In today’s digital age, online reputation plays a crucial role in the success of property management companies. Positive reviews attract new residents and instill trust and confidence in services. At a recent industry conference, we learned from standout property management company (and valued Yardi client) The Bozzuto Group what strategies and insights are working for them. Let’s explore how to manage online reputation to boost reviews and gain efficiencies effectively. User give rating to service experience on online application for Customer review satisfaction feedback survey concept. The importance of online reputation is essential in the property management industry. Customer sentiment and experience surveys are heavily relied on to make informed decisions. Data from diverse sources impact reviews. Use more than just Google as a source of information and review data. Kelley Shannon, Senior Vice President, Marketing and Customer Engagement for The Bozzuto Group, says: “You’re only as good as the lowest performing property.” With lower scores in metrics of customer satisfaction and loyalty, reputation can be ruined. Take the time to monitor and respond to reviews on platforms and social media channels. “If they are taking the time to write, you should take the time to respond,” she added. Give teams a goal of ten reviews per month, and in more prominent properties, aim for 15 on various platforms. Set up notifications and promptly respond to both positive and negative feedback. Addressing concerns, resolving issues and showcasing a commitment to customer satisfaction will lead to happier residents and community.  If reviews are negative, look at the positives and aim to keep them going. Communication, friendliness, cleanliness, amenities and availabilities are all part of getting stellar reviews. If vendors or a part of the property management team lives on campus, have them go online and...

Have you ever decided on purchasing a product online or going to a new restaurant as a direct result of an anonymous user’s review? As the popularity of various shopping or social platforms rises–such as Amazon or Yelp–so does the importance of online reviews. Studies show that at least 90 percent of people say that online reviews influence their purchase decisions, and at least 88% of people trust online reviews from strangers as much as personal recommendations. A study by the Harvard Business School found that positive reviews have a direct correlation with increased sales. For example, restaurants that boost their Yelp rating by one star see an increase in revenues anywhere between 5 to 9 percent. It is no surprise that businesses around the world are deciding to pour resources into obtaining more reviews for their products in hopes of generating more sales. Businesses increase the incentives for leaving reviews by using tactics such as giving set discount amounts in their customers’ purchase, or even providing credit that can be redeemed on their website for future use. In addition, online review companies such as SharedReviews or RateItAll operate like social networking websites, where users can rate items in various categories such as food, games, movies, and many other things. In return, users will receive a share of the revenue that the online review company earns. However, some studies show that paying users to leave reviews leads to a significant decrease in the number of reviews on their sites. According to a study done about a social shopping platform in China, after introducing a credit reward system in exchange for reviews, the number of reviews on the platform decreased by 30 percent. Why would that be? A possibility could be that customers with large...

Residents are sometimes quick to post negative reviews on apartment rating sites, but don’t always take the time to write positive reviews. However, there is a solution to this. MHN talks to Bruce Keene, president of management services of Tampa, Fla.-based Franklin Street, a Yardi client, about some trends he is seeing in property management, such as how to get positive reviews on ratings sites. MHN: Tell me about Franklin Street. Keene: Franklin Street is a real estate services company. We provide a myriad of services not only to the apartment investor, but also to the retail sector. The company itself has four divisions: one of them is the property management division, which manages both multifamily and retail, one division is the investment/sales division, which is the brokerage division, there’s a capital advisors division, which finds debt and equity for investors, and we also have a property and casualty insurance company that provides that service to property investors. So it’s a one-stop shop for the real estate investor. Currently we manage about 4,000 apartment units and about 5 million square feet of retail. MHN: What are some multifamily property management trends that you’re seeing in Tampa? Keene: Since the economy has improved and the apartment market in general has improved, I think that everyone is more focused on fine-tuning the operations for maximum performance. We’re not fighting concessions anymore, we’re not fighting for rents anymore, and we’re not fighting occupancy issues anymore. Especially in our markets, concessions are gone, occupancies are up and it’s time to focus on customers and maximizing efficiency in the processes we use. There’s one trend in particular that’s interesting that I’ve been looking into and we’ve began to use, and that’s a focus on certain technologies that will improve...