In today’s digitally connected world, online reviews are key to long-term rental property success. Great online reviews can give your property the competitive edge you need to boost your occupancy rates, while negative reviews can drive prospective tenants away.
In fact, the majority of renters today will check online reviews before inquiring about a property. This makes cultivating positive reviews an essential task for rental property owners and managers alike. Read on to learn more about online reviews’ impact and get 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 function like a large community board, sharing helpful 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. For this reason, positive reviews are a rental property owner’s most valuable asset, not to mention a key marketing strategy. Positive reviews help build credibility and boost a property’s visibility on search engines and listing platforms. All of this will help you attract and keep the high-quality renters you want to lease to.
The Ripple Effect of Positive Reviews
Beyond the face value of positive reviews, there are other benefits as well. For example, a healthy number of positive reviews send a clear message to renters that your property is well-managed, and that you make an effort to ensure your residents enjoy living in the property. With so many 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 setting premium rental rates. While rental rates should always be based on thorough market analysis, an in-demand property can easily justify a rate at the higher end if renters are happy with their rental experience.
Encouraging Tenant Feedback
There are many ways that a rental property owner or manager can encourage renters to leave positive online reviews of the property. In fact, one of the first and easiest ways to do so is to simply ask for them! If you’ve put in effort to have regular positive interactions with a tenant, asking for a review makes a lot of sense.
For convenience, provide your tenants with a link to review sites and rental platforms where your property is listed, and politely ask them to comment on their experience. You also don’t have to wait until a renter moves out to ask for an online review. Instead, ask satisfied tenants to leave reviews at key moments, such as after you’ve completed a maintenance, upgrade, or repair request. Be sure to thank your renter for their review and encourage additional feedback in other formats.
Managing Negative Reviews
Sometimes, despite your best efforts, residents may have left a negative online review about your property. If that happens, the most important thing you can do is maintain your professionalism. Be careful not to get defensive or accuse your renter of wrongdoing. This will backfire and cause you to lose credibility. Instead, address negative reviews promptly and with empathy.
In your response, emphasize how you will use the feedback to identify areas for improvement. Be careful to monitor your presence on Google, Yelp, and rental-specific platforms, and engage positively with anything posted about your property. In many situations, your response and the original review will be visible to prospective renters. By handling negative reviews well, you can mitigate any damage done.
Leveraging Reviews for Marketing Success
In many ways, online reviews can make your life as a rental property owner or manager easier – or much harder. This is why you should not only encourage feedback from your renters but leverage positive reviews in your marketing as well.
Those searching for a rental home will likely come across your reviews on their own, but you can help that process by featuring positive reviews on your website, social media, and promotional materials. Use positive reviews 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 a powerful tool for any rental property owner or manager, and handling them strategically can boost your chances of long-term rental success. But cultivating reviews can be time-consuming and, at times, stressful.
Real Property Management Pinnacle offers expert property management services in Sherborn and nearby. Get help managing your property’s online reputation and maximizing your marketing potential. Contact us today or call 508-722-7999.
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