Real Estate
76% of consumers indicated that ratings and reviews are one of the most important aspects of an apartment search
Purchases, Sales & Rentals
It is no surprise that consumers actively consider the reputation of real estate professionals when looking for support to buy or sell a home. The right agent can be critical to the successful execution of what is often the largest transaction in one’s life.
The apartment rental market is seeing the fastest growth in the number of reviews and the importance of average ratings stars and renter comments to get a feel for what its “really like to live there”
Tip
Apartment complexes and landlords should ask for reviews aggressively with every lease renewal. The renter’s experience was most likely positive.
INDUSTRY RESEARCH
The Zillow Group
Report on Consumer Housing Trends
Average Scores are Great
Travel and hospitality industry reviews with are generally quite positive. Vacationers and even business travelers openly share their positive experiences with little encouragement.
The same dynamic does not exist in the apartment rental industry. The standard experience rarely gets a rating or comment, while unhappy renters can be quite “vocal” to explain to future renters the issues with their building, the management company, and even the landlord.
Businesses that take a proactive approach to reputation management can gain a competitive advantage by collecting even a small number of 4-Star and 5-Star reviews.