How to Get More Reviews For Your Real Estate Business

The world of real estate is powered by trust and word-of-mouth recommendations. Prospective homebuyers and sellers look for realtors, brokers, and builders they can trust, and in today's digital age, this trust is built upon online reviews as much as it is built on referrals. 

The e-commerce industry has trained customers to conduct online research in advance of making a buying decision. 

But just how pivotal are these reviews in shaping decisions in the real estate industry?

The Power of Reviews in Numbers

1. Trust in Realty: According to a recent survey, 91% of consumers trust online reviews as much as personal recommendations. When it comes to real estate, where decisions involve significant investment, reviews can make or break a deal.
   
   
2. The Role of Reviews in Property Decisions: The same survey identified that 87% of consumers read online reviews for local businesses before engaging and 98% have made a decision based on the reviews. Most say they won’t engage with a business that has under 3.3 stars. The numbers are definitive, for the majority of homebuyers, reviews play a pivotal role in deciding whom to trust with their real estate needs.
   
   
3. Quality and Response: A study showed that businesses that engage with their reviews earn 35% more revenue. Active engagement and acknowledgment can set a realtor or builder apart from the competition.
   
   
4. Don’t leave money on the table: Products with reviews have a 270% higher likelihood of being purchased than products without. In real estate, you are the product. This is especially true if you’re a listing agent advertising yourself publicly. 

Moral of the story: if you don’t have a review strategy building your online persona, you’re likely missing out on a ton of business. So, how do we fix this?

How To Get More Reviews For Your Real Estate Business

1. Simply Ask: After closing a sale or finalizing a property deal, directly request feedback. A satisfied customer's words can serve as a beacon for future clients. A study by Bright Local showed 12% of people will leave a review when simply asked. 
   
   
2. Email Review Campaigns: Step up the ask with an email campaign. After clients close a deal, or even tour a property, initiate a short automated email campaign prompting them to share their experience. This not only gathers reviews but provides insights into the preferences of homebuyers. (Hint: You can completely automate this using pre-built templates on Locorum so you don’t have to manually build this every time)
   
   
3. Incentives for Reviews: Make sure clients understand you're seeking transparency and honest feedback - you don’t want to buy reviews. However, leveraging the natural human desire for reciprocity can be an effective strategy to boost reviews. When sending a closing gift or loyalty gift to a client, include a request for a review. People will naturally feel more inclined when receiving something to take action. In fact, an overwhelming 79% of people indicate incentives motivate reviews. (Hint: you can automate this entire process on Locorum without even having to request a review.
   
   
4. Automate Referral Reviews: Using Locorum you can also automate and guarantee reviews without even asking. We handle everything and your client will leave a review during the rewards claim process. On Locorum every time someone is referred to you, you get a review after the deal is done without even having to ask.
   
   
5. Acknowledge Feedback: Finally, maybe the most important point! Especially in the real estate industry, where transactions are deeply personal, acknowledging both positive and negative reviews can cement your reputation as a professional who genuinely cares. You need to reply to every review! 

Wrap Up 

Reviews play an invaluable role in shaping consumer decisions. For businesses, they're not just feedback but a window into consumers' minds, helping refine products, services, and customer relations. Utilizing platforms like Locorum can simplify the process of gathering these precious insights while offering value to your customers. In the age of information, making reviews a focal point of your marketing strategy is not just beneficial, it's imperative.

So whether you’re leveraging our tools or not, get out there and make sure you have a strategy to consistently build your reputation through reviews!