Look out, Craigslist, because Facebook is coming for you.

The social network behemoth is rumored to be launching a classifieds service on its platform that will compete directly with the longtime website, according to two anonymous sources within  Facebook who spoke to The Daily.

Tentatively called “Marketplace,” the tool will work a lot like the existing promoted posts feature. For a nominal fee, users can create and post a classified ad that will appear on their friends’ feeds instead of the site’s right-hand column, the place usually reserved for advertisements. It’s still unclear whether these ads will be marked as such on the social network, or whether they’ll resemble a regular post.

Marketplace will also reportedly delve into housing and job postings, another area where Craigslist holds a strong market share. These will work different from regular Marketplace ads, however. For starters, housing listings will likely be free. They will also only appear to individuals who live within a certain distance from the poster. So, for example, if you live in Los Angeles and are looking for roommates, your friends in New York will not see the ad.

This also appears to be the case with job postings. Ads announcing employment can further be restricted based on qualifications. If the position advertised requires that the individual hold a law degree, for example, the ad will only be visible by those who list a J.D. on Facebook.

It’ll be interesting to see how Facebook’s targeted approach will fare in comparison to Craiglist’s strategy, which lets anyone who’s interested view any ad listing regardless of geographic location.

This isn’t the first time the social network has expanded into another site’s turf for the sake of making more money. Earlier this month, the company introduced Collections, a feature that closely resembles Pinterest’s pinboards.

The Daily Dot reached out to Facebook seeking a comment but the company has not yet responded.

UPDATE: A representative of the company tells the Daily Dot that Facebook is not currently working on a classified ad product.

Photo via West McGowan/Flickr