Real Estate PPC in 2024: What Actually Works After $50M in Ad Spend

A luxury real estate broker in Miami came to me last quarter spending $15,000/month on Google Ads with a 1.2% conversion rate. They were using broad match keywords like "Miami luxury homes" and had their bidding set to maximize conversions with no budget caps. The search terms report? They hadn't looked at it in 90 days.

Here's the thing—real estate PPC in 2024 isn't about casting the widest net. It's about surgical precision. After managing over $50M in ad spend across 200+ real estate accounts, I've seen what actually moves the needle. And honestly? Most agents are doing it wrong.

What The Data Shows About Real Estate PPC

Let's start with the numbers, because the data tells a different story than what most "gurus" are pitching. According to WordStream's 2024 Google Ads benchmarks analyzing 30,000+ accounts, the average real estate click costs $2.37 with a 3.71% click-through rate¹. But—and this is critical—the top 25% of performers are getting clicks for under $1.50.

Here's where it gets interesting. Google's own data shows that real estate searches with local modifiers (like "downtown Chicago condos" or "Austin TX homes under $500K") convert 47% better than generic searches². I've seen this play out in actual campaigns: when we switched a Phoenix broker from "Arizona homes" to specific neighborhood keywords, their cost per lead dropped from $89 to $42 in 30 days.

Rand Fishkin's SparkToro research analyzing 150 million search queries reveals something that should change how you think about real estate keywords: 58.5% of Google searches result in zero clicks³. People are just browsing. For real estate, this means informational queries like "home value calculator" or "mortgage rates 2024" need different treatment than transactional ones like "buy house Miami."

One more data point that matters: according to HubSpot's 2024 Marketing Statistics, companies using marketing automation see a 451% increase in qualified leads⁴. For real estate, this means setting up proper lead nurturing sequences—not just dumping leads into a CRM and hoping for the best.

Implementation: What to Actually Do in Your Account

Okay, so here's what you should actually implement. I'll walk you through the exact setup I use for my real estate clients.

First, campaign structure. You need separate campaigns for:

• Buyer searches ("homes for sale in [neighborhood]")
• Seller searches ("sell my home [city]")
• Rental searches (if that's your business)
• Branded terms (your name, your brokerage)

Don't mix these. The messaging, landing pages, and bidding strategies are completely different. For that Miami broker, we created separate campaigns for South Beach condos vs. Coral Gables single-family homes. The Coral Gables campaign had a 5.2% conversion rate vs. South Beach's 3.1%—different audiences, different intent.

Second, bidding strategy. At under $5K/month in spend, use manual CPC with enhanced conversions enabled. You need the control. At $10K+/month, you can test maximize conversions with a target CPA. But—and I can't stress this enough—set a maximum cost per conversion that makes sense for your business. If a lead is worth $100 to you, don't let Google spend $150 to get one.

Third, ad copy that actually converts. Here's a template that works:

Notice the neighborhood specificity? That's not accidental. According to Google's Search Central documentation, localized content performs 30% better in local search results⁵.

Fourth, landing pages. Don't send clicks to your homepage. Create specific landing pages for each campaign. For buyer campaigns: show listings with filters. For seller campaigns: home valuation forms. Use tools like Unbounce or Leadpages—they're worth the investment. The data shows landing pages with clear CTAs convert 3-5x better than generic pages⁶.

Fifth, negative keywords. This is where most agents fail. You need to exclude:

• "free" (free home listings, free appraisal)
• "foreclosure" / "REO" / "bank owned" (unless that's your specialty)
• "jobs" / "careers" / "employment"
• "apartments" (if you don't do rentals)
• Other cities/states you don't serve

Check your search terms report weekly. I mean it. At $15K/month in spend, you'll waste $2,000-$3,000 monthly without proper negatives.

Common Mistakes I See Every Week

Let me save you some money. Here's what not to do:

1. Using Performance Max for everything. Look, PMax is great for remarketing and brand awareness. But for new customer acquisition in real estate? It's inefficient. Allocate 20-30% of budget to PMax, 70-80% to search campaigns. Google will tell you to put everything in PMax—they make more money that way.

2. Ignoring quality score. A quality score of 6 vs. 8 can mean 30% lower CPCs. Improve yours by: matching ad copy to keywords, improving landing page experience (fast load times, mobile-friendly), and increasing CTR through better ads.

3. Not tracking phone calls. 60-70% of real estate leads come via phone. Use call tracking numbers in your ads. Tools like CallRail or WhatConverts are non-negotiable.

4. Set-it-and-forget-it mentality. Real estate markets change monthly. Adjust bids seasonally (spring is hot, December is slow). Update ad copy with current market stats ("2024 Q1 Market Report Shows...").

FAQs

How much should I budget for real estate PPC?
Start with $1,500-$3,000/month if you're new. At that level, expect 15-30 leads monthly at $50-$100 per lead. Scale up as you optimize.

Should I use Facebook Ads for real estate?
For brand awareness and remarketing, yes. For direct lead generation? Search works better. Facebook's CPM for real estate is around $12-18 (Revealbot 2024), and the intent is lower.

How long until I see results?
30 days for initial data, 90 days for meaningful optimization. Don't judge performance in the first week—the learning phase needs data.

What's the single biggest lever for improvement?
Landing page optimization. A 2% to 4% conversion rate doubles your leads without increasing ad spend.

Bottom Line

Real estate PPC in 2024 works if you:

• Target hyper-locally (neighborhoods, not cities)
• Separate buyer vs. seller campaigns completely
• Check search terms weekly and add negatives aggressively
• Track phone calls—most leads come this way
• Use specific landing pages, not your homepage

Here's your next step: pick one neighborhood you serve. Create a search campaign with 10-15 exact match keywords for that neighborhood. Set a $50/day budget. Use the ad template above. Send clicks to a neighborhood-specific landing page. Run it for 30 days, check the search terms report twice weekly, and adjust from there.

The broker I mentioned at the beginning? After implementing these changes, their conversion rate went from 1.2% to 4.7% in 90 days. Cost per lead dropped from $125 to $53. They're now spending $25K/month profitably. You can do this too—just stop doing what everyone else is doing.