If you want to be a successful landlord, your reputation is your greatest asset. Landlords with an excellent reputation attract better tenants and have fewer vacancies. Plus, having a good reputation will help you grow your business and increase your sales. However, managing your online reputation can be challenging. With so much to do to run a profitable rental business, it can be easy to leave your online reputation to chance.
Chances are, if you manage real estate, you’ll get a solid reputation as a good landlord. Many landlords use property management apps to streamline their operations. This generally results in greater tenant satisfaction. After all, many tenants like to use mobile apps to manage their finances.
It would be a mistake to leave your reputation to chance. That’s why the best hosts are proactive when it comes to managing their online reputation. The good news is that it’s not as hard as you might think.
This article will take a look at some easy ways to build your reputation as a trustworthy, trustworthy, and honest landlord.
Being a landlord can be fun – if you do it right
No matter how good you are at finding good leases, you can lose everything if you don’t manage your properties properly. Being a landlord doesn’t have to mean midnight calls, expensive evictions, or daily frustrations with ungrateful tenants.
What is an online reputation?
Your online reputation is how tenants and potential tenants see you when they search online. As a host, your online reputation includes your website, online reviews, social media posts, and any other information people can find about you online.
You can manage your online reputation by having a user-friendly website and diligently responding to social media comments and online reviews.
Why your reputation matters and how to boost it
If you have invested hundreds of thousands of dollars in a rental business, you may think that real estate is your greatest asset. While it is true that real estate is a tangible asset, your reputation is worth much more. Rental properties that are vacant because the landlord has a bad reputation become a financial liability.
The importance of your reputation as a landlord is apparent when you emphasize the reputation of tenants. For example, you rightly screen tenants to learn more about their ‘reputation’. You get credit reports, background checks, employment references, and feedback from previous landlords. What do you do if their reputation doesn’t meet your criteria? Of course you don’t rent them out.
Before you rent an apartment, potential tenants also screen you. They check online what previous and current tenants are saying about you. They read online reviews and watch social media posts. They do this with one goal: to find out what your reputation is. What happens if you don’t meet their criteria? The answer is obvious.
Managing your online reputation means taking control of how tenants perceive your landlord business. Taking control is vital because – like it or not – renters control your reputation.
According to Statista, nearly 80% of consumers trust online reviews as much as personal recommendations from friends. The survey also found that 94% of customers would choose a company based on positive reviews. While these numbers are for general online business, they reflect what’s happening in the rental market.
Here are some of the best ways to manage your online reputation to boost your rental business.
Follow and embrace social media
A solid online social media presence is essential to managing your online reputation. People spend most of their time on social media. And if they have something to complain about, they let the world know on their Facebook, Twitter or Instagram feed. So it is vital to your reputation to check what people are saying about you.
While you may shy away from using social media, whether you are or not, your tenants are using it. Using social media allows you to control what is said about you online. Very often you can prevent small tenant problems from turning into a major reputation crisis.
Encourage Google Reviews
Online reviews are powerful tools for hosts. If you already provide excellent service to your tenants, they will be happy to leave positive reviews. Over time, you’ll build an incredible four- or five-star rating on Google. Potential tenants can view those reviews when they are looking for a new, reliable and trustworthy landlord.
But what about the possibility of renters leaving negative reviews or, worse, false reviews? Lots of positive reviews will outweigh the potential harm of a few negative reviews. In fact, research by Spiegel shows that consumers are more likely to believe a rating between 4.2 and 4.5 stars than a perfect five-star reputation.
Respond quickly to all reviews
Online reputation management requires that you respond to all reviews and comments on social media, both good and bad. Let’s say a renter tags you in a post and praises you for quickly fixing a leaking faucet. In that case, you can thank them for bringing it to your attention.
But what if you get a dreaded negative review? You should address the tenant’s concerns and offer a solution in your response. Then it is essential to follow up and solve the problem. Since other people can see the review, they will take note of how you interact with it. The way you respond to reviews can further improve your reputation.
Use the latest technology for hosts
The best hosts use innovative technology to boost their reputation. Using online property management software can help you streamline your business. This makes it easier to focus on the core of being a landlord: providing excellent service to tenants.
Rent collection apps, for example, make it easier for tenants to pay rent regularly. They can pay by credit card, debit card or ACH bank transfer. In addition, property management software can make it easier to collect security deposits, manage maintenance requests, and provide flexible payment solutions to tenants. Most rental apps also allow landlords to process rental applications and conduct tenant screening checks.
Other ways to manage your online reputation
Managing your online reputation doesn’t always involve using technology. Social media is the new word of mouth. So anything you can do to become a better landlord will boost your reputation. Your tenants like to tell others about you on social media.
Here are some helpful tips to improve your reputation as a host:
- Reward loyal tenants—Good tenants who pay the rent on time and take care of the property are assets. That’s why it’s a good idea to reward them for their years of business. You could send a gift basket for the holidays or an Amazon gift card.
- Offer flexible payments—You can boost your reputation by being flexible with your tenants. For example, some renters in the gig economy prefer flex rentals where they can pay two or three times a month. Or you can offer flexible payment schedules for good tenants who are experiencing temporary financial difficulties.
- Solve problems quickly—Always be quick to resolve any issues your tenants may have. You can use a property management company or decide to do it yourself. In any case, make sure that disputes and problems do not linger.
Above all, one of the best ways to have a good reputation online is to work hard to be a respectful landlord. That includes keeping an eye on online review sites and looking for negative trends and working to correct them. An excellent reputation encourages more tenants to apply for the units and ensures that those tenants are satisfied, reducing sales and increasing income. Pay attention to your online reputation today.
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