Following the COVID-19 outbreak, the housing market faced significant challenges. Interest rates soared from 2.67% in December 2020 to 7.49% by October 2023, and average housing prices inflated by 31%. Additionally, Meta's revised advertising policies hindered SOLD.com's ability to target home buyers using phone numbers and zip codes. Faced with these hurdles, SOLD.com was compelled to adapt their strategy to sustain profitability in a decelerating market.
We refocused SOLD.com's strategy from buyers and sellers to real estate agents. By optimizing and gamifying their agent portal, we enhanced user engagement and experience. This approach showcased SOLD.com's lead generation effectiveness and incentivized agent participation.
Our targeted Facebook advertising, refined through A/B testing, efficiently attracted agents with clear, concise messaging.
This pivot successfully drove traffic to the newly enhanced agent portal.
Within the first two months of our new agent-focused campaign, SOLD.com's Facebook ads soared from a 40% ROI to 362%. The agent platform's conversion rate increased from 5.8% to 13.3%.
Launched in February 2023, the campaign has remained profitable, helping SOLD.com thrive in a sluggish market. Its success led to the development of a new lender platform, even amid rising mortgage rates.
This blend of innovation and data-driven strategy has not only sustained the business in challenging times but also established a new benchmark for excellence.