Reputation, the global leader in reputation experience management, today released findings from its 2023 Property Management Reputation Report. Leveraging its AI-powered natural language processing algorithms, Reputation analyzed 652,000 reviews of 15,800 multifamily residential locations to understand what renters value about their property managers and what stands out when it comes to negative experiences. Reputation also ranked the top 25 largest property management brands (by units managed according to the National Multifamily Housing Council) by their Reputation Score, an industry-leading performance indicator built on public review data.
The Reputation Data Science team analyzed the five brands with the highest Reputation Scores to uncover how these elite property management firms invest in customer feedback to improve their reputation and grow their bottom line. The analysis uncovered that the top five property management brands do the following especially well:
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Elite firms consistently and proactively ask for reviews – This effort results in a substantial increase, with 2x the number of reviews acquired per month per location, compared to other property management brands
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The top brands regularly respond to reviews – Leading property management brands exhibit an impressive 97% response rate to reviews compared to the 90% response rate observed in the rest of the industry. This high level of responsiveness demonstrates a genuine appreciation for customer feedback.
Elite property management brands that implement these practices see the following outcomes:
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Enhanced positive feedback – Leading property management brands actively encourage people to leave a review, resulting in an impressive 86% positive review rate, exceeding the industry’s 76% average.
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Higher star rating – A high frequency in positive reviews contributes to higher star ratings: leaders average an impressive 4.5 star rating, which appeals to prospective…
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