The long-term success of your rental property is not solely determined by the trend of online reviews in today’s digitally connected world. By grasping their influence, you can give your property the competitive edge needed for higher occupancy rates, while disregarding them can result in alienating prospective tenants.
In fact, the majority of renters today will check online reviews before inquiring about a property. Because of this, it is important for rental property owners and managers to cultivate positive reviews. Find out more about online reviews’ impact and get useful tips to leverage reviews for your benefit.
The Power of Online Reviews
One of the initial concepts to recognize about online reviews’ role in the rental market is how much renters depend on them to make decisions. In the contemporary digital era, online reviews function like a large community board, sharing beneficial 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. This trust aspect makes positive reviews a rental property owner’s most valuable asset, aside from a key marketing strategy. Glowing feedback helps build credibility and boost a property’s visibility on search engines and listing platforms, comforting potential tenants and helping you attract and keep the high-quality renters you want to lease to.
The Ripple Effect of Positive Reviews
Besides the face value of positive reviews, there are extra advantages. To be specific, a healthy number of positive reviews grants a clear message to renters that your property is well-managed and that you are committed to ensure your residents enjoy living there. With several bad landlords, this can easily set your properties apart, even in a competitive market.
Additional advantages of positive online reviews include the capacity to fill vacancies faster and setting premium rental rates. While rental rates should always be based on thorough market analysis, an in-demand property can effortlessly defend a rate at the upper range if renters are satisfied with their rental experience. You should be motivated to encourage more positive feedback and enhance your property’s reputation.
Encouraging Tenant Feedback
There are a variety of approach that a rental property owner or manager can encourage renters to leave positive online reviews of the property. One of the simplest and earliest methods to accomplish this is to just inquire! If you’ve made an effort to have regular positive interactions with a tenant, asking for a review is reasonable.
For benefit, provide your tenants with a link to review sites and rental platforms where your property exists, and courteously ask them to comment on their experience. You are not required to wait until a renter moves out before requesting an online review. In its place, ask satisfied tenants to leave reviews at critical points, such as following the completion of a maintenance, upgrade, or repair request. Be sure to thank your renter for their review and encourage additional feedback in alternative formats.
Managing Negative Reviews
In some cases, despite all of your attempts, residents may have left a negative online review about your property. In the event that this occurs, it is imperative that you maintain professionalism. Be careful not to get defensive or accuse your renter of misconduct. This will go wrong and cause you to lose credibility. Instead, address negative reviews promptly and with respect.
In your reply, point out how you will use the feedback to identify areas for improvement. Make sure that you’re watching your online presence on Google, Yelp, and rental-specific platforms and respond affirmatively with anything posted about your property. In numerous scenarios, prospective renters will have access to both the original review and your response. By handling negative reviews well, you can alleviate any damage done.
Leveraging Reviews for Marketing Success
Online reviews are imperative to your success as a rental property owner. While beneficial criticism can attract tenants and enhance your reputation, negative evaluations can impede your progress.
Those searching for a rental home are likely to encounter your reviews independently. However, you can facilitate this process by featuring positive reviews on your website, social media, and promotional materials. Use favorable comments to demonstrate your commitment to excellent 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 effective tool for any rental property owner or manager, and despite being be time-consuming to cultivate and, at times, stressful, handling them strategically can boost your chances of long-term rental success.
Real Property Management Resources delivers high-quality property management services in Mustang and neighboring areas. Get help managing your property’s online reputation and take full advantage of your marketing potential. Contact us today or call 405-787-4429.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
