TikTok and the Real Estate Industry

At the height of Covid-19, a lot of industries took a step back and restructured the way the they worked. For real estate there was a significant move made off the back of the pandemic that seems to have changed the industry entirely.

With lockdowns affecting most parts of the world, real estate agents were no longer able to showcase their properties to a selection of viewers. With social interactions at a necessity-only level , it made sense that the next best option would be virtual viewings.

TikTok is currently used by 20.83% of the 4.8 billion people around the globe that use the internet. Ranked at #1 as the worlds most popular app for a second year in a row, it celebrated its 1 billion monthly user mark in September 2021. It features a host of different kinds of content from up-cycling tutorials to conspiracy theories. With scope for all users and creators to find something of interest, realtors took it upon themselves to begin #realestatetok.

The hashtag has amassed over 58.2 million since its first use. Viewers range from hopefuls buyers to curious users, and agents are reaping the benefits. Madison Sutton, a realtor from New York under the @thenycagent, spoke to CNN and said "What TikTok did, I couldn’t have expected or planned or calculated in my entire lifetime. It’s completely changed my life."

With 100% of her business now stemming from TikTok, the younger realtor has no plans to alter her new-wave, successful business plan - "where else in New York City could you see 10 apartments in 10 minutes other than TikTok?"

The hashtag #luxuryrealestate is also highly popular amongst users, with over 1.1 billion views. Not all viewers are in a position to buy, but for those that are, TikTok has revolutionised house hunting. Sutton said "if you're a realtor, you should be on TikTok".

It's not just the Big Apple that has witnessed this change, it's a global shift. With UK based estate agents also increasing their online presence as the importance of videos is ever more apparent, it seems that this method is going to stay.

For more information on Tej Kohli as a philanthropist visit tejkohliruit.com and to read more of his views go to his Medium.

To read about Tej Kohli as an investor visit Kohli Ventures.

Find out more about Tej Kohli: Tej Kohli the technologist investing in human triumph, Tej Kohli the philanthropist trying to cure the developing world of cataracts and Tej Kohli the London tycoon with a generous streak.