TikTok– the app known for viral dance challenges and a wave of new influencers – is rapidly growing an emerging audience searching for mortgage advice. While LinkedIn has long been the preferred social media platform for corporate professionals, tech-savvy mortgage advisers are increasingly using TikTok’s engaging video format to build an audience.
TikTok’s rise to stardom
TikTok has held the top spot as the world’s most talked about app since at least 2018,when it surpassed Facebook, Instagram, Snapchat, and YouTube in terms of downloads for the first time. TikTok then saw a significant spike in popularity during 2020,as users turned to the eclectic mix of videos to alleviate boredom in various lockdowns. Reports suggest a 45%increase in monthly active users between July 2020 and July 2022. In 2022, 21%of all internet users used TikTok, as it became the third most visited channel for Gen Z users (i.e. anyone born after 1997).
Advisers harnessing TikTok for lead generation
A recent survey confirmed that while LinkedIn remains the most popular channel for 70% of brokers, there is huge potential for TikTok to support the mortgage industry. Many brokers have successfully developed an audience by distilling complex topics into jargon-free, shareable videos. The bite-size video format improves engagement and impact, while the livestream feature allows brokers to answer questions in real time.
One in ten advisers surveyed have created a TikTok video for professional use,while 36% of brokers who use the channel find it ‘invaluable’. Videos tagged ‘#mortgagebrokeruk’ have achieved over 106.2m views, while those labelled‘#mortgage’ have gained 2.1bn views. While mortgages has often been considered an area exclusive to older age groups, TikTok is connecting the industry with a youngerand largely untapped audience.
With technology once again demonstrating its power to level up the mortgage industry, it’s time to evaluate your business’ use of digital tools.Interested to learn about automated client communication, digital ID verification, and an instant Agreement or Decision in Principle? To see all this and more in action, book your free Smartr365 demo today.