The Power of Reputation Management for real estate businesses. Harnessing the Influence of Online Reviews
I don’t believe the real estate industry understands just how influential customer reviews can be.
If your average GCI is $15,000 and you miss one listing and sale opportunity a month that’s $180,000 over a year or $900,000 over five years.
A low quantity and low average score in online customer reviews is the silent killer of success in our industry. In this article I’ll explain the perils of low or poor review scores and also tell you what you can do about it.
In the digital age, reputation management has become an integral aspect of business success. With the proliferation of online platforms and social media, a company's reputation can be shaped and influenced by customers, competitors, and even employees. A significant driver of this reputation is online reviews, which hold immense sway over consumers' purchasing decisions. In this article, we will explore the importance of reputation management and delve into statistics that highlight just how much consumers rely on online reviews when making choices.
The digital age has literally trained us to seek out and be guided by customer reviews
If you're looking for support and a cost-effective solution to improving your online client testimonials, the RealAds Reputation Management Tool is a simple and convenient way to request and receive positive 5 star Google Reviews
The Influence of Online Reviews
Online reviews have fundamentally altered the consumer landscape. In an era where information is just a few clicks away, potential customers are increasingly turning to online platforms like Google, Yelp, Amazon, and TripAdvisor to gather insights into products, services, and businesses. The opinions and experiences of others have a profound impact on their decision-making process.
Statistics on Consumer Behaviour and Online Reviews
1. Over 90% of Consumers Read Online Reviews: According to a survey by BrightLocal, a staggering 97% of consumers read online reviews for local businesses in 2020. This statistic alone underscores the significance of online reviews in today's marketplace.
2. Trust Factor: The same survey found that a whopping 93% of consumers consider online reviews when making a purchase decision. This indicates that potential customers place a high degree of trust in the experiences and opinions shared by their peers.
3. Star Ratings Matter: Star ratings are a quick and easy way for consumers to gauge a business's reputation. Research by Spiegel Research Center revealed that products with higher star ratings tend to sell more units. In fact, products with five-star ratings are almost 40 times more likely to be purchased than products with one-star ratings.
4. Quantity and Freshness: The quantity and recency of online reviews are also pivotal. According to a report by Podium, 68% of consumers are more likely to patronize a local business that has positive reviews, and 40% of consumers only consider reviews written within the past two weeks.
5. Negative Reviews Impact Trust: Negative reviews can have a profound effect. Around 94% of consumers reported avoiding a business due to negative reviews, as per a survey by ReviewTrackers. This highlights the critical importance of addressing negative feedback promptly and professionally.
6. Response to Reviews: According to BrightLocal, 89% of consumers read businesses' responses to reviews. A well-crafted response to a negative review can help mitigate its impact and demonstrate a commitment to customer satisfaction.
The statistics speak for themselves: online reviews are a driving force in consumer decision-making. As businesses navigate the digital landscape, reputation management has become paramount. Companies that actively engage with their online reputation, encourage positive reviews, and respond thoughtfully to negative feedback stand to gain a competitive edge.
In essence, reputation management isn't just about controlling the narrative but also about delivering exceptional products and services that earn positive reviews. By understanding the impact of online reviews and proactively managing their online presence, businesses can build trust, attract more customers, and ultimately thrive in an era where reputation is everything.
How to continually improve the quality and quantity of your client reviews
Absolutely, improving the average rating of online customer reviews is essential for building a strong online reputation in the real estate industry. Here's a handy checklist to help your real estate agent clients achieve just that:
1. Provide Exceptional Service:
Always strive for excellence in every aspect of your service, from property knowledge to communication skills.
2. Communicate Effectively:
Maintain open and clear lines of communication with clients, promptly responding to emails, calls, and messages.
3. Set Realistic Expectations:
Manage client expectations from the beginning, ensuring they have a clear understanding of the buying/selling process and potential outcomes.
4. Be Professional:
Dress professionally and conduct yourself in a courteous and respectful manner in all interactions.
5. Build Trust:
Demonstrate trustworthiness and reliability in your actions and recommendations.
6. Go the Extra Mile:
Offer personalized services that exceed client expectations, such as providing detailed property information, neighborhood insights, or staging advice.
7. Educate Clients:
Keep clients informed about the real estate market, trends, and the entire buying/selling process.
8. Encourage Reviews:
Politely request reviews from satisfied clients after successful transactions. Timing is key; ask when the client's excitement is at its peak.
9. Make It Easy to Leave Reviews:
Provide clients with clear instructions and direct links to review platforms (e.g., Google, Zillow) to streamline the review process.
10. Monitor Online Presence:
Regularly check review sites and social media for new reviews and promptly respond to all of them.
11. Respond to Negative Reviews Gracefully:
Address negative reviews professionally, offering solutions and demonstrating your commitment to customer satisfaction.
12. Showcase Positive Reviews:
Feature positive reviews on your website and marketing materials to highlight your track record of success.
13. Cultivate Relationships:
Maintain relationships with past clients, as repeat business and referrals can lead to more positive reviews.
14. Local SEO Optimization:
Optimize your online profiles with relevant keywords, location details, and high-quality photos to improve visibility in local search results.
15. Stay Active on Social Media:
Regularly share real estate insights, market updates, and success stories on social media platforms to engage with your audience.
16. Attend Networking Events:
Participate in local real estate events and community activities to expand your network and enhance your reputation.
17. Continuously Improve:
Invest in ongoing education and training to stay updated with industry trends and best practices.
18. Seek Feedback:
Encourage clients to provide feedback during and after transactions to identify areas for improvement.
19. Ask for Referrals:
Request referrals from satisfied clients and build a referral network with other professionals in the real estate industry.
20. Show Gratitude:
Express your appreciation to clients who leave reviews, letting them know their feedback is valuable.
By following this comprehensive checklist, your real estate agent clients can not only improve their average rating but also build a stellar online reputation that attracts more clients and drives success in the competitive real estate market.
The Power of Reputation Management for real estate businesses. Harnessing the Influence of Online Reviews
I don’t believe the real estate industry understands just how influential customer reviews can be.
If your average GCI is $15,000 and you miss one listing and sale opportunity a month that’s $180,000 over a year or $900,000 over five years.
A low quantity and low average score in online customer reviews is the silent killer of success in our industry. In this article I’ll explain the perils of low or poor review scores and also tell you what you can do about it.
In the digital age, reputation management has become an integral aspect of business success. With the proliferation of online platforms and social media, a company's reputation can be shaped and influenced by customers, competitors, and even employees. A significant driver of this reputation is online reviews, which hold immense sway over consumers' purchasing decisions. In this article, we will explore the importance of reputation management and delve into statistics that highlight just how much consumers rely on online reviews when making choices.
The digital age has literally trained us to seek out and be guided by customer reviews
If you're looking for support and a cost-effective solution to improving your online client testimonials, the RealAds Reputation Management Tool is a simple and convenient way to request and receive positive 5 star Google Reviews
The Influence of Online Reviews
Online reviews have fundamentally altered the consumer landscape. In an era where information is just a few clicks away, potential customers are increasingly turning to online platforms like Google, Yelp, Amazon, and TripAdvisor to gather insights into products, services, and businesses. The opinions and experiences of others have a profound impact on their decision-making process.
Statistics on Consumer Behaviour and Online Reviews
1. Over 90% of Consumers Read Online Reviews: According to a survey by BrightLocal, a staggering 97% of consumers read online reviews for local businesses in 2020. This statistic alone underscores the significance of online reviews in today's marketplace.
2. Trust Factor: The same survey found that a whopping 93% of consumers consider online reviews when making a purchase decision. This indicates that potential customers place a high degree of trust in the experiences and opinions shared by their peers.
3. Star Ratings Matter: Star ratings are a quick and easy way for consumers to gauge a business's reputation. Research by Spiegel Research Center revealed that products with higher star ratings tend to sell more units. In fact, products with five-star ratings are almost 40 times more likely to be purchased than products with one-star ratings.
4. Quantity and Freshness: The quantity and recency of online reviews are also pivotal. According to a report by Podium, 68% of consumers are more likely to patronize a local business that has positive reviews, and 40% of consumers only consider reviews written within the past two weeks.
5. Negative Reviews Impact Trust: Negative reviews can have a profound effect. Around 94% of consumers reported avoiding a business due to negative reviews, as per a survey by ReviewTrackers. This highlights the critical importance of addressing negative feedback promptly and professionally.
6. Response to Reviews: According to BrightLocal, 89% of consumers read businesses' responses to reviews. A well-crafted response to a negative review can help mitigate its impact and demonstrate a commitment to customer satisfaction.
The statistics speak for themselves: online reviews are a driving force in consumer decision-making. As businesses navigate the digital landscape, reputation management has become paramount. Companies that actively engage with their online reputation, encourage positive reviews, and respond thoughtfully to negative feedback stand to gain a competitive edge.
In essence, reputation management isn't just about controlling the narrative but also about delivering exceptional products and services that earn positive reviews. By understanding the impact of online reviews and proactively managing their online presence, businesses can build trust, attract more customers, and ultimately thrive in an era where reputation is everything.
How to continually improve the quality and quantity of your client reviews
Absolutely, improving the average rating of online customer reviews is essential for building a strong online reputation in the real estate industry. Here's a handy checklist to help your real estate agent clients achieve just that:
1. Provide Exceptional Service:
Always strive for excellence in every aspect of your service, from property knowledge to communication skills.
2. Communicate Effectively:
Maintain open and clear lines of communication with clients, promptly responding to emails, calls, and messages.
3. Set Realistic Expectations:
Manage client expectations from the beginning, ensuring they have a clear understanding of the buying/selling process and potential outcomes.
4. Be Professional:
Dress professionally and conduct yourself in a courteous and respectful manner in all interactions.
5. Build Trust:
Demonstrate trustworthiness and reliability in your actions and recommendations.
6. Go the Extra Mile:
Offer personalized services that exceed client expectations, such as providing detailed property information, neighborhood insights, or staging advice.
7. Educate Clients:
Keep clients informed about the real estate market, trends, and the entire buying/selling process.
8. Encourage Reviews:
Politely request reviews from satisfied clients after successful transactions. Timing is key; ask when the client's excitement is at its peak.
9. Make It Easy to Leave Reviews:
Provide clients with clear instructions and direct links to review platforms (e.g., Google, Zillow) to streamline the review process.
10. Monitor Online Presence:
Regularly check review sites and social media for new reviews and promptly respond to all of them.
11. Respond to Negative Reviews Gracefully:
Address negative reviews professionally, offering solutions and demonstrating your commitment to customer satisfaction.
12. Showcase Positive Reviews:
Feature positive reviews on your website and marketing materials to highlight your track record of success.
13. Cultivate Relationships:
Maintain relationships with past clients, as repeat business and referrals can lead to more positive reviews.
14. Local SEO Optimization:
Optimize your online profiles with relevant keywords, location details, and high-quality photos to improve visibility in local search results.
15. Stay Active on Social Media:
Regularly share real estate insights, market updates, and success stories on social media platforms to engage with your audience.
16. Attend Networking Events:
Participate in local real estate events and community activities to expand your network and enhance your reputation.
17. Continuously Improve:
Invest in ongoing education and training to stay updated with industry trends and best practices.
18. Seek Feedback:
Encourage clients to provide feedback during and after transactions to identify areas for improvement.
19. Ask for Referrals:
Request referrals from satisfied clients and build a referral network with other professionals in the real estate industry.
20. Show Gratitude:
Express your appreciation to clients who leave reviews, letting them know their feedback is valuable.
By following this comprehensive checklist, your real estate agent clients can not only improve their average rating but also build a stellar online reputation that attracts more clients and drives success in the competitive real estate market.