Online reputation management company, Reputation.com, has analyzed its database of 3 million customer reviews of more than 70,000 multifamily properties to compile a list of the best properties and best property management companies.
How good is “good”?
The threshold for a “good” reputation score is 601. The average for the multifamily industry is only 523, about on par with other industries. Of the top 20 property management companies listed, only 11 had reputation scores exceeding the 601 threshold. However, the top 500 properties had an average reputation score of 870, so those properties who are doing well are doing very well.
Reputation.com found that residents commented more often on their experiences at the properties than they did about the properties’ facilities. Comments about the move-in/move-out experience and experiences with maintenance staff tended to be more positive than those about interactions with the rental office staff.
Best property management companies
The property management companies at the top of the rankings and their reputation scores are:
|8||Lincoln Property Company||675|
|10||Alliance Residential (now Greystar)||624|
The best properties
The specific properties with the highest reputation scores are:
|1||Henry Hall Apartments||New York, NY||Greystar||929|
|2||High Street View Luxury Apartments||Williamsburg, VA||Greystar||918|
|3||The Kensington||Boston, MA||Bozzuto||916|
|4||The Crest at Elm Tree||Mount Joy, PA||B&F Properties||914|
|5||Caspian Delray Beach Apartments||Delray Beach||Greystar||913|
|6||2 Bayshore Luxury Waterfront Apartments||Tampa, FL||Greystar||910|
|7||Retreat at Magnolia Parke||Gainesville, FL||MAA||910|
|8||Kalaeloa Rental Homes||Kapolei, HI||Greystar||907|
|9||Encore Montrose Apartments||Houston, TX||Greystar||907|
|10||Overture Dr. Phillips||Orlando, FL||Greystar||906|
The report also contains lists of the best properties by State.
The report provides a number of suggestions on steps which can be taken to improve a property’s reputation score results. One of the most important is to solicit feedback from residents, particularly when they have had a good experience. This keeps reviews fresh and decreases the likelihood that reviews will be dominated by residents who are upset about something. The report noted that only 40 percent of the 70,000 properties examined had 10 or more customer reviews in the last 12 months.
Another suggestion is to always respond to online reviews, especially negative ones. The response should take the form both of writing a reply to the online review and also of reacting to it by considering what may have prompted the negative review and taking action to correct the problem.
The full report can be found here.