In today’s digitally connected world, online reviews are essential to long-term rental property success. Great online reviews can easily give your property the competitive edge you need to massively boost your occupancy rates, while negative reviews can shove prospective tenants away.
In reality, the majority of renters today will first check online reviews before further asking as regards a property. This makes cultivating positive reviews a vital task for rental property owners and managers alike. Read on to be informed more about online reviews’ impact and find 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 as a large community board, sharing necessary information relating to businesses, activities – and landlords.
Renters are far more likely to trust the review of another renter over whatever is shared or stated by the property owner or manager. In view of this, positive reviews are a rental property owner’s most valuable asset, along with it being a key marketing strategy. Positive reviews help build credibility and heighten a property’s visibility on search engines and listing platforms. All of this will get you to positively attract and keep the high-quality renters you desire to lease to.
The Ripple Effect of Positive Reviews
Over and above the face value of positive reviews, there are other merits as well. Such as, for instance, a healthy number of positive reviews send a specific message to renters that your property is well-managed, and that you take great effort to give it importance your residents enjoy living in the property. With a whole lot of terrible landlords out there, this can easily set your properties apart, even in a competitive market.
Other advantages of positive online reviews incorporate the ability to fill vacancies faster, and setting up premium rental rates. Even supposing rental rates should generally be put together from thorough market analysis, an in-demand property can easily get away with a rate at the higher end if renters are totally happy with their rental experience.
Encouraging Tenant Feedback
There are considerable ways that a rental property owner or manager can, without hitch, encourage renters to leave positive online reviews of the property. As a matter of fact, one of the first and most straightforward ways to do so is to just ask outright ask for them! If you’ve put so much effort to have regular positive interactions with a tenant, asking for a review makes plenty of sense.
For ease and convenience, provide your tenants with a link to review sites and rental platforms where your property is listed, and directly ask them to comment on their experience. You, furthermore, don’t have to wait until a renter moves out to ask for an online review. Alternately, make sure to ask satisfied tenants to leave reviews during fundamentally pleasant experiences, by way of illustration after you’ve answered to a maintenance, upgrade, or repair request. Secure to thank your renter for their review and encourage additional feedback in other formats.
Managing Negative Reviews
In some cases, despite your best efforts, residents may have left a negative online review about your property. If that should happen, the primal thing you can do is maintain your professionalism. Be careful not to get defensive or accuse your renter of wrongdoing. This will usually backfire and cause you to lose credibility. But instead, address negative reviews promptly and with empathy.
In your response, focus attention on how you will use the feedback to identify areas for improvement. Be cautious to monitor your presence on Google, Yelp, and rental-specific platforms, and engage positively with anything posted about your property. In plenty of situations, your response and the original review will be plain to see to possible renters. By handling negative reviews appropriately well, you can highly mitigate any damage done.
Leveraging Reviews for Marketing Success
In several ways, online reviews can make your life as a rental property owner or manager much easier – or much harder. Thus, you should not only encourage feedback from your renters but, in addition, leverage positive reviews in your marketing too.
Those searching for a rental home will typically locate your reviews on their own, nonetheless, you can further help that process by featuring positive reviews on your website, social media, and promotional materials. Use positive reviews to demonstrate your commitment to outstanding 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 certainly a powerful tool for any rental property owner or manager, and handling them strategically can boost your chances of long-term rental success. Yet, cultivating reviews can be truly time-consuming and, in a few cases, utterly stressful.
Real Property Management TradeWinds offers excellent property management services in St. Petersburg and closeby. Get adept help managing your property’s online reputation and maximizing your marketing potential. today or call 727-400-4722.
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