In this series, Binary Fountain offers its staff expertise to answer common questions about reputation management.
In this post, Account Executive Robert Guider tackles questions related to getting started for multifamily property managers.
How do I get started with reputation management for my multifamily property?
Step one is really awareness: get the information about your online reputation collected in one place so you can actually see what is going on.
Step two is to start generating reviews and trying to make an impact on positive reviews.
Step three is starting to analyze reviews and resident feedback – both in the form of reviews and from survey results. You can do that by using online reputation management services or you can do it yourself, but it is important that it is all collected and analyzed together.
From there, it really depends on the business and whether you want to use a tool or do the work manually. Some reputation management solutions let you go into areas like business listings management, and others let you into some social media posting.
Beyond that, you can dive into more of the technical SEO-oriented strategies. Really, online reputation management strategies circle back to one thing, and that is this: How do you make an impact on your online reputation in a way that gets more residents to your properties and helps you keep the residents that are already there?
What is the single biggest challenge property managers face when they begin using online reputation management strategies?
Reputation management is a process, meaning a general “one size fits all” solution will not work. You have to start with the basics, and how fast you adopt those really determines how fast you move onto the next stage. The speed at which your organization is able to change is not the same for everyone.
Gradually take next steps as you can. Remember that, at the end of the day, your online reputation is a reflection of your resident satisfaction and your customer service.
You can do everything right–request reviews, manage your listings, post great content for social media–but at the end of the day, if you are not making your residents happy, that will not translate.
What should you focus on when it comes to reputation management?
Understand who your residents and customers are and focus on the things that are going to resonate with them. Give them the information they need to make decisions about your communities.
Go about it that way and you avoid getting sucked into things that are a waste of your time – not because they are not worth doing, but because there are other things that are more valuable for you to be doing.
Your reputation, your star ratings, your listings, your pictures, your social media–all of those work together to really determine where you show up in searches.
Those are what moves communities up search rankings. You are not doing it just for its own sake. There is a measurable and intentional impact.
What resonates with potential residents the most?
The two most important things when people are looking for an apartment are price and location. Everything else comes after that, so there is no point in trying to measure yourself against somebody in a different city or somebody on the opposite side of your city than you or even somebody down the street that is twice as expensive as you are.
It does not matter. Reputation is relative.
Your reputation management needs to be thought of like a competition between the community that you are managing and the communities that you are competing with for residents.
So, yes, you want to have awareness about yourself, but you also want to have awareness about the competition and focus on not just being great at one thing but being better at all these different things.
How can you track or measure the results of reputation management strategies?
The best way to get started with multifamily reputation management is using a tool like Binary Fountain because you should be able to track how you are doing in metrics around reviews and the different categories that you are scoring for over time.
Online reputation management services make it pretty easy to see if things are going in the right direction. Otherwise, you have to manually track, compile data and calculate the success of campaigns.
Ultimately, you want to know:
- How many dollars does it take to convert a resident?
- What is the lifetime value of an average resident?
- Are you converting at an industry-standard rate?
How does Binary Fountain differ from other multifamily reputation management tools?
We have a heavy focus on multifamily, and that is an area we have been working in for more than five years. We have put a lot of thought into it, whereas other companies are very industry agnostic in a lot of ways.
Now, they probably have some multifamily specific analytics and packages, but they are more broadly focused. We have two major areas of focus – first, the level of insight that we provide about resident satisfaction.
We are breaking down feedback into 55 categories, which is more specific than any other tool I am aware of today. And the way we set up our analytics engine, and because of its categories, it is more accurate than other types of natural language processors. So really, we are providing more useful information than a lot of other companies.
The other thing is our customer service. The account advisors that work with our multifamily clients only work with our multifamily clients. They dedicate their days to dealing with multifamily issues and multifamily users, which I think translates into us being thought leaders in the industry and really speaks to the higher retention rate that we have on a year to year basis.
What are some benefits that property managers feel once they begin using the tool?
One of the most common things, especially if someone did not have a strategy in place before, is less pressure. You do not have to seek out reviews, and you do not have to chase people down to respond to reviews.
We are bringing this all together in one place and making it easy to deal with, and there is a lot of time savings involved. When people are getting started, they shoulder a lot of work because they have to do everything manually, and when that is all brought together in an easy-to-use dashboard, it gives them an efficient workflow and actionable insights.
About the Author