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The Advantages of Improving your Reputation Management

If you want to increase your number of leases, there are a lot of advantages to investing in Reputation Management.

To begin with do you truly know how important reviews are to your property?

Everyone is reading reviews

In a recent study, residents were asked how many reviews they read before touring an apartment or signing a lease.

94% said that they looked at online reviews in their search, with 68% reading between one and ten reviews.

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Source: “What Residents Want” Study, 2016

Unfortunately, this trend is not going to go away.

In fact, it’s probably going to increase with the connected and social millennial world we now live in.   A recent studied showed only 8% of consumers ‘don’t’ read online reviews (vs. 12% in 2014).

Positive reviews affect next steps

95% of property managers surveyed see value in investing resources into managing online reviews.

Seeing value in this investment makes perfect sense because positive reviews make a high impact on the next steps that a potential resident will take.

  • 41% Read More Reviews
  • 32% Visit Apartment Community
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Source: “What Residents Want” Study, 2016

 

Let’s take a quick quiz.

  1. Are you aware of all the reviews posted about your property? (Google, Yelp, Facebook and hundreds of others)
  2. Have you responded to them?
  3. Has the volume of reviews increased?
  4. Has the sentiment of those reviews changed for the positive?

If you answered “Heck Yes!” to all of them, then you, my friend, are a unicorn in the Multifamily space.

I would be willing to guess that it’s more likely you are a little hesitant to shout “YES!” from the rooftops.

That’s because everyone is so busy that they have no idea what their property situation is.

Why aren’t you doing more about it?

It’s not your fault. The main reasons provided by property managers are:

  • Falls outside current role
  • Lack of resources
  • Lack of knowledge or time

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If you aren’t tracking the stats on these things, then how can you possibly improve them?

Most properties don’t have a dedicated person employed to deal with reviews.

That means the property manager or even a regional manager has to take on the responsibility for reputation management.

The logistics of responding to reviews can be tedious. Does this sound familiar?

  1. Create logins for properties, link or verify accounts
  2. Individually login to separate platforms to look for latest reviews
  3. Get a response approved
  4. Rinse. Repeat. Sleep.

We know that you’re stretched with resident requests, complaints, and the mountain of tasks that need doing.

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Finding out how your property is currently performing

It’s much easier than you think to get on top of controlling your reputation.

The first step in fixing a problem is recognizing you have a problem.

That’s why we have created a snapshot report that you can run on your property website. Submit a simple form and we will send you a complimentary snapshot report to grade how your community is performing online. 

  • Is your property listing accurately cited where it counts?
  • How do residents feel about your apartment?
  • How do you compare with industry standards?
  • Are your social media accounts effective?

Get all this and more just by inputting your property data.

 

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Get my Snapshot Report

 

Remember, no amount of marketing or special offers will be able to get back a potential resident who has decided not to move in based on the reviews of your property.

If you choose not to get a report card, rest assured you’ll go about your daily tasks with the same quality and volume of residents as you currently get. Nothing will change. Now wouldn’t that be unfortunate?

 

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