Just as the internet has changed the way people search for apartments, online reputation has changed the way people rent. Instead of relying on word-of-mouth recommendations or advertising, many renters have increasingly been turning to online reviews and ratings to help them make decisions about where to live. Websites, such as Yelp and Google Reviews, provide a platform for renters to share their experiences with others, and for property managers to showcase their properties. In this article, we will explore the importance of online apartment reviews, and how online reputation affects property management.
With the rise of e-commerce and online shopping, people increasingly rely on the opinions of others to make informed decisions about products and services. Online reviews and ratings offer a way for consumers to gauge the quality and reliability of a product or service before making a purchase. So, why would shopping for an apartment be any different? Social proof, which is the psychological phenomenon of people being influenced by the actions of others, plays a big role in it, and it’s for a good reason.
First and foremost, online reviews and ratings are incredibly important to renters because they provide transparency and accountability. In the past, landlords and property management companies could get away with subpar service or poor maintenance because there was no way for renters to share their experiences with others. Online platforms give residents a voice, and their feedback can have a significant impact on the reputation of the property. In turn, property owners and operators pay close attention their online reputation because it can affect their ability to attract new tenants, retain current ones, and ultimately impact their bottom line. This has undoubtedly become a critical component of any successful property management strategy.
Another way that property management companies are leveraging online property reputation is by using it to inform their pricing strategies. By analyzing online reviews and ratings, property managers can gain insights into what tenants value most about their properties. They can then adjust their pricing strategies accordingly, either by offering discounts for certain amenities or by increasing rents for properties that receive consistently high ratings.
So, why do so many landlords pay little to no attention to their property online reviews and rating? We have found that most commonly, after seeing enough negative and exaggerated reviews and failing at communication attempts to remedy, most of these landlords just throw in the towel. Many ask, ‘if I can’t change it, what’s the point’?
The approach to online reputation management has changed over the years. In the past, companies focused on responding to negative reviews and trying to remove them. However, this approach is no longer effective. Instead, effective managers now focus on actively monitoring and managing their online reputation by responding to all reviews, both positive and negative, and using feedback to improve their services.
Negative reviews can serve as an opportunity for landlords to show their tenants and potential renters that they care about their experience. When landlords respond to negative reviews in a professional and empathetic manner, it can help build trust and improve their reputation.
Furthermore, landlords can also use negative reviews as a part of their marketing strategy. Instead of ignoring or deleting negative reviews, landlords can address them head-on by highlighting the steps they have taken to address the issues raised in the reviews. This can demonstrate to potential tenants that the landlord is proactive in resolving issues and cares about the quality of life of their tenants.
In conclusion, online reviews and ratings are incredibly important for attracting and retaining residents, and they can have a significant impact on property management. It's crucial for property management companies to actively monitor and respond to online reviews, as well as use them as a tool to improve their services and better serve their tenants.