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!
