Online reputation management, or ORM, is a growing area of interest for property management, so many people are starting to ask the question: What is ORM, and why does it matter?
Online reputation management is how companies protect and improve their reputations. It has become an increasingly important tool for property managers who want to attract and retain residents and grow their businesses.
In fact, your online reputation matters more than ever before in today’s digital world! Customers and prospects rely heavily on online reviews, ratings, and social media when making leasing decisions, so property managers must monitor their online reputation and take steps to ensure they present a positive image.
The constant influx of new communication channels and social media platforms makes managing it all challenging. Having an effective online reputation management tool can help lift a heavy load.
Explore why your online reputation is so important in property management, the risks of a negative online reputation, and best practices you should consider.
Jump to a Section
- Why Property Managers Can’t Ignore Online Reputation
- The Risks of a Negative Reputation
- Best Practices for Managing Your Property’s Online Reputation
- How Grace Hill Can Support Your ORM
- Next Steps to Managing an Effective Online Reputation
Why Property Managers Can’t Ignore Online Reputation
Word of mouth is no longer enough to attract potential residents in your community. Renters search online for reviews, social content, and other information about your property long before coming to visit in person.
This change in behavior means property managers must maintain a positive online reputation if they want to attract new residents. Through effective online reputation management, property managers can boost their brand by responding quickly and efficiently to any reviews or comments made by current or prospective renters.
With 79% of renters reporting that reviews influenced their leasing decisions, you can’t overlook your property’s reputation. Property managers must take time to craft an effective review management strategy that actively engages their target audience and shows potential renters why they should choose their property over the competition.
With a strong review management program in place, property managers can monitor their brand while expanding their reach through networking and collaborations with other industry professionals.
Put simply, it provides property managers with the necessary tools to build a positive reputation and attract renters who will be loyal and satisfied with the services offered.
The Risks of a Negative Reputation
Whatever your company’s size, managing your online reputation is critical to your property’s success.
When you forego having an online reputation management strategy, here’s what’s at risk:
- Renewals
- Resident loyalty
- Reputation
And the effects of a negative online reputation can be devastating if unmanaged. Even the slightest blemish to your property’s reputation can cause you to lose current residents or deter prospects. Data shows that 71% of renters searching for a new apartment won’t step foot on your property if your reviews aren’t stellar. Even more, leaving unaddressed complaints unanswered can lead to decreased loyalty and further damage to your reputation.
A proactive, consolidated ORM strategy is crucial. Without it, you won’t know what’s being said about your property until it’s too late to respond.
For instance, if you have limited resources, effectively managing your online reputation can actually provide greater reach with less effort by leveraging existing channels, such as social media platforms, to help promote your message in a more timely manner.
But it’s not just about navigating what people say about your business online. When you fail to efficiently manage your online reputation, you miss out on valuable feedback that could help improve your services and increase occupancy rates.
Most importantly, the right online reputation management strategy helps you identify issues quickly and address them effectively, allowing you to retain residents, boost loyalty, and maintain and strengthen your positive reputation.
Best Practices for Managing Your Property’s Online Reputation
Online reputation management is a powerful tool for property management. Software solutions can make processes easier, but to be fully effective, they also rely on employees working in tandem to support and enhance your online presence.
Here are three best practices for effectively managing your company’s online reputation:
- Be Proactive: Implementing review management tools enables you to track feedback on all major review sites in one place so you can respond quickly and accurately. Online reputation management also helps create brand recognition within the rental housing industry by showcasing what makes your business unique.
- Respond Promptly: Your responses should be timely, well-written, accurate, and, most importantly, helpful. This shows potential residents that your business takes its reputation seriously and that they can trust you with their rental needs.
- Stand Apart: Where someone chooses to live is an important decision; it’s more than just four walls and a roof over your head. Use social media and accurate listings to showcase the qualities and culture of your property that resonate with prospects.
To reach more potential residents and showcase your brand, you should have a content marketing plan that includes the following:
- Review Responses
- Regular social media updates and posts
- Search engine optimized content
By delivering valuable content to different audiences and through various channels, you can build a strong presence in the rental housing industry and establish your company as a reputable source of information.
With a well-planned online reputation management strategy in place, property managers can differentiate themselves from competitors, increase resident engagement, and gain an edge in their market.
How Grace Hill Can Support Your ORM
Grace Hill offers an online reputation management tool for multifamily companies. Our industry-specific solution helps you:
- Create a consistent online brand.
- Save time managing responses.
- Maximize social media engagement.
- Leverage reviews to attract prospects.
- Maintain accurate listings.
- Assess your brand’s online presence.
We empower your multifamily team to respond to reviews, monitor competitors’ digital efforts, gauge customer satisfaction with our Local Brand Visibility (LBV) benchmark, and more.
Next Steps To Managing an Effective Online Reputation
Now that you know the best practices for managing your online reputation and understand their importance, the next question is this: Are you ready to ensure your property stands out in the digital crowd? Talk to one of our multifamily experts about how we can improve your online reputation management strategy and support your goals.
