Reputation, the global leader in reputation experience management (RXM), today announced findings from its 2022 Property Management Reputation Report, which analyzed nearly 600,000 reviews of over 80,000 multifamily residential properties.
In it, we’ve seen review volume is up 7% compared to 2021, but sentiment is down 0.2 stars. In addition, reviews about rent specifically have increased by 3.5% year over year, with sentiment dropping by 0.12 stars. Renters are as motivated as ever to talk about their experiences, and they’re growing less happy.
The research found that:
- Reviews are gold but must be current. 88% of people read reviews before touring an apartment, but 33% of properties did not receive a single review in the past 12 months. Property managers need to protect their reputations by asking for reviews, so public feedback remains up to date.
- Review volume is up, but sentiment is down. Quality and speed of customer service drive positive sentiment, while the responsiveness of the rental office, quality of the residence, and surcharges drive negative sentiment.
- Renters demand four stars or more. Property managers must use sentiment feedback to make improvements, as 55% of potential renters will not consider touring an apartment unless it has a rating of 4 stars or higher. The average star rating is between 3.8 and 4.1 stars, so there is some room for improvement in the industry.
- A strong reputation pays off. Locations with the highest Reputation Scores generate 3x more views on Google. Additionally, a 100-point increase in Reputation Score adds $150,000 (for 500 units managed) to $3 million (for 10,000 units managed) to your top line annually.
“Data from our property management report shows that now is the time for leaders in the multi-family housing business to solidify their customer experience and carefully communicate major changes to renters. Property managers must invest in closing the customer loop with reviews – this means proactively eliciting feedback, learning from it, and implementing changes that will improve renters’ experiences over time,” says Joe Fuca, CEO of Reputation.
Reputation also ranked the top property management firms using its proprietary algorithms to analyze more than 80,000 multifamily residential properties. Top firms achieved consistently strong remarks across all elements of the Reputation Score, ranging from customer sentiment to their ability to respond to reviews.
Top 20 Property Management Firms
- Bell Partners Inc.
- Highmark Residential
- BH Management
- RangeWater Real Estate
- Edward Rose & Sons
- Equity Residential
- Lincoln Property Company
- Morgan Properties
- Monarch Investment & Management Group
- RPM Living
- Cushman & Wakefield
- Asset Living
- Avenue 5
- Apartment Management Consultants
- FPI Management
“It is an honor to achieve the number one spot in the Reputation 2022 Property Management Report. Being number one validates the incredible work of so many across our organization to provide extraordinary experiences for those we serve. By utilizing the feedback and insights provided in the Reputation platform, we are able to proactively monitor feedback from our beloved customers and respond to each and every review. We believe that everyone deserves sanctuary and it is our goal every day to help deliver on that mission,” says Stephanie L. Williams, President of Bozzuto Management Company.
For more information on the 2022 Property Management Reputation Report, please click here.
Reputation (formerly Reputation.com), creator of the Reputation Experience Management category, is changing the way companies gather and act on customer feedback to drive decision making and enhance Customer Experience (CX) programs. Reputation’s interaction-to-action platform translates vast amounts of solicited and unsolicited feedback data into prescriptive insights that companies use to learn from and grow. Thousands of global organizations rely on the patented algorithms behind Reputation Score X™ to provide a reliable index of brand performance in order to make targeted business improvements. Backed by Bessemer Ventures and Kleiner Perkins, and trusted by over 250 integration partners, including Google, Facebook, Salesforce, J.D. Power, Amazon and Web.com, Reputation turns feedback into the fuel to grow businesses around the world. Visit reputation.com to learn more.