Geofencing has been a staple of advertising in restate marketing for years. But how has it developed over time to lead to more accurate and LEGAL targeting? Over the years, geofencing technology has improved significantly in precision, accuracy, and scalability. Earlier iterations of geofencing technology were often plagued by issues of accuracy, where the targeted areas might be too broad or too inaccurate. However, advancements in location-based services, GPS, and mobile device capabilities have led to enhanced precision, allowing for more refined and actionable insights.
The Challenge of Real Estate Advertising
Advertising in the real estate sector can be challenging, especially on social media platforms with paid ads. Many platforms have stringent regulations, primarily driven by concerns for privacy and preventing discrimination. For instance, Facebook had come under scrutiny for allowing advertisers to target (or exclude) specific ethnic or demographic groups. To address this, they’ve since implemented changes that restrict targeting options for housing, employment, and credit ads.
Innovative Use of Geofencing in Real Estate
1. Utilizing Direct Data: Employ data directly from the MLS (Multiple Listing Service) to procure genuine and up-to-the-minute information on open house listings. This ensures that the information in play is both fresh and pertinent.
2. Parcel-Level Tracking: Correlate each address to its respective parcel data for accurate location clusters. This lets real estate services verify if a visit to a property was bona fide by assessing it at the parcel scope.
3. Location-Based Audience Outreach: After defining the location clusters, employ them for specific audience outreach and geo-focused campaigns. This empowers targeting potential homebuyers precisely when they are present at an open house on the list.
4. Customized Pricing Outreach: Infusing home price parameters ensures that the messaging resonates with the correct pricing bracket, leading to tailored communications and an enhanced potential for successful engagements.
5. Ensuring Privacy: By presenting data at a generalized “location tier” rather than pinpointing specific addresses, it resonates with prevailing privacy norms. This counteracts possible concerns linked to data confidentiality in our modern digital era.
6. Adaptive Engagement Window: Engage prospective homebuyers using variable lookback periods such as 30, 60, 90, & 120 days. This offers versatility in connecting with potential clients based on the recency of their interest.
Benefits for Complementary Services
This approach isn’t just beneficial for real estate agents or sellers. It can be instrumental for banks, mortgage loan officers, and other financial institutions. By understanding when potential house buyers are visiting properties, these institutions can send timely finance options, loan offers, or other related promotions. The customization and timeliness of such messaging can greatly improve the chances of these financial services being utilized by potential homebuyers.
As geofencing technology improves and becomes more sophisticated, its potential applications in sectors like real estate are vast. By adopting innovative methods like ours, real estate services can navigate the challenges of digital advertising and reach their desired audience effectively and ethically.