The social media platform TikTok is used by people across the world to share short-form videos on any topic that they choose. Over the last few years, it has seen incredible growth worldwide, becoming the 7th most downloaded app of the 2010’s, despite only being launched in 2017 (Business of apps). In January 2022 the number of users on TikTok surpassed 1.3 billion which was a 39.8% increase from September 2021 (Demand Sage). Quantum Marketer state that TikTok has the highest engagement rate compared to competitors Instagram and YouTube. Their research found that micro-influencers on Tik Tok have an engagement rate of 18%, in comparison to 1.63% and 3.86% for YouTube and Instagram respectively.
TikTok is typically associated with social media influencers and its content being targeted to those in Generation Z. However, with its continued growth the platform has moved towards being a more mainstream way businesses and people interact. For the property industry it has become increasingly relevant, with one of the most popular topics on TikTok being home renovation and DIY, generating over 39 billion views on the content related to this topic (Influencer marketing). With the majority of its audience being 18–34-year-olds, it includes millennials who are already in the housing market (Union Street Media), and those looking to buy or rent their first home. The use of #PropertyTok has had more than half a million views on the app and is a great way for businesses and landlords to reach this market (Press and Journal).
Virtual Tours
One of the most popular uses of TikTok for those involved in the property industry is giving brief tours around their houses using background music or voiceovers highlighting key features.
The Sales and Marketing Director of Hayfield Homes describes how a presence on social media is a useful tool for showing how their houses transform and build customer relationships (Hayfield Homes).
They are leading the way for new home developers on TikTok, having generated a following of over 66,000 users, gaining 499,000 likes across their content. Their use of TikTok to give a brief insight into their interior designs and displaying their work has seen some of their clips go viral with their highest performing video, showing their use of herringbone floors, receiving 1.1 million views.
Research from Purplebricks found that on average it takes just 25 seconds for British adults to make a decision on if they think a property is right for them (Property industry eye). This makes TikTok an ideal tool for estate agents to give potential buyers a first look into the properties they have available. Developer Avanton has used this to their full advantage, collaborating with Corban Group to market their flats at Coda in Battersea (Evening standard).
Their TikTok account goes by the name LondonRealEstate, their videos proving to be popular with over 5 million likes in total. Agent Tony Albert-Corban showcases some of London’s most impressive homes, walking through the properties showing off their work. This method has had success with genuine buyer interest in the properties stemming from the videos (Evening standard).
Tips and Advice
TikTok has also become a place for property experts to share their knowledge and expertise. Kyle Mattison, better known to TikTok as That Property Guy uses his experience to discuss all things property, giving tips and advice to first time buyers and those interested in investing in real estate. His channel has a total of 6.8 million likes, one of his most popular videos explaining the cost of renovating a whole house has a total of 2.5 million views.
His story of buying his first house at 24 is seen as motivational for the younger generation on TikTok (Portsmouth). His content receiving such high levels of engagement has proven that there is a large amount of interest from a younger audience in getting on to the property ladder. This is something that housebuilders should pay close attention to if they want to consider broadening their potential customer base.
Another good example of a property investor using TikTok to educate people on the property industry comes from Samuel Leeds. With over 169,000 followers, his videos discussing the benefits that come from the “BRRR” (buy, refurbish, refinance, rent) (Press and Journal) method have been seen by many, with his highest performing video receiving 2.4 million views. Not only does he talk through the cost and process of refurbishing properties, he also offers users the chance to ask specific questions through Q&A’s, building relationships with viewers.
Whilst this use of TikTok to open up the property market to a younger audience is exciting to see, if housebuilders and others wish to make it a useful marketing tool, they need to ensure it will be well managed, with a clear purpose and long-term plan for the type of content they want to share on the platform.
If you would like more information on the use of TikTok or other social media, please get in touch with our team here.
