In case you missed it, the Federal Trade Commission (FTC), announced a "Final Rule Banning Fake Reviews and Testimonials" on August 14, 2024. The rule came after an advance notice of proposed rulemaking and a notice of proposed rulemaking announced in November 2022 and June 2023. Per the FTC press release, "The rule will allow the agency to strengthen enforcement, seek civil penalties against violators, and deter AI-generated fake ...
As we enter the Era of Authenticity, it's more important than ever to listen and understand the needs and preferences of our customers. SatisFacts published the Online Renter Study in January 2024 to provide the multifamily industry with unbiased, raw data directly from renters themselves. The data in the study covers a range of topics, from reputation to social media to fee transparency to ESG…and more!One topic in the study focuses on ...
Zillow and The National Association of Realtors estimate first-time home buyers will regain market share by 2025. Fannie Mae's forecast says that the 30-year fixed rate will be 6.79% in 2024 and 5.72% in 2025.In the latest Biennial Online Renter Study published by SatisFacts Research, sense of community remains the #1 driver for the perception of value at 3.93 (on a scale of 1 to 5; with 5 being the most important). However when renter ...
I think those of us who are passionate about building a sense of community have failed in many ways to effectively "sell" our vision. The reality is that when rents are rising, turnover is seen as a good thing to many in our industry, as that helps push rents. And those that push for a sense of community have a much harder, nuanced "sale" to leadership even though we really can have it both ways. If we boost a sense of community, then that means we not only have less turnover, but those renewal prices can be pushed higher, as well, because people will pay more for an experience that they are in love with. That means less turnover cost AND higher rents. Plus, the higher retention lowers availability and supply, which then allows us to be more aggressive on new rents, as well. Economically, I have to imagine that a strong sense of community ends up being more profitable on three separate fronts. But if you look at technology adoption, as an... Show more
Fake It Til You Make It: Review Generation Fails
Review generation is a persistent challenge in the multifamily industry. It can be intimidating, time-consuming, and sometimes leads companies into looking for a “quick fix.” But in this day and age, businesses are under heavy scrutiny due to the Federal Trade Commission (FTC) creating more strict regulations and the customer expectation being higher than e ...
Quantity - are there enough reviews to form a consensus?
Quality - does the overall tone of the reviews message a good experience?
Recency - is the feedback current/recent, or are the bulk of the reviews “stale dated”?
Relevancy - does the body of reviews speak to the reader and create a relevant connection, or is the content quality “thin” ( Nice place, Really like it etc)?
Responsiveness- is the provider of the experience/product/service demonstrating engagement via the quality and frequency of their responses? Do they truly care about the experience, product or service they offer?
Because this set of criteria (the 5 key elements, or Q2R3 as a formula) operates... Show more
I'm sad I didn't get to see them present this session live, but appreciate the recap and thank you for sharing the data that speaks to the increasing importance of reviews. And not just getting more positive reviews through unethical practices, but a
Great article Stephen! And so spot on! Evolution is the key and there are some great management companies recognizing this and creating new roles in their companies to help address these issues. SatisFacts hosts a free monthly webinar series and last
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04 DecEvent starts in:
