In today’s digitally connected world, online reviews are primarily important to long-term rental property success. Great online reviews can clearly give your property the competitive edge you need to extremely boost your occupancy rates, while negative reviews can fend off prospective tenants away.
As a matter of fact, the majority of renters today will check online reviews first before scrutinizing and asking more in regards to a property. This makes cultivating positive reviews a vital task for rental property owners and managers alike. Read on to know more about online reviews’ impact and determine actionable tips to leverage reviews for your benefit.
The Power of Online Reviews
One of the first things to understand about online reviews’ role in the rental market is how much renters depend on them to make decisions. In today’s digital world, online reviews act so much like a large community board, sharing vital information about businesses, activities – and landlords.
Renters are far more likely to trust the review of another renter over anything shared or stated by the property owner or manager. Considering this, positive reviews are a rental property owner’s most valuable asset, and, likewise a key marketing strategy. Positive reviews help build credibility and foster a property’s visibility on search engines and listing platforms. All of this will assist you to attract and keep the high-quality renters you decide to lease to.
The Ripple Effect of Positive Reviews
Along with the face value of positive reviews, there are other advantages as well. For a case in point, a healthy number of positive reviews send an understandable message to renters that your property is well-managed, and that you take every effort to make certain your residents enjoy living in the property. With numerous bad landlords out there, this can easily set your properties apart, even in a competitive market.
Other advantages of positive online reviews include the ability to fill vacancies faster, and set premium rental rates. While, in fact, rental rates should constantly be determined from thorough market analysis, an in-demand property can, with no difficulty, set a rate at the higher end if renters are completely satisfied with their rental experience.
Encouraging Tenant Feedback
There are numerous ways that a rental property owner or manager can effectively encourage renters to leave positive online reviews of the property. For instance, one of the first and easiest ways to do so is to simply ask for them! If you’ve put in a lot of effort to have regular positive interactions with a tenant, asking for a review makes a lot of sense.
For complete convenience, provide your tenants with a link to review sites and rental platforms where your property is listed, and pleasantly ask them to comment on their experience. You, moreover, don’t have to wait until a renter moves out to ask for an online review. Rather, ask satisfied tenants to leave reviews at key times, as for instance after you’ve conducted a maintenance, upgrade, or repair request. Make it a point to thank your renter for their review and encourage additional feedback in other formats.
Managing Negative Reviews
Often, despite your best efforts, residents may have left a negative online review about your property. When that happens, the vital thing you can do is maintain your professionalism. Be really careful not to get defensive or accuse your renter of wrongdoing. This will certainly backfire and cause you to lose credibility. Conversely, address negative reviews promptly and with empathy.
In your response, aim to focus at how you will use the feedback to identify areas for improvement. Attentively monitor your presence on Google, Yelp, and rental-specific platforms, and engage positively with anything posted about your property. In quite a lot of situations, your response and the original review will be seen by likely renters. By handling negative reviews suitably well, you can massively mitigate any damage done.
Leveraging Reviews for Marketing Success
In a number of ways, online reviews can make your life as a rental property owner or manager so much simpler – or much harder. As you can see, you should not only encourage feedback from your renters but aside from that, leverage positive reviews in your marketing too.
Those searching for a rental home will, in time, notice your reviews on their own, but you can actually help that process by featuring positive reviews on your website, social media, and promotional materials. Use positive reviews to demonstrate your commitment to top-notch property management and to set yourself up for long-term rental property success.
Boost Your Rental Success with the Power of Online Reviews
Positive online reviews are an extremely powerful tool for any rental property owner or manager, and handling them strategically can boost your chances of long-term rental success. Having said that, cultivating reviews can be demandingly time-consuming and, often, stressful.
Real Property Management Executives Greater Atlanta endows excellent property management services in Buford and nearby locations. Get expert help managing your property’s online reputation and maximizing your marketing potential. today or call 678-765-8383.
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