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The Mechanics of Online Review Sites and ILSs

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The Mechanics of Online Review Sites and ILSs

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An in-depth and quantitative presentation by Joseph Batdorf, J Turner Research president, on how the major players in multifamily online reputation impact property management.

An in-depth and quantitative presentation by Joseph Batdorf, J Turner Research president, on how the major players in multifamily online reputation impact property management.

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The Mechanics of Online Review Sites and ILSs

  1. 1. Joseph Batdorf OCT 2017
  2. 2. Demographics of the Database 4,719,789Reviews 67,399 Properties 60,081 Properties have at least 1 review Aug 2017 ▲ 9% ▲ 5%
  3. 3. Sentiment Snapshot Sentiment Range Percent 0-.99 1% 1-1.99 10% 2-2.99 41% 3-3.99 37% 4-5 12% The average sentiment of properties (60,081) with at least one review across all sites.
  4. 4. Review Volume Q1 2016 233,813 REVIEWS Q1 2017 278,944 REVIEWS Q2 2017 282,512 REVIEWS AUG 2017 154,191 REVIEWS 115,929 (APR 2017)
  5. 5. 13% 16% >1% 11% 5% 16% 3%4%4%4%6% 16% 5% 28% 30% Review Sources 35% GOOGLE AUG 2017 154,191 115,929 APR 2017 2% 2% >0% >0% FACEBOOK APARTMENT RATINGS YELP MODERN MESSAGE RENTERS VOICE OTHER APARTMENTS.COM APARTMENT GUIDE RENT.COM
  6. 6. Average Reviews By Property A property has reviews on 4.21 sites 78.55Average reviews per property 64.50 Average reviews per property* * When excluding properties with over 500 reviews (988 properties). 4.02 (APR 2017) 72.32 (APR 2017) 59.46 (APR 2017)
  7. 7. Market Share Based on Properties with a Review *Star Rating on 95% of properties but reviews on 52% properties. 0% 20% 40% 60% 80% 100% 52% 87% 75% 61% 48% 15% 10% 9% 6% 5% 95%*
  8. 8. Market Share 0% 20% 40% 60% 80% 100% 40% 17% 11% 10% 10% 5% 3% 2% 1% 1% Market share based on the number of total reviews on the site 75% 87% 15% 61% 10% 48% 52% 1% 6% 1% N=4,719,789 Market share of various sites based on the numbers of properties with a review 43% (APR 2017) 14% (APR 2017)
  9. 9. Range of Reviews for Properties <1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 0 Reviews 11% 1-5 Reviews 18% 6-10 Reviews 8% 11-20 Reviews 10% 21-30 7% 31-40 5% 41-50 5% 51-75 9% 76-100 6% 101-200 12% 201-300 4% 301-400 2% 401-500 1% 501-750 1% 751-1000 (198 Properties) <1% 1,001-2,000 (213) <1% 2,001-3,000 (36) <1% Over 3,000 (13) <1%
  10. 10. Range of Reviews by Site Modern Message Apartment Ratings Rent.com Apt. Guide Yelp Google Apartmen ts.com Facebook Yellow Pages Yahoo For Rent 1-5 Reviews 3% 22% 29% 15% 65% 44% 83% 45% 95% 94% 26% 6-10 Reviews 3% 10% 19% 12% 16% 19% 13% 18% 4% 5% 25% 11-20 Reviews 6% 16% 15% 15% 11% 20% 3% 19% 1% 1% 27% 21-30 7% 11% 8% 11% 4% 8% <1% 9% <1% <1% 11% 31-40 7% 8% 5% 9% 2% 4% 4% <1% <1% 5% 41-50 6% 6% 4% 6% 1% 2% 2% 2% 51-75 19% 10% 6% 9% 1% 2% 2% 2% 76-100 12% 6% 3% 4% <1% 1% 1% 1% 101-200 23% 8% 5% 9% <1% 1% 1% 201-300 10% 1% 3% 4% <1% <1% 301-400 2% <1% 2% 2% <1% 401-500 1% 1% 1% 501-750 1% 1% 2% 751-1000 <1% <1% 1% 1,001-2,000 <1% <1% Over 2,000 <1% <1%
  11. 11. 158.42 74.28 53.43 46.33 42.09 17.65 14.93 13.29 8.32 2.33 2.26 2.10 109.53 80.53 52.40 35.33 40.57 15.31 12.14 12.54 7.84 2.09 2.23 1.90 0 40 80 120 160 Modern Message ApartmentGuide Rent.com Rentersvoice ApartmentRatings ForRent Google Facebook Yelp YellowPages Yahoo Apartments.com Aug-17 Apr-17 Average Reviews by Site Average Reviews Per Property
  12. 12. 4.50 4.19 4.01 3.95 3.84 3.70 3.34 3.30 2.98 2.70 2.54 2.14 4.68 4.16 4.01 3.90 3.82 3.68 3.30 3.37 2.78 2.71 2.56 2.10 0 1 1 2 2 3 3 4 4 5 5 ForRent Modern Message Apartments.com* ApartmentGuide Facebook Rent.com Google Rentersvoice ApartmentRatings Yelp Yahoo YellowPages Aug-17 Apr-17 Sentiment by Site * The star rating on the site does not reflect the sentiment of reviews Percent Recommend 49%
  13. 13. Ratings Analysis Site Avg. Rating Avg. Rating of these properties on other sites Difference ForRent 4.50 3.41 32% Apartments.com 4.01 3.28 22% Modern Message 4.19 3.60 16% Facebook 3.84 3.40 13% ApartmentGuide 3.95 3.58 10% Rent.com 3.70 3.53 5% Google 3.34 3.44 -3% Yelp 2.70 3.05 -12% ApartmentRatings 2.98 3.50 -15%
  14. 14. Historical Trend 4.50 4.664.61 4.194.15 4.014.01 4.32 3.95 3.91 3.94 3.95 3.843.83.77 3.70 3.67 3.66 3.46 3.34 3.39 3.313.19 2.98 2.752.712.68 1.98 2.702.692.662.692.72 2.542.57 2.46 2.57 2.142.112.072.12 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Aug 20172016201520142013 ForRent.com Modern Message Apartments.com ApartmentGuide.com Facebook Rent.com Google ApartmentRatings Yelp Yahoo Yellowpages
  15. 15. Review Sites in A Prospect's World § Based on national research study aimed to examine: § The Internet journey residents embark on to navigate their way to a property. § Analyze the influence of online ratings and reviews in guiding apartment research and renting behavior. § The participants included – - 25,200 Residents - 670 Properties - 10 Companies
  16. 16. Reviews Usage In The Rental Lifecycle At what point did you utilize online ratings and reviews to gather information about the apartment communities you were interested in? 62% 11% As I was beginning my search 12% As I was narrowing my search to 4-5 communities 13% As I was narrowing my search to 2-3 communities As I was selecting the property I was most interested in 52% 2015
  17. 17. Renter Interaction with Reviews 75%Residents look at ratings and reviews multiple times in their apartment search. 5.54 Likelihood (10 à Very Likely) to rent in an apartment community that is strongly recommended by a friend but has negative online reviews.
  18. 18. Influence of Various Mediums How influential are reviews on the following sources: 0 2 4 6 8 10 Other review sites (Google, Yelp, Rent.com, Apartmentratings.com, etc.) Property Website Facebook 7.84 6.22 5.26 N = 8,262 10 à Very Influential 0 à Not Influential at all
  19. 19. Impact of various sites Assuming you were considering this apartment as a possible place to rent, please rank the sites in order of impact (highest to lowest) each one will have on your decision to rent there. (The star ratings and the number of reviews that were displayed by each site were changed to be the same). Site Rank Google 1 Apartments.com 2 ApartmentRatings.com 3 Property’s website 4 Rent.com 5 Yelp 6 Facebook 7
  20. 20. Reputation of the Management Company How important is the reputation of the management company in your decision to lease at a community? 8.10/10

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