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The world’s largest social networking site Facebook has now rolled up its sleeves to take on Craigslist. Two people inside Facebook told The Daily that Facebook is testing a classified ads and job listings service that would be called “Facebook Marketplace.” The new tool would allow users to create short ads that will appear in the news feeds of their friends.

The Marketplace would treat some classified ads as free, such as searching for roommates, job postings, and apartment listings. Whereas other listings, such as selling a couch or service, would work much like “Promoted Posts”. It would cost users a nominal fee of less than $5. In short, the new service will offer you practically everything you get on Craigslist. The classified ads will have the ability to target people based on your social circle and geography.

Facebook Inc (NASDAQ:FB) had already tried hands at classified ads years ago, but it was handed over to another company. But this time Facebook Inc (NASDAQ:FB) Marketplace will be fully integrated into the users’ timeline, according to the sources. It would attract more eyeballs at the classified listings.

The current “Promoted Posts” aren’t fully integrated into the users’ news feeds, and they look a little different. But the new classified ads would be more like status updates, users can also add multiple images and external links. Users will also be allowed to share these ads on their timeline, just like news stories.

The job board, which would allow users to share career opportunities with their friends, can become a favorite among professionals. The job posts can be restricted based on certain criteria. For example, if a job requires a Master’s degree, that job post will be displayed to only those people whose profiles say they have a Master’s degree. Additionally, users can suggest job openings to other users.

Similar to the Gigs section of Craigslist, Facebook Inc (NASDAQ:FB) Marketplace will have a Projects section where people can share ideas and information on a variety of topics, right from clearing brush to installing WordPress.

The social networking site may either enable financial transactions (fee payments, remember?) through its own site, or could outsource the transaction side to a third-party developer, such as RentStuff and Airbnb.