From TripAdvisor and Yelp to Google Reviews, it’s never been easier to share your opinion online. Whether it’s a review of a holiday rental or feedback about a business, online reviews have now become a key factor in the customer journey - in fact, 92% of consumers admit to reading online reviews to help them with their purchasing decision.
As Property Reviewed becomes the first online platform for tenants to review residential properties, property owners and managers may be wondering whether online reviews can have a tangible impact on their leasing outcomes. Can positive reviews really lead to more positive transactions?
1. Lease your property faster with higher conversions
Research into the impact of online reviews revealed that they can increase conversion rates by an average of 270%. In a property leasing scenario, this means that reviews have the potential to significantly boost your conversions of potential leasees into tenants.
What’s more, reviews for higher-priced assets were shown to increase conversion rates by 380% (compared to 190% for lower-priced assets), proving the importance of reviews for high-value transactions such as commercial leasing.
2. Improve your brand reputation
In the competitive property market, you want to make sure your brand reputation and property status are as positive as possible in the eyes of prospective tenants. According to Bright Local’s Online Reputation Management Survey, “a positive reputation online helps customers trust businesses, converts searchers into leads, and boosts local search rankings”.
Positive reviews about a property and its management can help improve the way your brand is viewed by future leasees, providing an additional positive reference point. What’s more, addressing feedback directly gives you an opportunity to further boost your brand profile, showing yourself to be a responsible, forthcoming owner or manager.
3. Show off your property’s best features
Whether your property boasts state-of-the-art facilities or an unbeatable location, encouraging tenants to leave a review about the property is likely to result in them showcasing its stand-out features.
By calling attention to the most sought-after aspects of your property, online reviews can help gain the interest of potential leasees. Plus, positive reviews might highlight features that property seekers may have missed or been unaware of when inspecting the property.
4. Increase future tenant confidence
With studies showing that 70% of people trust opinions that are posted online, it’s clear that future leasees will be paying close attention to the feedback provided by former tenants of properties they’re considering.
Positive reviews instill trust and provide added peace of mind for those thinking of leasing your property, leading to increased tenant confidence and a higher likelihood of a positive outcome for your commercial property lease.
5. Take advantage of free advertising
According to the 2019 Edelman Trust Barometer, market trust in traditional advertising is getting lower, with 3 in 4 customers saying that they now avoid advertising altogether. This poses a challenge when trying to get your property noticed by your target audience.
The advantage of online reviews is that they can act as a form of advertising for your property without appearing promotional or sales-y in nature. As the Property Reviewed platform features unbiased reviews from verified tenants, our reviews are highly trustworthy while allowing your property to be seen by potential tenants.
6. Get an edge over your competition
Did you know that 77% of customers say good reviews are a deciding factor in their purchasing decision? With so much importance placed on positive reviews, having good feedback on your side can give you a distinct advantage in the competitive property market.
And it’s not hard to see why. If a potential leasee is trying to decide between two properties and discovers glowing reviews about one of them, this could well be the point of difference that leads them to choose that particular property.
7. Gain insights to boost your property results
Online property reviews can do more than just attract the attention of potential leasees. By providing you with open, honest feedback about your property, reviews from former and current tenants provide you with valuable insights into what’s working and what needs improving.
When you claim a listing on Property Reviewed, you’ll gain access to advanced property analytics that help you to improve your property performance and boost your commercial leasing results.
If you’re ready to super-charge your property results, claim your listing now to gain invaluable insights and powerful data for your property.