In regards to targeting better quality leads or changing the demographics, we can’t necessarily do that due to Facebook’s advertising policy. Here’s what the policy says:
“If you are in or want to reach people in the US with ads that offer housing… you must now select the corresponding Special Ad Category in Ads Manager or your ad will not be able to run. These ads will not allow targeting by age, gender… or any detailed options describing or appearing to relate to protected characteristics.”
Basically, since these are housing ads, no one is allowed to advertise based on characteristics such as age, gender or any other demographic and if you try to then the ad will get blocked.
This means real estate ads can only be advertised to all of the people on Facebook within a certain geographic location. Specifically, Facebook requires a minimum targeting radius of 15 miles around a certain city for real estate ads.
That being said, we’ve seen that we generate more leads when there are fewer targeting specifications. This is because you are allowing us to use our proprietary data to optimize your ad. Also, you are allowing Facebook to use it’s algorithms to find the people most likely to fill out the lead gen form for your property.
Overall, due to these policies, you will get more leads. There’s really no way of changing the targeting besides specifying a new location.
You can read more about the restrictions regarding special ad categories here: https://www.facebook.com/business/help/2220749868045706