Placing Ads on Facebook?

Is anyone using the ad feature on FB or used it in the past? If so how well did it work? Did you just promote your FB page in general or have an Ad that was promoted?

We are trying to find new ways of reaching out to people that we can still keep the cost under control. FB seems like the best option for who we want to reach but I'm unsure if we should promote the page or create a post that is an Ad and promote that.

Any advice or insight would be appreciated!!

We haven't used the ad feature. Instead I have done promotions instead and have had great success. I spent about $50 on some prizes and did an hourly giveaway. We reached about 5,000 people and grew our fan base about 50 in one day. The "share" button can do wonders.
Hope this helps.

I agree with Jeremy that contests can be a great tool.

That said, we've had a fair amount of success with Facebook ads, especially promoting the property's page and specific posts.

We've also started using the Custom Audiences and Lookalike Audiences features, which let us stay in front of people who have visited the property website, as well as anyone Facebook can find who seems similar to our best customers. We use the Custom Audiences to target current residents to promote property events and get them connected to the property page.

Overall, I'd still say that, if your goal is new traffic in the door, I'd invest most of that budget with Google, but Facebook can be a great way to complement that to stay in front of those prospects and grow your audience. Good luck!