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MISSION POSSIBLE: How OpenProperty Is Revolutionizing Multifamily Ratings

October 23, 2019

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The subjective rating is no longer as authentic, trustworthy, or transparent as it once was, and — as a result — is expected to lose its power to help consumers make decisions in the future.

Initially, subjective ratings added transparency to the online experience — allowing consumers to easily determine if a product, restaurant, or service was good or bad. Through reviews and ratings, they could leverage the expertise of consumers with prior experience to help them make a purchasing decision.

However, the landscape of subjective ratings has changed. Subjective ratings require a significant amount of work for property management companies — for a benefit that cannot be quantified. With no verification required, anyone can leave a rating even if they have no prior experience with a company. 

Some consumers are even paid to leave a rating or offered free products in exchange for a “review.” Furthermore, subjective ratings often only reflect the opinions of people at their emotional extremes (i.e., very happy or very angry). Very few happy customers leave a rating, but negative customers, on the other hand, are much more likely to share their experience.

At the end of the day, promoting an accurate ratings reputation is no easy task, especially during a time when organically growing your multifamily ratings is becoming a challenge.

Enter OpenProperty...

OpenProperty is on a mission to renew consumer faith in online ratings through a platform founded on transparency and trust.

We take a revolutionary approach to multifamily online ratings. We recognized that while subjective reviews are still important, there was a need in the market for automatic, objective ratings that offer transparency — which we believe is the only valid way to combat subjective opinions. 

When a property management company responds to a resident review, it is difficult to tell if they have actually resolved the issue for the resident. With an OpenProperty rating, PMCs can prove that they follow good business practices and only charge residents who deserve it.

Our goal is for residents to put more trust in an objective rating than a subjective one, improving their ability to make decisions about where they want to live.

How are we going to meet this goal? To start, we are addressing some of the flaws that have developed in subjective ratings:

  • Instead of subjective reviews, we use objective data to generate ratings
  • Instead of allowing anyone to rate, we only rate actual residents
  • Instead of only capturing ratings for residents at the extremes, we rate every resident who moves out

Ultimately, by offering full disclosure and honesty to residents, PMCs are better able to offset any questionable claims made by residents.

How Is OpenProperty Different?

Unlike subjective ratings platforms that aggregate renters’ opinions and experiences and share it in an online forum, OpenProperty taps into data you are already entering into your property management system and uses it to automatically and effortlessly drive new leads to your property. After a seamless integration, our platform is able to effortlessly collect move-out costs for 100% of leases as they conclude.

On OpenProperty, an overall rating for an apartment community can feasibly reflect hundreds or even thousands of rentals. We anonymize and publish this data to show how the lease ended, providing an easy way to promote an accurate ratings-reputation — no asking residents to write reviews and no asking management to write responses.

When residents view an OpenProperty page, there are links to visit the property website with the goal of driving additional leads to your community automatically.

Additionally, OpenProperty provides residents with unbiased, third-party information. This not only results in transparency into how the rating is created but also peace of mind regarding the honesty and trustworthiness of the property’s business practices as a whole.

Replacing Subjective With Objective

While the authenticity of the subjective rating is waning, the switch to relying solely on the objective rating will not happen overnight. For now, property management organizations will need to continue to manage and respond to subjective ratings while OpenProperty runs in the background. Although, we hope property professionals will eventually be able to cut ties with the subjective rating entirely.

Until the time comes when consumers lose faith completely in the content of subjective ratings, OpenProperty is here to provide an alternative.

Are you ready to discover how OpenProperty can automatically and effortlessly drive new leads to your property? Schedule your free, live demo now!

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