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Most agents should start a new launch campaign with Search. Buyers look for the project by name, and a Search campaign lets you choose those keywords, write and vet every ad, and see the searches that trigger it. Performance Max can add reach on YouTube, Display and other Google channels later, once tracking counts real enquiries and you have checked what Google generates.
What is the difference between Search campaigns and Performance Max?
A Search campaign shows text ads on Google Search for keywords you choose. Performance Max is one campaign that serves across Google's inventory and decides where to show using your assets, landing pages and conversion goals.1
Google's goal-based campaign type that can show ads on YouTube, Display, Search, Discover, Gmail and Maps from a single campaign. You set the conversion goals and supply creative in asset groups; Smart Bidding sets the bid in each auction.1
| Search campaign | Performance Max | |
|---|---|---|
| Where ads can show | Google Search and the Search Network20 | Search, YouTube, Display, Discover, Gmail and Maps1 |
| What triggers an ad | Your keywords and their match types3 | Your assets, landing pages and optional search themes, with Google AI choosing placements17 |
| Who writes the ad | You write the headlines and descriptions. AI Max, if you turn it on, adds generated text and Final URL expansion16 | Google combines your text, images, logos and videos, and can generate headlines, descriptions and videos5 |
| Where clicks land | The final URL you set | Your final URL, or another page on your domain while Final URL expansion is on, which is the default6 |
| Audiences | Settings you choose | Audience signals are suggestions; ads may reach people outside them8 |
| Blocking searches | Negative keywords3 | Campaign and account negative keywords, on Search and Shopping inventory only9 |
| Seeing the searches | Search terms report20 | Search terms report for Performance Max, plus channel performance reporting1213 |
Google recommends Performance Max when you have conversion goals such as generating leads and want reach "without restricting where your ads appear".1 It also positions it as a complement to keyword-based Search campaigns, not a replacement.1 For a single launch, that points to Search first, with Performance Max as an addition.
Which campaign shows when a buyer searches the project's name?
Your Search campaign, if it holds an exact match keyword identical to the search. Google ranks that first, ahead of phrase and broad keywords and of Performance Max.2
"Search campaigns containing an exact match keyword are prioritized to serve over Performance Max when a query hits an exact match keyword." (Google Ads Help, About Performance Max campaigns)1
Three details decide whether that rule works for you:
- "Identical" is strict. It includes spell-corrected searches, but not plurals or synonyms.2 Add the forms buyers actually type, such as
[project name showflat]and[project name floor plan], as separate exact match keywords. - Phrase and broad keywords share second place with search themes. Where a Search keyword and a Performance Max search theme are equally identical, the one with the higher Ad Rank serves.2
- Exceptions hand searches to Performance Max. Google lists four: the Search campaign is limited by budget, the keyword has low search volume status, all ads or landing pages in the ad group are disapproved, or targeting requirements are not met.3
The second exception catches new projects. Google gives "low search volume" status to keywords with very little or no search history, based on worldwide searches over the past 12 months, and those keywords do not trigger ads.42 Google rechecks every week and reactivates the keyword once searches pick up, which it says helps when "advertising a new brand, term, or product".4 Keep the project keywords in your account, and let broader keywords in the same campaign cover related searches until then.4
How much control do you keep over what the ads say?
More with Search. In a Search campaign you write every headline and description. In Performance Max, Google assembles ads from your asset group and, with text customization on, writes extra headlines and descriptions from your landing page, domain and existing ads.15
- Assets. An asset group takes up to 15 headlines, landscape and square images and a logo. If you upload no video, Google may generate one from your other assets.5
- Landing pages. Final URL expansion is on by default. It can replace your final URL with another page on your domain, which Google warns "can sometimes lead to ads pointing to unintended pages" without URL exclusions.6 On a website with many projects, an ad for one launch could send a buyer to another launch's page.
- Generated images. With text customization on, Google can also create assets such as images taken from your landing pages.6
- Responsibility. Google says you "remain responsible" for the accuracy and compliance of your landing page content and all dynamically generated assets.1
That responsibility meets CEA's rules. CEA's advertising guidelines cover online advertising, and estate agents must vet their salespersons' advertising before publication. Key Executive Officers must approve all advertisements, or have a structured process to approve them, before they are activated, including internet advertising.18 A headline or video that Google generates after your agency signed off on the campaign has not been through that check unless your agency's process covers it.
The same applies to wording rules. For a project not yet approved for sale, CEA's circular PC 04-13 asks for text such as "pending approval for sale" to be shown prominently and bars words such as "New Launch" and "Sales Hotline".19 Generated text is drawn from your page, so the page itself must already follow these rules; our new launch landing page checklist covers them. In a Search ad you can pin a required line to a fixed position: Google advises pinning sparingly, but allows it for compliance.17
If you run Performance Max for a property launch:
- Turn off Final URL expansion, or add URL exclusions, so clicks reach the project page you approved.6
- Turn off text customization if your agency cannot review generated text before it serves. Google says this prevents unwanted auto-generated text or image assets.6
- Upload your own video, so Google does not generate one.14
- Put the "artist's impression" label inside each illustration, since CEA requires qualifiers next to illustrative photos and Google combines each image with other assets across many ad formats.185
- Review the asset report regularly and remove any asset you do not want to run.6
CEA's guidelines do not mention Google's automated ad formats by name. This article is general information, not legal advice. Ask your agency how its approval process covers assets Google generates, and keep a record of what was approved and when.
What does Performance Max need before it can find good leads?
Accurate conversion tracking aimed at real enquiries, enough conversions to learn from, and time. Google says accurate inputs matter most on the channels that do not mainly use search queries as intent signals.14
- The right goal. Google suggests lead goals such as "Qualified Lead" or "Converted Lead", and optimising to deeper funnel actions where possible.14 Our guide to protecting yourself from spam leads covers importing lead outcomes.
- Enough volume. Google's lead guidance asks for at least 15 conversions in the last 30 days at the account level, with offline conversion data uploaded regularly, ideally daily.15
- Time to learn. Allow at least 1 to 2 weeks, or up to 6 weeks with low conversion volume, before making major changes.14 On a launch with a short preview period, that can be a large share of the campaign.
- A realistic target. Google suggests a Target CPA close to the most you will pay for a lead, warning that a target set too low can limit performance.14 Our guide to cost per lead for new launches shows how to work that figure out.
- Signals are hints. Audience signals guide the campaign, but ads may reach people outside them.8 Search themes add searches; they do not limit traffic.7
- Location. If leads arrive from outside your target area, Google suggests switching from "Presence or interest" to "Presence".14
Which should you choose for your launch?
Start with Search, then add Performance Max when your tracking and creative can support it. The table matches common situations to a starting point.
| Your situation | Start with | Why |
|---|---|---|
| Buyers already search the project name | Search, with exact match project keywords | Identical exact match keywords are served ahead of Performance Max2 |
| The project name is new and rarely searched | Search, with broader related keywords alongside | New keywords may sit at low search volume until searches pick up4 |
| The project is not yet approved for sale | Search, with every ad vetted and pinned wording | CEA wording rules apply, and generated text is harder to vet1917 |
| Your site lists many projects | Search; if you add Performance Max, turn off Final URL expansion | Expansion can send clicks to other pages on your domain6 |
| Tracking imports qualified leads and records 15+ conversions in 30 days | Search plus a Performance Max test | Google's lead guidance and Smart Bidding need that data1514 |
| Your budget cannot cover the project's searches | Search only, fully funded | A budget-limited Search campaign can lose searches to Performance Max3 |
Can you run Search and Performance Max together?
Yes, and Google designs Performance Max to work alongside Search.1 Set them up so they do not chase the same searches, then judge both on qualified leads.
- Protect the project searches. Keep the main project searches as exact match keywords in Search, and give that campaign enough budget.23
- Add negative keywords to Performance Max. They work at campaign or account level and accept existing negative keyword lists, but cover Search and Shopping inventory only.9
- Consider brand exclusions. They stop Performance Max serving on queries tied to brands you list, mainly on Search.1011 They work from Google's brand library, so a developer or project name must be listed there or requested; otherwise use negative keywords. Google notes brand settings limit reach.10
- Read both reports. In the search terms report, choose "Search terms and landing pages for Performance Max", and check channel performance to see where conversions came from.1213 Google advises judging Performance Max on conversions, not clicks or impressions.12
- Compare like with like. Put cost per qualified lead from each campaign side by side over the same weeks before shifting budget.
Property Ecosystem runs Google Search Ads, managed by a Google Partner agency, that target each project's searches. Enquiries arrive in your dashboard OTP-verified, and FraudDetect™ checks each one for property agents and spam. The CPC Intelligence Suite shows the current cost per click for every priced project, with its 7-day and 30-day change, before you plan a campaign. Google Ads is part of both Agent Packages. Results depend on the project, timing and competition.
Frequently asked questions
Is Performance Max cheaper than a Search campaign?
Neither is cheaper by rule. Both pay auction prices, and Performance Max spreads your budget across channels using Smart Bidding towards your conversion goals.1 Compare the cost per qualified lead from each campaign in your own account over the same weeks. Our guide to Google Ads cost per lead for new launches shows how to work it out.
Will Performance Max take searches from my Search campaign?
It can. An identical exact match keyword in Search is served first, but Performance Max may show instead when the Search campaign is limited by budget, the keyword has low search volume status, the ad group's ads or landing pages are disapproved, or targeting requirements are not met.3
Do audience signals limit who sees my Performance Max ads?
No. Google treats audience signals as suggestions and may show ads to people outside them if they are likely to convert.8 Use location settings and exclusions when you need firm limits.
Can I stop Performance Max showing for another project's or developer's name?
Do Google-generated headlines need my agency's approval?
CEA requires agencies to vet advertising before publication and applies its rules to internet advertising,18 and Google says you remain responsible for generated assets.1 CEA's guidelines do not name Google's automated formats, so ask your agency how its approval process covers them, or turn generated text off.6
Sources
- Google Ads Help, About Performance Max campaigns, accessed 12 Nov 2026.
- Google Ads Help, About ad group and asset group prioritization within a Google Ads account, accessed 12 Nov 2026.
- Google Ads Help, About keyword matching options, accessed 12 Nov 2026.
- Google Ads Help, Low search volume: Definition, accessed 12 Nov 2026.
- Google Ads Help, How asset groups work, accessed 12 Nov 2026.
- Google Ads Help, About Final URL expansion in Performance Max, accessed 12 Nov 2026.
- Google Ads Help, Unlock new relevant traffic on Performance Max with search themes, accessed 12 Nov 2026.
- Google Ads Help, About audience signals for Performance Max campaigns, accessed 12 Nov 2026.
- Google Ads Help, Negative keywords in Performance Max campaigns, accessed 12 Nov 2026.
- Google Ads Help, About brand settings for Search and Performance Max, accessed 12 Nov 2026.
- Google Ads Help, Apply brand exclusions to Performance Max or Search campaigns, accessed 12 Nov 2026.
- Google Ads Help, About the search terms report in Performance Max, accessed 12 Nov 2026.
- Google Ads Help, About the channel performance report, accessed 12 Nov 2026.
- Google Ads Help, Performance Max best practices for lead generation, accessed 12 Nov 2026.
- Google Ads Help, Best practices for generating high-quality leads, accessed 12 Nov 2026.
- Google Ads Help, About AI Max for Search campaigns, accessed 12 Nov 2026.
- Google Ads Help, About Ad Strength for responsive search ads, accessed 12 Nov 2026.
- Council for Estate Agencies, Practice Guidelines on Ethical Advertising PG 2/2011, version 2.0, issued 29 Jun 2011, revised 10 Dec 2020, accessed 12 Nov 2026.
- Council for Estate Agencies, Practice Circular PC 04-13: Marketing of development projects where approval for sale has not been granted, 27 Jun 2013, accessed 12 Nov 2026.
- Google Ads Help, About the search terms report, accessed 12 Nov 2026.
The ProjectSG team writes about Google Ads, lead generation and new launch marketing for Singapore property agents, drawing on campaigns we run every day.
Researched and drafted with AI assistance, then fact-checked and approved by a named ProjectSG reviewer before publishing. Last updated 12 Nov 2026. Read our editorial policy. Spotted an error? Email info@project.sg.
