March April 2018
Minnesota Real Estate Journal
Page 21
Technology Spotlight
Building An Online Reputations Management Program By Alexander Rogers Principal broker and co-founder of East West Property Management
So, how do I manage my online reputation? 1) Make sure you can be found online. Ensuring your business profiles are set up on most popular platforms is the first place to start. The most heavily used review websites are Google, Facebook, Yelp, and the Better Business Bureau.
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nyone who thinks online reviews are not important for the property management business is mistaken. Some of the most significant innovations in residential property management are not real estate specific. And none of which are as critical as the review platforms where product and services can be rated. In today’s connected world, information travels fast and with this comes unique challenges and opportunities. The importance of online reviews is not confined to any one industry or market. The ridesharing and transportation company, Uber, places great emphasis on the feedback they get from their riders to ensure their product experience is excellent. According to Uber’s terms and services agreements with their drivers, the drivers are required to stay above a minimum rating level, reported by Business Insider as 4.6 out of 5 stars, or risk their driving account with Uber being deactivated. Property managers should be just as diligent in protecting their brand and ensuring tenant satisfaction as Uber is with their customers. This can be done by developing a thorough online reputation management program. A robust online reputations management program goes well beyond another type of customer service response channel. If executed well, an effective reputation management strategy can provide
Alexander Rogers insight into the changing trends of the tenants. By analyzing feedback and reviews, management can detect patterns in amenities, services, layouts and other features important to the tenant base to stay ahead of the competition. Property managers need to continue to adapt the way they attract and retain tenants. Renters usually start their search for an apartment online. If a prospective renter sees the property manager has high ratings and is genuine in their interactions online, that property manager now has a leg up on the competition. Property owners, investors, and developers in the market for property management services usually start their due diligence process online, too. A property manager’s poor online reputation can scare future clients away just as quickly as future tenants.
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2) Monitor relevant online activity. If the accounts are properly set up on the previous platforms, email notifications should be sent out anytime a person posts a review. However, the internet is a big place and people may be talking about your business elsewhere. Through Google Alerts, the search engine will send an email when a chosen keyword is detected on Google. Property Managers can use their property names, addresses, and other defining keywords to track related activity online. 3) Respond promptly to every review. A series of articles can be written on how to respond to reviews, especially negative reviews. Things to consider when forming a response is to make sure your message is genuine. Be accountable, transparent, and demonstrate that the reviewer has been heard. Your response matters and keep in mind your response is not just for the
Hempel from page 19
cut ended up being $8,000. To make ends meet he ended up renting out all three bedrooms of his townhome while he himself slept in a janitorial closet at a small office building the company owned in Plymouth. Nevertheless, Krsnak never lost faith, largely thanks to Hempel’s unshakeable poise and confidence. “He was very smart, very measured, very calm. You could never rattle him,” Krsnak said. “I never once heard him raise his voice or get visibly angry. He always carried himself so well.” Their luck changed when they landed a deal representing a 1031 exchange buyer, which netted them just enough to put earnest money down on new projects. By 2006, the company was on the ascent, getting notice for its ambitious building projects and high dollar deals. One of Hempel Cos.’ early successes was the redevelopment of the Midland Bank Building in downtown Minneapolis, which it transformed into the 222-room Hotel Minneapolis in 2007. The firm has also owned - and sold
person leaving the review, but the general public that will also read your response. 4) Be proactive. Instead of waiting for reviews to be submitted, consistently ask your tenant base what can be done to make their tenancy more enjoyable. By being proactive offline and going over and above, the tenants are more likely to leave positive feedback online. 5) Do not incentivize or pay for reviews. As property managers are starting to understand the importance of a positive online reputation, some are looking for ways to cut corners. We have heard of property management groups offering prospective tenant’s waived application fees if the prospect leaves a 5-star rating. Not only has this person not had a substantive experience to review yet, but the property manager is also at risk of violating federal consumer protection law. The Federal Trade Commission takes reviews generated by incentives and compensation very seriously. An active Online Reputation Management strategy will keep you from playing brand defense and allow your stakeholders to become your brand advocates. Every review is important and provides an opportunity to grow your online reputation. - an array of large properties in the Twin Cities’ core business districts, including St. Paul’s UBS Plaza and Minneapolis’ Soo Line building, Canadian Pacific Plaza, and Rand Tower. In 2013, Hempel embarked on a new venture - NorthStar Midstream and turned operations of Hempel Cos. over to Krsnak, who had already begun the process of buying him out. Though it has been years since Hempel had direct control of his pseudonymous company, his bold approach is still very much a part of its investment philosophy. Most recently, the company finished a $71 million renovation of the former Macy’s department store in St. Paul, turning the aging building into an office and retail complex topped with an ice rink used by the Minnesota Wild hockey team as a practice facility. “Jon taught me that you have to think bigger,” Krsnak said. “You can’t get stuck on a duplex, because one little transaction takes as much work as a big one.”