For property owners or real estate investors, online reviews can be a gold mine for determining a property management firm’s efficacy. They can provide concrete insights into how a property management firm has dealt with tenant-related issues, whether it has suitably covered property owner needs, and whether it has maintained an overall good track record. Online reviews can also be a valuable resource for potential renters as well. Should a prospective renter learn of the property management company in charge of a building or residential complex they are interested in, they can use online reviews to gauge whether it is a good fit.

Online Reviews: A Growing Source of Brand Credibility

In general, online reviews have been emerging as another powerful means of verifying a company’s brand credibility. In everyday English, that means whether or not a company offers value in the products or services it provides. Aside from objective criteria that measures a company’s efficacy—many online review websites use measurements such as five stars centered on different categories of evaluation—an online review spells out specific details of a business interaction that took place, and if it was a positive experience.

How does this extend to property management firms, then? These reviews can deliver powerful insights into a property management company’s day-to-day operations and capabilities, including:

• How they dealt with an unpleasant tenant situation
• What they do—or neglect to do—for building strong relationships with tenants
• In generic terms, how successful they were in maintaining a property owner’s cash flow
• How they handle pressing concerns such as off-hour repair or maintenance needs
• How transparent they are in their services to property owners
• How effective they are in handling daily duties and operations
• Tenants’ general impression of the firm and its service quality

Effective for Gauging Reputation, But Use Wisely
Context-specific review content can give valuable insights into these elements and more. However, it should be noted online reviews should not be a primary measure of a property management firm’s efficacy. Reviews should always be used in a complementary role, building upon other research insights and data mined from testimonials of past clientele. For instance, on some websites a company’s competitor can post a negative review, or a review may be posted by a renter or client who does not fairly represent the company’s record. In short, there is no better practice than picking up the phone and calling references and past clientele, as well as adhering to other best hiring practices.