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BizReport : Social Marketing : January 29, 2016


3-star reviews hurting real estate brands

While three star reviews aren't considered bad in most verticals, there is one space where three stars can be decidedly not good. The property space. According to new data out from Entrata, consumers believe three star review ratings are 'too low'; some say they consider three star rated properties as undesirable.

by Kristina Knight

Entrata studied 67 multifamily employees and more than 1,800 residents and found nearly half (43%) consider three star rated properties as undesirable for living. They also found most (90%) residents will read at least one review before touring a property.

"Online reviews are impacting renters' decisions on what apartment community to choose, but not necessarily in the way property management companies may be expecting," said Veronica Romney, Entrata director of SEO/SEM, Entrata. "The takeaway here is how property managers should focus their time to improve ratings, showcase their reputation, and respond to reviews so they are turning them into leads."

Other interesting findings from the report include:

• After reading positive reviews, 55% say they'll visit properties or contact for more information
• 95% of property management firms 'find value' in managing online reviews
• 46% of property management firms dedicate time to managing online reviews each day
• 89% of property management firms post lifestyle content via social media
• 89% of property management firms use local events/news to connect with residents

Fewer than half of residents want lifestyle-type content or engage in local events when looking for rentals. Researchers also found property managers are most likely to use Facebook, Twitter and Google+ to connect with consumers, but consumers are most likely to use Instagram, YouTube or Facebook.

Image via Shutterstock

Tags: Entrata, online reviews, property management, rental property, social marketing










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