Ratings continue to have more influence on prospective renters. Recent studies have shown that almost 70% of renters rely upon online ratings and reviews and approximately 26% of renters have posted reviews. Apartment managers need to actively review and manage their ratings. The most prominent sites are: apartmentratings.com, yelp.com, and google.
Generally speaking, dissatisfied customers will post more readily than a satisfied one so management staff should never miss an opportunity to ask residents to share compliments or praise on ratings sites. If you explain the importance of positive feedback, your residents will feel more inclined to assist. Studies also show that renters tend to give greater credibility to apartment communities with more listings.
Renters also expect managers to respond to negative postings. Therefore managers should respond objectively, stating their position and measures taken to address resident concerns. 86% of renters will still consider a community with negative reviews mixed in. It stands to reason that those with negative comments and a management responsible will garner more attention than those without.
Apartmentratings.com now shares the average approval rating in each market. As a rule of thumb, managers should try to exceed the average rating in order to make best use of influential social media. Check you ratings frequently and go out of your way to solicit good reviews – it will lease apartments.