Ever wonder how the 1% lives? All you have to do is get on TikTok. Real estate agents are jumping on TikTok to show off their multimillion-dollar properties so you can get a tour from the comfort of your phone! Not only are people watching, but they are also buying.
If you think the US real estate market is in a slump, you wouldn't know it from scrolling through TikTok. The hashtag #property has racked up an impressive 3 billion views. According to Wells Fargo, there's an estimated 6.5% drop in new properties and a 13.1% decline in existing home sales by 2023. The hashtag #Luxuryhomes has a mind-blowing 3.3 billion views on the platform - that's a whole lot of eyeballs. TikToks showing off luxurious properties are attracting young buyers, inspired by real estate shows that show the lives of the elite such as Selling Sunset and Million Dollar Listing. Realtors quickly clued in on the growing trend. They have started to tap into the platform and its popularity.
TikTok has quickly become one of the most popular social media channels, so it's no surprise that realtors are taking advantage of its expansive reach! Facebook still reigns king as the top attractor of driving internet traffic to property listings, but TikTok offers something different. It's a more global audience, and its reach is proving itself. According to Think Impact, an impressive 37% of these TikTok users have a disposable income of over $100K and are estimated to be spending around $500 million per quarter on the social media app, which totals about $1.9 billion in 2021. That means there’s plenty of potential for conversions from views to sales- if you know how to use the app effectively. It doesn't hurt that TikTok's younger demographic means realtors can craft content and campaigns tailored for Gen-Z audiences.
@lucasfoxmarbella Okay but this property though… don’t scroll away until you have seen the views! 🤩 #realestatetiktok #luxuryhomes #marbella ♬ Arrival of the Birds (From "The Crimson Wing Mystery of the Flamingos") - The City of Prague Philharmonic Orchestra
If you're ready to upgrade, look no further than TikTok! Finding your dream home has never been easier than a simple swipe-up. Check back in for the latest in real estate trends.
