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"The explosion in reviews is happening because it's just a different way to offset yourself from your competition."
Are Online Reviews the New Amenity Wars Battleground?
In the past, multifamily properties duked it out with resort-style pools and state-of-the-art gyms. But as these amenities become commonplace, a new battleground emerges: the digital landscape of online reviews.
This week on The Multifamily Review, host Marcus Armstrong sits down with...well, himself, to unpack the latest insights from J Turner Research's Mechanics of Online Review Sites and Internet Listing Services 12th Edition report.
And things are getting interesting.
The report reveals a multifamily industry grappling with an explosion of online reviews. With prospective residents relying heavily on peer feedback, maintaining a stellar online reputation is no longer optional – it's crucial.
But the game is changing. While the sheer volume of reviews continues to climb (approaching an average of 140 per property!), the playing field itself is shifting away from paid Internet Listing Services (ILSs) towards free review platforms like Google. This budgetary shift emphasizes the need for strategic reputation management that prioritizes quality over quantity.
Marcus highlights the importance of focusing on what J Turner Research calls "moments of gratitude." These are instances where residents experience exceptional service and leave feeling truly appreciative. By capitalizing on these moments and encouraging positive reviews, properties can build a strong foundation of five-star feedback.
The report also emphasizes the critical role of responding to both positive AND negative reviews. Engaging with resident feedback, regardless of its sentiment, demonstrates a commitment to resident satisfaction and fosters trust with potential renters.
Looking ahead, Marcus predicts a continued decline in the dominance of paid ILSs and a surge in the importance of communication-focused reviews. With centralized office models gaining traction, clear and responsive communication will be paramount to securing positive online feedback.
And of course, no conversation in 2024 would be complete without mentioning artificial intelligence. Marcus sees AI playing a crucial role in automating review responses and analyzing review data, freeing up onsite teams to focus on what truly matters: delivering exceptional resident experiences.
Want to learn more about navigating the ever-evolving world of online reputation management? Download the full Mechanics of Online Review Sites and Internet Listing Services 12th Edition report at jturnerresearch.com (don't forget the double "r"!) and gain valuable insights to elevate your property's online presence.