Reputation Unveils Annual Property Management Rankings, Highlighting How Elite Firms Drive Success for Their Business

Report says that elite firms have twice the number of reviews and a 7% higher response rate than the industry average

Reputation, the global leader in reputation experience management released findings from its 2023 Property Management Reputation Report. Leveraging its AI-powered natural language processing algorithms, Reputation analyzed 652,000 reviews of 15,800 multifamily residential locations to understand what renters value about their property managers and what stands out when it comes to negative experiences. Reputation also ranked the top 25 largest property management brands (by units managed according to the National Multifamily Housing Council) by their Reputation Score, an industry-leading performance indicator built on public review data.

Recommended:  Five Things You Should Do to Ace your Customer Service Strategy with Artificial Intelligence

The Reputation Data Science team analyzed the five brands with the highest Reputation Scores to uncover how these elite property management firms invest in customer feedback to improve their reputation and grow their bottom line. The analysis uncovered that the top five property management brands do the following especially well:

• Elite firms consistently and proactively ask for reviews – This effort results in a substantial increase, with 2x the number of reviews acquired per month per location, compared to other property management brands
• The top brands regularly respond to reviews – Leading property management brands exhibit an impressive 97% response rate to reviews compared to the 90% response rate observed in the rest of the industry. This high level of responsiveness demonstrates a genuine appreciation for customer feedback.

Elite property management brands that implement these practices see the following outcomes:

• Enhanced positive feedback – Leading property management brands actively encourage people to leave a review, resulting in an impressive 86% positive review rate, exceeding the industry’s 76% average.
• Higher star rating – A high frequency in positive reviews contributes to higher star ratings: leaders average an impressive 4.5 star rating, which appeals to prospective renters who prioritize locations with a 4.0 and above star rating.
• Better visibility on Google to drive leads – High review volumes, recent reviews, positive sentiment, and a strong review response rate collectively contribute to better visibility on Google. Industry leaders achieve almost two times more views on their Google Business Profile listings and three times more actions, meaning clicks for calls, website visits and directions.
• Higher Reputation Scores – The above actions ultimately lead to positive outcomes that directly boost Reputation Scores, which is known to be correlated with higher revenues.

“Choosing a place to live is one of the biggest decisions a renter makes. In a time when competition is fierce, property managers must find ways to bring more value to renters for continued growth,” said Reputation’s Chief Marketing Officer, Liz Carter. “Listening to and taking action on renter feedback is one of the most effective ways to deliver value and it has a direct impact on revenue. We are proud to partner with many of the top multifamily housing brands to put feedback to work for their business, and extend a special c************** to the elite brands on their achievements.”

“We are incredibly honored to be ranked at the top of the 2023 Reputation Property Management Report, as we are deeply committed to providing our residents with an exceptional living experience,” said Executive Vice President of Marketing at Cortland Properties, Tim Hermeling. “We are grateful to our team for their hard work and commitment in bringing that exceptional living experience to life for our residents. At Cortland, our residents are our top priority, so we strive to create communities our residents love calling home.”

Recommended: Predictions Series 2022: AiThority Interview with Dr. Jack Zeineh, Co-Founder and CTO at PreciseDx

“At Greystar we are committed to continuous improvement in our services and amenities to create communities where our residents thrive, so we are honored to be ranked as a leader in the 2023 Property Management Reputation Report,” said Director of Marketing Operations, Innovation and Supplier Relations at Greystar, Jaemi Carkin. “This recognition is a testament to our commitment to delivering a superior customer experience through listening to and acting on renter feedback. Taking action on feedback from our residents is mutually beneficial – we have happier residents, and our business sees sustained growth. This is not only great for our bottom line, but it helps us establish trust with our residents.”

Top 25 Property Management Firms – 2023

1. Cortland
2. Bozzuto
3. MAA
4. Edward Rose & Sons
5. AvalonBay
6. Greystar
7. Bell Partners
8. RAM Partners
9. BH Management
10. Equity Residential
11. ZRS Management
12. Monarch Investment & Management Group
13. RPM Living
14. Morgan Properties
15. RangeWater Real Estate
16. Lincoln Property Company
17. Cushman & Wakefield
18. Asset Living
19. Apartment Management Consultants
20. Avenue 5 Residential
21. Related Companies
22. Essex Property Trust, Inc.
23. FPI Management, Inc.
24. WinnCompanies
25. The Michaels Organization

Recommended: Why Managers Should Train More with AI Devices and Intelligent Virtual Assistants

[To share your insights with us, please write to sghosh@martechseries.com]