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Manhattan's Real Estate Agents Take Up TikTok to Find Renters – BNN

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(Bloomberg) — TikTok isn’t just a platform for dance videos and investment advice. It’s also a place to hawk Manhattan apartments.

New York real estate professionals are turning to the booming social media app to find tenants in a market where units are piling up amid near-record vacancies. For some, the 60-second videos have changed their jobs completely.

Madison Sutton, an agent at Highline Residential, had just 5,000 TikTok followers in October, when she decided to start taking the app more seriously. Today, she’s up to more than 90,000, and deals sourced from TikTok account for her entire business.

“It was just an immediate reaction,” Sutton said. “TikTok could give an accurate portrayal of the unit while keeping in mind overall convenience.”

Filling Manhattan apartments is especially tough these days, even as rents slide and landlords offer the biggest move-in incentives on record. The pandemic sent many city-dwellers fleeing for the suburbs, and newcomers are finding few reasons to settle down in New York’s costliest borough while nightlife venues are still dark and office towers remain mostly empty.

That’s made alternative marketing strategies like TikTok, which enable agents to connect with renters on their mobile phones, ever more essential.

Sutton said she fields about 45 calls a week from apartment-hunters who found her on TikTok, and she’s grown accustomed to conducting online tours for clients who might have come in person prior to the pandemic. She recently helped two roommates from Austin, Texas, find an apartment at Hudson Yards. They signed the lease without ever stepping foot inside the unit.

“They saw one of my TikToks of the unit, absolutely loved it,” said Sutton, who then gave them a full virtual tour.

Reaching Clients

TikTok uses an algorithm to tailor a user’s “For You” page to their interests — apartments with exposed brick and no brokers’ fees, for instance. A person who has stopped scrolling to watch a video about something related to New York real estate in the past might be shown one of Sutton’s the next time.

That allows agents to reach an audience of potential clients who probably wouldn’t have seen their listings otherwise.

Alexander Zakharin, managing director at GZB Realty, has close to 80,000 TikTok followers, ranging from 18-year-olds “not legal to drink but legal to rent,” to parents whose kids point them in his direction. Contacts through TikTok now make up 75% of his business.

“If you do it right, the algorithm allows you to explode,” said Zakharin, who joined the platform roughly a year ago.

In February, he closed a deal on a $11,000-a-month, two-bedroom apartment in Lincoln Square for a Russian influencer who found him on TikTok.

“There’s no doubt it has a benefit to the marketing process,” said Gary Malin, chief operating officer at brokerage Corcoran Group. “Anything that’s being consumed as much as TikTok is being consumed certainly helps expose property.”

But while TikTok can help show off apartments, leasing decisions for most people will come down to money, he said.

“Ultimately, what I think drives deals are the incentives and pricing that are being offered,” Malin said.

With people stuck at home spending more time on social media, the intimate and unvarnished videos on TikTok may draw an audience that hadn’t considered living in Manhattan before.

Sutton, who calls herself a “real estate influencer” on LinkedIn, recently helped a young professional find a place in Murray Hill. The client’s company had given her the option to relocate from Virginia, and she decided she wanted the New York experience — that “electric sense in the air that you can’t find anywhere else,” Sutton said.

“There’s a misconception that people aren’t coming back,” she said. “It’s the opposite.”

©2021 Bloomberg L.P.

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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Where in Canada are house prices increasing the most? Maybe not where you think – CTV News

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TORONTO —
Canada saw a surge in housing prices over the past year due to COVID-19, a market trend experts say is caused by people working from home more often and moving to rural and suburban areas.

Data released by the Canadian Real Estate Association (CREA) shows that when comparing the average market prices from February 2020 to February 2021, Canada had a 25 per cent year-over-year increase. The average price rose from $542,484 to $678,091.

“One factor is that with work-from-home even more generalized, many people don’t have to live within commuting distance from their jobs,” Shaun Cathcart, senior economist at CREA, told CTVNews.ca. “That means that folks who own condos and smaller homes can take out built-up equity and move to a property that better meets their needs – as over the past year, home is not only where you eat a few meals and sleep, but also the office, your kids’ school, playground, gym, etc.”

The largest year-over-year percentage changes came from the Northwest Territories (48.1%), Nova Scotia (30.4%), Ontario (24.5%), Quebec (22.5%), and New Brunswick (20.9%).

Cathcart noted that the higher percentage change in Northwest Territories is likely due to the fact that in both February 2020 and February 2021, six homes were sold throughout the entire territory and the ones that were sold in 2021 were marked at a higher price.

When looking at the provinces and territories that had the largest upsurge in terms of price difference, Ontario sits at the top of the list with an increase of over $170,000. Northwest Territories came next, followed by British Columbia, Nova Scotia, and Quebec.

The data also shows that prices in suburban and rural areas were impacted the most and saw the biggest changes, with regions like Rideau-St. Lawrence and Sarnia-Lambton in Ontario averaging about a 50 per cent increase from the previous year.

“With people no longer having to live within commuting distance to their jobs, as long as suburban and rural areas have decent internet, they become even more attractive to families looking for more space,” said Cathcart.

Find your region and the year-over-year price and percentage change below.

Cathcart says that Canadians can expect to see sales and prices increase this year, but forecasts sales to slow down in 2022 while prices remain high.

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