Owning rental properties is an excellent way to build wealth and passive cash flow every month. Still, one of the biggest things that can easily jeopardize the income from a rental property (or any business) is negative customer reviews.
It doesn't matter if you're a landlord with one property or an extensive portfolio of properties; as long as you don't make getting reviews from your customers a priority, you could stand the chance of losing business.
In 2021, online reviews are vital to every business's success because most consumers look online first for information about a service, trade, or brand before making a financial decision.
Gone are the days when a consumer would turn to a friend or family member for recommendations because a consumer can now learn more about a business just by spending a few minutes using Google or their favorite search engine.
Online reviews are the modern version of 'word of mouth' because a consumer can go to websites like Yelp, Google My Business, or Facebook to get reviews for a business before choosing to move forward with renting a property or a service with a company.
In the business world, reviews are quite literally the 'lifeblood of a business, and the same is true for real estate and property management.
Thanks to recent statistics, we know that 72% of consumers will take action only after reading a review online compared to a review that they may have been given about a rental property, product, service, or solution from a friend.
Reviews matter, and it doesn't necessarily have to be a positive or negative review. As long as the landlord, property management company, or business receives a review, it's an opportunity for them to use that review to grow and change their business.
How can reviews help a landlord or property management company?
Example: Positive reviews can boost team member morale, while negative reviews can show a company what they need to improve.
At GoldenWest Management, we take customer reviews seriously, and we focus on maintaining a 4.0+ star rating on Google for each of our office locations.
To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
Be sure to check out our previous blog post too!
Thursday, September 16, 2021
Do you own multifamily properties in San Diego, Las Vegas, or Phoenix? If so, one of the smartest decisions that you can make is hiring a multifamily property manager.
Friday, September 10, 2021
As rents continue to rise in the Phoenix area, the good news is that apartment construction is on the rise in Phoenix as well.