If you have ever used a rideshare service, dined in a restaurant, or stayed at a hotel, chances are you were prompted to rate the product or service.
The response of customers to emails asking, “How did we do?” is worth more than most think — potentially $400 billion, according to one analyst.
Even just one rating can make a significant impact on a business, considering that going from zero to one review can increase the rate at which consumers make a purchasing decision by 65%.
However, very few happy customers leave a rating. Recent studies show that only one in 10 satisfied customers rate a business. A negative customer, on the other hand, is more likely to share his or her experience.
In the world of traditional ratings, your business will need four five-star ratings to make up for every one-star. (Stay tuned to our blog to learn about the decline of traditional ratings and the revolution of objective ratings.)
Further, 57% of customers will only consider a business if it has four or more stars, and 40% will only look at ratings received within the past two weeks.
The concern for many business professionals — particularly those in the multifamily market — then becomes, “Why is it so difficult to increase my number of ratings?”
Top Reasons for Your Lack of Property Ratings
Receiving customer feedback is no easy task. In today’s tech-savvy world, after a consumer makes one purchasing decision, they often quickly move on to the next; proactively giving a review is no longer top of mind.
In the multifamily sector, there are a variety of reasons why a resident might not rate the property:
The Apartment Did Not Stand Out
Maybe the resident renewed their lease or left the apartment entirely but was not ecstatic enough about their experience to give feedback. It’s critical for multifamily properties to not only meet resident expectations but exceed them to inspire happy renters, boost referrals and increase ratings.
The Rating System Is Overly Complicated
If a resident is taking time out of their day to provide feedback, they want the process to be seamless and simple. Lengthy surveys or complicated rating systems can deter renters.
Demographic May Not Be Inclined to Give Feedback
A resident’s decision to give your property feedback can sometimes depend on their demographic. The age group, urbanicity, region, and even economic class can all play a factor in their decision.
Residents Are Too Busy
Sometimes, a resident’s decision not to rate your property is as simple as the fact that they are too busy. If your core demographic includes medical professionals, for example, they often do not have time to sleep and shower, let alone leave feedback for their every experience.
All of that being said, 70% of consumers will leave a review if you ask them for it. Typically, the same notion holds true in the multifamily market.
According to J Turner Research, the volume of property ratings can improve if the management companies engage with residents and request feedback. As of 2016, residents are 58% more likely to give a rating as compared with 2012, thanks to continued efforts by property professionals.
J Turner Research also recommends the following strategies to boost your multifamily property’s ratings and reviews continually:
- Always begin your online reputation strategy with excellent customer service.
- Actively and consistently seek feedback from residents by personally engaging with them.
- Ask your maintenance teams to solicit reviews from residents as well.
- Make your whole team accountable in the online reputation management process by incentivizing them with a bonus to stay involved and contribute to the property’s overall strategy.
- Offer sincere thank-you notes to residents who give the property a rating, rather than running contests or giveaways — as they are not always effective.
The Revolution of Ratings
While property management organizations must continue to solicit, manage, and respond to subjective reviews, there is an easier way to promote an accurate ratings reputation.
Alternative ratings based on objective data are revolutionizing the multifamily market, and your property can take advantage. Stay tuned to our blog to learn more!