TikTok for Real Estate Professionals: What to Know
If youre a real estate professional, youre probably already using social media to grow your business, but have you branched out to TikTok yet? If not, it might be time to explore the highly popular platform.
TikToks Post-Pandemic Rise
At the pandemics start, everyone had to rethink how they did business and lived their daily lives. Thats when TikTok took off because so much moved online. While TikTok carried some through the isolation of stay-at-home orders, others started to explore its potential as a business tool.
For real estate agents, TikTok can be a great branding opportunity.
For example, Cash Jordan is an agent based in New York City. He now has more than 600,000 followers on TikTok and over 14.2 million likes. Jordan says hes shown everything from million-dollar townhomes to 2,500 two-bedroom units, and he wishes hed gotten on the platform sooner.
The idea of TikTok is short-form videos.
Agents who are finding success from TikTok shun the idea that its a platform for teens. While young people are the primary users, when you use it, you have more eyes viewing your content, and you also raise your chances of going viral.
So, how can you use TikTok in your own business?
One easy way to get started creating videos on the wildly popular platform is to make behind-the-scenes videos. Just show people what its like to work in your real estate business. You can show what your mornings look like or what you might do to prepare for an open house. You dont have to put a lot of pressure on yourself. Instead, be natural and give viewers a glimpse of the world of real estate.
You can also then use what you create for TikTok on your Instagram account.
If you have a luxury listing, that always tends to work well in the TikTok world. Even just one feature thats ultra-luxurious can be a standout in the short video format.
Tips and Tricks
If youre a real estate professional, you might have great insight and quick tips you can share with perhaps first-time buyers or other specific audiences, so why not do that on TikTok? Maybe you can also speak to new investors or anyone who might benefit from the advice you can provide.
Everyone loves videos of simple DIY projects, and as a real estate professional, your videos can focus on things people can do around the house to make it more marketable, for example. Maybe you do a series of videos focused on improving curb appeal quickly or getting a house ready for showings.
You can also create videos showing some of the best home design trends on a budget or that you can do in a single weekend.
Other TikTok Tips
A few other things to know if youre a real estate agent:
Try to create evergreen content rather than trendy videos. That doesnt mean you cant mix some trendy things in there too, but evergreen content are those videos that will be valuable and beneficial to your audience for years.
While you dont necessarily want your video content to be driven by trends, it is a good idea to use your for you page so you can see what other creators are doing, particularly if you want inspiration.
On TikTok, your hashtags are very important.
Dont be intimidated to try something new. Whats interesting about TikTok is that theres often no rhyme or reason to whats a hit, and many creators see their videos unexpectedly go viral.
Think about the questions you frequently get from clients. You can answer those in your videos, and if you can find song lyrics that match well with the question, you can use those to lip-sync your answer. Its fun and informational.
The app has around 14 million active users a month in the U.S. alone, and approximately 50 of the users are between the ages of 18 and 34. Another 20 of users are between the ages of 35 and 44, which are prime homebuying ages. Thirty-seven percent of users say they have a household income of more than 100,000, so its perfect for seeking out your target demographic if youre a real estate pro.
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The Broken Promise: $100k Gone!
The other night I did anbsp;LIVESTREAM on Facebooknbsp;or Meta, whatever its called now that was a surprising story to even those who have known me for over 20 years and thought they knew every moment of the journey.
Heresnbsp;a story about losing 100,000 at a pivotal moment in my life, and with a coach who was really a con-artist, who really did me wrong.
What broken promises have significantly affected your career?
Share in the comments, or send me a private message.
When The Promise is broken to you, what can you do about it?
HINT: The Answer is You decide and commit to NEVER Break The Promise to others
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Ask the HOA Expert: Changing The Governing Documents
Question: Our homeowner association has 30 single family detached homes. Our governing documents were basically written for townhomes. One of the bothersome issues is that the governing documents state that the HOA is responsible for replacing roofs, painting, gutters and other things that are commonly done with condominiums. Many owners object to building up a reserve fund to pay for repairs that may be as much as 20 years or more down the road.
The covenants also state that the board cannot special assess for anything other than common area improvements. So that leaves us with pretty much the options of building up the reserve fund or changing the governing documents. Can you provide us some sample wording for a single family home HOA that would allow homeowners to pay for major repairs themselves but would allow the board architectural control of those repairs?
Answer: While its unusual for a single family HOAs to do exterior maintenance, repairs and replacements, its not unheard of. I doubt that the developer made a mistake on this since its a huge issue. And its doubtful that you can muster the votes to change this which may take 100 of the owners to approve it including their mortgagees. You need to consult with a knowledgeable attorney to determine the requirements. If it is possible, the attorney can assist the board with the proper wording of the amendment.
So barring you pulling off a major governing documents amendment, yes, you need a reserve plan that includes a funding plan to collect money systematically from each owner every year. The 20-years-down-the-road thinking is flawed. While a reserve event like a roof may take place 20 years down the road, the reserve plan will only charge each owner a share of the future cost directly proportional to the benefit received. For example, if a particular owner owns for five years and sells, he would only pay 5/20ths of the future roof cost. He only pays for the benefit received and not a penny more. This is the fairest way to fund future costs.
Question: Our board is being badgered by a delinquent owner because his account was turned over to collection. In hard economic times, should the board back off of collections?
Answer: As long as the board is enforcing collections uniformly, consistently and fairly, it is the boards responsibility to enforce the Collection Policy regardless of circumstance or economic climate. There is no government bail-out for HOAs.
Question: Is there an average that HOA management companies charge for managing a homeowner association? How do they base their fees...by size, number of units, expectations, etc.? Do they usually charge a flat fee or percentage? How do they charge for maintenance...as a flat fee, by the job?
Answer: Percentages are not used to determine HOA management fees. Commonly, the management fee is expressed as the cost "per door". But behind the per door concept is an analysis of how much time it takes the management company to execute the routine duties described in the Management Agreement. This can vary a lot from HOA to HOA. And within the fee structure, there is usually several levels and costs of service included in the routine duties like management, accounting and administrative mailing, making copies, etc..
Maintenance and repairs are charged over and above the basic duties on an hourly or bid basis. So, for a management company to make a profit, an annual estimate of all the levels of service multiplied by their hourly charges multiplied by the number of hours for each plus a profit margin equals the annual cost of management. Keep in mind, however, that most Management Agreements provide for extra charges for non-routine tasks like assisting in insurance claims, arranging contractor bids, overseeing larger renovation projects and performing special tasks requested by the board.
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