Homesnap partnered with Waze to allow agents to pin their listings and open days to interactive maps. Such ads have generated a surge of interest over the past month.
Property on the map marketing a product that is the result of a partnership between Homesnap and Waze, have seen skyrocketing growth in recent weeks as more and more people return to driving, and after companies introduced new, lower prices.
The product allows agents and brokers to place their ads on a map in Waze, a Google-owned company with a popular navigation app. Inline ads can be displayed as banners that briefly capture users’ screens when, for example, they are in the car but stopped, or they can appear as inline icons in certain locations. So, for example, someone driving through a neighborhood will see an icon in their Waze app showing the location of a new property or an upcoming open house.
Ads also post listings in Waze search results, and the idea behind all of these features is that because ads are tied to an interactive map, they also uniquely target consumer locations at any given moment.
“You’re traveling around the city looking for a new home and you see a badge,” said Fernando Belfort, head of small and medium business at Waze in North America, to Inman. “You can click on this ad and go there right away.”
Lou Mintser, director of product at Homesnap, described the concept as a kind of virtual billboard or digital version of a traditional courtyard sign. And he explained that a user can click on an ad and display various information about the property, as well as the contact details of the listing agent.
“It’s a cost-effective way to create list navigation,” Mintser told Inmanu. “And it generates phone calls because it puts the agent’s number right into the Waze app.”
Homesnap and Waze first became a partner in this project back in 2017… But two things have changed since then. First, Homesnap cut prices. When the Waze ads for real estate agents first appeared, it cost $ 99 to place the ad on the map.
However, Mintser told Inman that the companies unveiled a new version of the product for $ 39 last month. This new, more affordable option, only available through Waze’s partnership with Homesnap, will keep the agent’s ad on Waze for a week, during which companies estimate it should generate 12,000 views and at least 50 clicks (or clicks since the launch Waze is a mobile app).
The companies also continue to offer various other price points, including the $ 99 option. At the high end of the range, a $ 449 ad will remain up and running for about a month and should receive over 100,000 views, according to companies.
The second big change associated with the first is that interest in Waze-powered real estate advertising has skyrocketed recently.
“Looking at the diagram, it looks like a hockey stick,” Mintser said. “We are probably going to grow 60% over last year. [in July] on this thing, and I don’t think it will stop. “
Mintzer went on to describe the $ 39 option as “an incredible catalyst,” saying that much of the growing interest in Waze ads is centered around that base price. In practice, this means that Homesnap and Waze “run over 1,000 ad campaigns a day,” Mintser said.
It’s also possible that the growing interest in Waze-based advertising is a sign of the times. Over the past year, most of the United States has been virtually closed thanks to coronavirus pandemic… This meant that fewer people would travel, and, for example, get to offices…
Recently, however, many companies are gradually returning employees to their offices. Tourism and various recreational activities are also bouncing back, and the general conclusion is that driving is now recovered to pre-pandemic levels…
So it’s understandable that ads targeting people who move in cars – who are bread and butter consumers for apps like Waze – also have a chance.
Either way, Homesnap and Waze see the potential for significant growth in the future, and Belfort notes that even by supporting “a huge number” of agents in the US, “we’re just scratching the service at the end of the day.”