.81 per lead which is a 16% increase compared to the beginning of the month; however, with how low the CPL still is, we were able to get almost 3 times as many leads compared to the Rowan community. Combined, we had a total of 310 leads with a CPL around $2.58 per lead.
- Significant drop in CPL
- Generated over 300 qualified real estate leads for less than $1,000 in ad spend