Property Management
Apartment Review Sites; Friend or Foe, it’s up to you
Consumer Online Reviews Strongly Influence Purchase Decisions
According to a recent survey by Deloitte’s Consumer Products group, consumers are
turning to online reviews in large numbers, and those reviews are
having a considerable impact on purchase decisions. 62 percent of
consumers read consumer-written product reviews on the Internet, says
the report, and of these, more than eight in 10 say their purchase
decisions have been directly influenced by the reviews, either
influencing them to buy a different product than the one they had
originally been thinking about purchasing, or confirming the original
purchase intention. [Read More Here]
If your still of the school of thought that dismisses the value of sites like apartmentratings.com, listen up. The feedback outlined in the brief above should move you to action as soon as possible. I truly think we all should open up our company websites to include a consumer and resident feedback mechanism. Instead of internal score keeping, make it completely transparent and thus authentic in nature. I would suggest that you have an editor just for the sake of carving out names and character attacks as we know they will come despite our best efforts. That in mind you have to be courageous enough to leave the meat.
I would speculate that over time the likes of For Rent and Apartment Guide will have a feedback component. Sound crazy? At the end of the day, traffic is king and if traffic goes to the consumer feedback site more often then something will have to change. I think the likes of For Rent and Apartment Guide will have no choice but to become even more “potential renter-centric” than they are now. I would love to be a fly on the wall in those strategic planning sessions.
I will be keeping an eye on this topic. Have an amazing Monday. M
Related post: Apartment Reviews – Reimagined
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The Real Estate Master….Sam Zell
October 20, 2007; Page A11
CHICAGO — In his office high above the Chicago River,
Sam Zell, the real estate virtuoso and master investor, is talking
about motorcycles. "I have had accidents over the years," he says, "but
most of them while standing still. I’m actually a very very good
driver." In case I look skeptical, he adds a sweetener, his wife’s
verdict: "Helen rides in the back with me and this is not Miss Bravery
or something," he says. "But you know, she won’t let me drive a car. I
get distracted." [Read More Here]
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The Apartment Playground Slide no one should have
Does Complaining Change the world?
"Martin Luther King Jr. didn’t change the world by saying, ‘I have a complaint.’ " — Artist Chris Jordan…
I think questioning the sacred cow’s changes the world but as the above quotes suggests complaining does not. I think the real implication here is ACTION. If you don’t like it, what ever it is, change it. Move on, plow forward, revise, rewind, re-imagine.
Have an amazing Friday. M
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Guardian wins Award
By Kelly Sheehan, Online News Editor
Portland, Ore.—Guardian Management LLC, a Portland, Ore.-based real
estate firm specializing in multifamily housing and investment
opportunities and property management services, has been awarded the
2007 Selecky Award from Washington state’s Department of Health and the
2007 Tobacco Prevention and Education Program Award for Outstanding
Organization from the state of Oregon. [Read More Here]
I still want to hear some real time feedback on how this is being executed on the ground, it seems to me a very daunting task. I applaud the move and support it, I just wonder.
What do you think?
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