Reviews play an important role in the success of a community. Higher ratings are linked to increased renewals and rental income. Since the digital age, reviews have replaced word-of-mouth advertising. According to reputable research companies, the majority of people say reviews determine whether they visit or rent from a community. Below are five expected trends associated with the user review and the importance of reputation management, explains Neil Shekhter, chief executive officer of NMS Properties.
User Reviews Will Further Impact Operational Results
According to Neil Shekhter, in a 2017 study, a management company analyzed the data of its top performing properties and discovered that their success was associated with higher review ratings. The impact of the user review on operational results will be an important metric to follow in the coming years. Experts agree that reputation management should not be a standalone entity. Instead, both operational and marketing teams should pay close attention to online user feedback and look for ways to improve in the future. For marketers, reviews are an essential educational earpiece to the ground. On the operational end, feedback provides the opportunity to improve the community experience and increase retention and acquisition.
Social Media Will Play a Larger Role
Property managers use social media as a marketing tool and a reputation management platform. Today's consumer desires an emotional connection to their home and community and social media aids managers in fulfilling this need. Social media will continue to affect all areas of the residents lifecycle and it is important for managers to consistently engage with its residents beyond the initial leasing phase. This is important in persuading the residents to renew.
Hotels Continue to Lead the Way
With over 96% of users turning to reviews prior to booking a hotel, no other industry is impacted more by ratings than hospitality. For this reason, hotels are experts at measuring customer feedback and reputation management. Some major hotels are now implementing text messaging and other instant message options to make it easier for users to provide immediate feedback.
In Product Development, Property Managers Define Perfection
Recently, the market has become increasingly more competitive driving managers to rollout new and improved reputation products. Today, property managers work closely with third party providers to provide one-stop-shop dashboards for clients. Managers are constantly striving to improve the review platform for the future.
The Reputation Management Process Requires... Reputation Management
When implementing new technology, it is important to consider how the end user will be impacted. Platforms and dashboards should provide solutions and not increase the workload of onsite teams.
NMS has offered quality rentals in the Los Angeles area for nearly three decades. Since 1988, NMS has developed and managed a large portfolio of premier apartment buildings and commercial properties in Santa Monica, West Los Angeles, Brentwood and the San Fernando Valley
Contact Gina @ NMSProperties.com