Park Place Finance is a lender based in Austin, TX who specializes in various home loan products. They focus on making the loan process as stress-free as possible by offering quick closings, low to zero fees, and great customer service. They recently added hard money loans to their offerings and asked us to create a digital advertising plan to get them new leads.
What Are Hard Money Loans?
A hard money loan is a way to borrow without using traditional mortgage lenders. Instead, the loan comes from investors who lend money based on the property that is being used as collateral. The most common use for a hard money loan is to flip houses, as the borrower normally wants the loan for a short period – the time it takes to renovate and re-sell the property.
Our Digital Advertising Campaign Plan
Initially, Park Place wanted to focus on a few of the hottest real estate markets in the US for a test run. We built specific landing pages for 3 cities for the first month. The cities we chose were Austin, Chicago, and Denver.
Building the Landing Pages
We created a landing page template that started with a hero shot of the city and an immediate call-to-action (Apply Now). We then experimented by following that with either the form or some city-specific copy. Finally, we gave detailed information about the hard money loan, added some graphics, and included a FAQ section.
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Checking Out the Results
After the first month, we were pleasantly surprised at the results. We had achieved a 25% conversion percentage, which is astounding. For example, for every 100 visits or clicks, 25 people either called, filled out a form, or did a Live Chat. This was the highest conversion rate that we have seen in over 10 years of creating digital campaigns.
This was for the first month of 2020. We have since added campaigns for 20 markets throughout the US. As you can see we have an average cost of $13 per clicks and $51 per lead. Our client was paying up to $200 per lead from a previous vendor.
We will continue to add new markets and have now begun working on videos, search engine optimization and are planning a website redesign for Park Place Finance.