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UBank Embraces TikTok so That Mortgage Brokers can Reach Out to a Younger Tech-Savvy Clientele

Discover how Ubank pioneers TikTok for mortgage brokers.
Mortgage Broker Marketing A Deep Dive into TikTok's Youthful Realm. Getty Images | Photo by Matt Cardy
Mortgage Broker Marketing A Deep Dive into TikTok's Youthful Realm. Getty Images | Photo by Matt Cardy

Influencer marketing has emerged as one of the most cost-effective ways to reach a wider audience, while allowing creative minds to individually monetize their talent and skill. Among other major brands tapping into the potential of social media marketing, UBank has turned towards TikTokers to reach millennial and Gen Z customers. This move can reshape how mortgage brokers connect with potential clients in an era dominated by short-form video content.

Tiktok Pexels | by cottonbro studio
Tiktok Pexels | by cottonbro studio

George Srbinovski, Head of Broker Distribution at UBank, sees a real opportunity for mortgage brokers to connect with buyers through TikTok, given its status as the fastest-growing social media site in Australia. Recognizing that many brokers want to enhance their social media presence but may be unsure where to start, UBank has released a comprehensive guide tailored for brokers, aiming to empower them with actionable insights.

With over one billion users, surpassing the user bases of LinkedIn and Twitter, TikTok stands as the most popular app for consumer spending in 2022. The hashtag #TikTokmademebuyit alone has accumulated a staggering 31.8 billion lifetime views, showcasing the platform's potential influence. Despite its immense popularity, the mortgage industry has been slow to embrace TikTok as a marketing tool compared to more traditional platforms like Facebook or LinkedIn.

However, recent insights from TikTok reveal a compelling reason for mortgage brokers to reconsider. TikTok estimates that 33% of its users intend to apply for a home loan in the next six months, indicating a significant market that brokers can tap into. Home loan content, as per these insights, is experiencing exponential growth, with 69 million views of #mortgage content in the past year alone.

Tiktoke for mortgage brokers Pexels | by Andrea Piacquadio
Tiktoke for mortgage brokers Pexels | by Andrea Piacquadio

While TikTok's potential for mortgage brokers is evident, the challenge lies in crafting effective content that resonates with the audience. UBank suggests several content formats proven to capture the attention of potential home loan clients on TikTok. These include short, engaging videos providing educational information, customer testimonials, real estate market updates, behind-the-scenes glimpses, interactive challenges, infographics, Q&A sessions, humor, relatability, duets, and collaborations.

Some brokers are already carving out a space on the platform and reaping the rewards. Robbo the Aussie Mortgage Guy from Trusted Finance Loans has amassed 7 million likes and more than 429,000 followers, and one of his videos went viral, garnering over 170,000 views.

Building a personal brand on TikTok is not just about going viral, it's about establishing credibility and trust. Peter Vassilis, Director of Black and White Finance, shares his TikTok marketing journey, where he posts a market update monthly as part of the company's educational strategy. These short 45 to 60-second videos aim to simplify financial topics and present information in a straightforward manner.

While Peter hasn't measured specific leads through TikTok yet, he notes that new clients have mentioned discovering the brokerage on TikTok, using it as an additional source to verify the business's credibility. He adds that a short attention span on social media makes it essential to get messages across in a concise manner.

Maximizing educational content Pexels | by Andrea Piacquadio
Maximizing educational content Pexels | by Andrea Piacquadio

Through TikTok, brokers have the opportunity to reach buyers in the lead-up to purchase by entertaining and educating target audiences while demonstrating their unique value propositions.

In conclusion, as UBank pioneers the use of TikTok in the mortgage industry, it signals a shift in how financial institutions can connect with the younger, tech-savvy demographic. The key lies in understanding the nuances of TikTok's content culture, producing engaging and informative videos, and building a personal brand that resonates with the audience. With the untapped potential of TikTok in the mortgage sector, brokers who adapt to this evolving landscape stand to gain a competitive edge in reaching the homebuyers of tomorrow.