Interview with Nishant Phadnis, Chief Product Officer

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Reading buyers’ comments to assist with an upcoming purchase isn’t a radical idea. For example, buyers on Amazon are inundated with choices every day, and are therefore constantly looking for ways to make more-informed decisions. Fortunately, or unfortunately, there are a plethora of reviews available, but if the buyer doesn’t know where to look, he or she could be misled.

The multifamily industry is no different. Nishant Phadnis, Chief Product Officer at Rent., offers insight into the importance of staying on top of ratings and reviews and what the future holds for reputation management in multifamily.

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Thank you for taking the time to share your insights with us today, Nishant. First, let’s start with why managing your reputation is important in the multifamily industry?

Of course. We can see why reputation is important in our industry if we look at the data. We know that 71% of renters referenced ratings and reviews when searching for their next apartment home, and this is especially true for Millennials and Gen Z, who make up the majority of renters (2024 NMHC/Grace Hill Renter Preferences Survey Report). Both good and bad reviews can greatly influence a renter’s choice when searching for somewhere to live. And how companies respond to these reviews, both good and bad, makes a difference, too.

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How should multifamily properties use online reviews and ratings to their advantage?

People are more motivated to send negative reviews than positive, but what’s more important than receiving a negative review is responding to that review, and responding in a timely manner. When crafting a response, it’s important to think about how renters think, and how they will react to your response. A response from a property, at the very least, is a signal that the property is listening to all feedback.

A challenge that is unique to our industry, and must be accounted for, is the frequent change in property ownership. Property management companies are often faced with updating a property’s reputation. Tackling a history of sub-par reviews is a task that can seem insurmountable, if not handled correctly from the beginning. Properties must learn to see this as an opportunity to patiently respond to all reviews, past and present, to slowly begin to build a better reputation among renters.

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When looking for technology to help manage reputation, what should companies look for?

Technology platforms that help aggregate sources (apartmentratings.com, Yelp, Google, etc…) are necessary, first and foremost, so you can monitor all comments across the internet in one place.

Next, think about avenues that can be used to help you stand out. Social platforms are very popular, but be sure you fully understand the effort behind maintaining a reputation in that channel. Can you post frequently? Do you have enough content to post? Does the content pertain to what interests renters? Does the content you post portray your company in a positive light? All of this can feel overwhelming to manage.

Using a solution that brings it all together in an easy-to-use, single platform can greatly improve your productivity, but also your brand’s image in the market. Incorporating the help of online reputation responders, particularly those that are FHA-trained, can relieve any concerns about your appearance online. These specialists know how to respond, what to post, and the frequency that’s ideal, and only call on you to review prior to posting. It’s a win-win for you and your property.

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In your opinion, what does the future of reputation management hold?

While reputation management is here to stay, it does continue to evolve. More and more property management companies are embracing the importance of online reputation. Some are even beginning to compensate property staff based on ratings and reviews.

As companies move towards recognizing the importance of a reputation, and how all encounters with a renter can affect it, ratings and review platforms will soon be part of the marketing spend. If 54% of incoming calls to a multifamily property are missed, it’s imperative that companies begin to review data and recognize that many areas of the company can affect reputation. (Citation: MaxLeases, July 2023)

Engaging with a provider that can manage your reputation in all areas from one platform, such as RentRep., will be imperative. Those who use the power of a positive reputation to attract more qualified leads, and eventually more satisfied renters, will find themselves ahead of the competition in the coming years.

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