Online reviews are not just a trend in the present digitally connected world; they are a key part of figuring out the long-term success of your rental property. Knowing their impact can give your property the competitive edge required to increase your occupancy rates while overlooking them can turn away prospective tenants.
In fact, the majority of renters today will check online reviews before calling to ask about a property. This makes cultivating positive reviews vital for rental property owners and managers. 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 primary things you should know about online reviews’ role in the rental market is how much renters depend on them to make decisions. These days, online reviews are like a large community board, sharing valuable information about businesses, activities – and landlords.
Renters are far more likely to trust the review of another renter than what the property owner or manager says. Because they build trust, positive reviews are a rental property owner’s most valuable asset, in addition to a key marketing strategy. Good critiques help build credibility and improve a property’s visibility on search engines and marketing sites, uplifting potential tenants and helping you attract and keep the high-quality renters you like to lease to.
The Ripple Effect of Positive Reviews
Beyond the face value of positive reviews, there are more perks. One good example is that a healthy number of positive reviews shows potential renters that your property is well-managed and that you try to ensure your residents enjoy living there.
With numerous bad landlords, this can easily set your properties apart, even in a competitive market.
Other advantages of positive online reviews are being able to fill vacancies faster, and charge higher rent prices. However, rental rates should always be determined via thorough market analysis, an in-demand property is able to support a rate at the higher end if renters are happy with their rental experience. This should motivate you to encourage more positive feedback and enhance your property’s reputation.
Encouraging Tenant Feedback
There are a number of tactics that a rental property owner or manager can encourage renters to leave positive online reviews of the property. One of the first and simplest ways to do this is to just ask! If you’ve worked to have regular positive interactions with a tenant, asking for a review is totally reasonable.
For ease of use, provide your tenants with a link to review sites and rental platforms where your property is listed, and nicely ask them to comment on their experience. You aren’t required to wait until a renter moves out to request an online review. Instead, ask satisfied tenants to leave reviews at important times, like after you’ve done maintenance, an upgrade, or a repair. Make sure to thank your renter for their review and encourage additional feedback in different approaches.
Managing Negative Reviews
Sometimes, even if you tried your best, residents may have left a negative online review about your property. If that transpires, the most critical thing you can do is maintain professionalism. Be careful not to get defensive or accuse your renter of doing something wrong. This won’t work and cause you to lose credibility. In contrast, address negative reviews promptly and with understanding.
In your answer, you should stress how you will use the feedback to identify areas for improvement. Check your online profile on Google, Yelp, and rental-specific platforms and respond positively with anything posted about your property. Prospective renters will be able to see both your response and the original review in many cases. By handling negative reviews well, you can lessen any damage done.
Leveraging Reviews for Marketing Success
Online evaluations are critical to your success as a rental property owner. Positive reviews can attract tenants and enhance your reputation, while poor evaluations can get in the way of your plans.
Those searching for a rental home will probably find your reviews on their own, but you can make it easier for them by featuring positive reviews on your website, social media, and promotional materials. Use good 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 very helpful for any rental property owner or manager. Getting them can take time and be stressful at times, but if you do it right, it can boost your chances of long-term rental success.
Real Property Management Main delivers excellent property management services in Wayne County and surrounding areas. Get assistance in handling your property’s online reputation and maximizing your marketing potential. Contact us today or call 248-852-6204.
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