Today, connectivity is key. Prospective renters usually start at the same place: online. And since consumers in general are interacting predominantly in the digital space, property management companies (PMCs) must deliver a seamless online experience to attract those looking for a new home.
Online rules among renters. In-person appointments and tours are only supplementary to a renter’s search. In fact, a recent Assurant study found that 60% of survey participants would consider signing a lease based solely on virtual property tours and online information. Yes, without seeing the property in person.
Renters are already forming an opinion of you based on your online presence — or lack thereof. Take control of renter perception and further entice prospective renters to consider your property in the first place by enhancing your digital presence.
A few things to consider:
Ratings and Reviews
According to the 2021 Property Management Reputation Report by Reputation, 84% of people read reviews before touring an apartment, yet 32% of property management locations did not receive a single review on Google in the last 12 months — and only 20% received more than 10 reviews.
The pandemic propelled online resources like 3D tours, virtual walkthroughs, interviews and contracting out of necessity, but these offerings are quickly becoming the standard.
An Assurant study found that participants’ top three preferred methods of communication all exist outside of the leasing office:
- Phone call
- Online communications (community website, app or portal, etc.)
Digitization serves your bottom line.
Improving the digitization of your rental property is not only beneficial to prospective and existing renters — it serves your bottom line, too. Your top concerns regarding resident satisfaction, streamlining digital processes, and occupancy can be served by improving and prioritizing updates to your online presence.
Handle evolving concerns to stay ahead of the game. COVID-19 has prompted PMCs’ concerns about how to evolve, such as collecting late rent and the expiration of eviction moratoriums. Listen to renters regularly and stay up to date on current renter trends to understand how to best serve your community. Our eBook offers insights on how to address these matters head on.
- Build a better reputation for higher profitability. There’s a strong correlation between your property’s reputation and increased revenue. According to the 2021 Property Management Reputation Report by Reputation, a 100-point
increase in your Reputation Score adds $150,000 (for 500 units managed) to $3 million (for 10,000 units managed) to your top line annually. When you highlight your property’s reputation through ratings, reviews, website and other online
channels, higher profit is likely to follow.
- Get more prospects. The same report found that locations with Reputation Scores of 800 or higher get 2.2 times more views on their Google My Business listings and 2.7 times more actions (i.e., clicks) compared to locations with a
Reputation Score of 400 to 500. Lead potential renters to your online presence by showcasing awards, recognitions, positive reviews and harnessing a reputation of caring for your community before the lease is even signed through ease of use, access
to information and opportunities to connect with your team. Don’t forget — those clicks have the potential become members of your community.
- Stay connected with Artificial Intelligence. Digital trends are evolving, with new tools being introduced to keep renters and property managers better connected. Research shows that property managers are relying on AI tools to understand renters' wants and needs and to create more targeted offerings.
Don’t leave digital at the doorstep.
The most successful PMCs maintain the digital experience even after a lease is signed. It’s important to give renters ease, convenience and innovative digital tools that take their experience to the next level.
Upgrade connectivity through smart amenities
Renters insurance paid with rent (Cover360®)
Apps and social media pages to connect with residents
Attract residents with Assurant’s security deposit alternative, FlexDeposit®
Virtual keys — they never get lost!
The most successful PMCs maintain the digital experience even after a lease is signed. It’s important to give renters ease, convenience and innovative digital tools that take their experience to the next level. Let us help you stress test your properties for connectivity strength. Contact us today!