With consumers across all industries increasing their use of reviews, Apartments.com initiated research efforts to dig deeper into the growing trend. Slack and Company was engaged to complete a comprehensive research project to obtain unbiased opinions from multifamily industry professionals about ratings and reviews. The Blackstone Group was also engaged to conduct a comprehensive research project on how renters value reviews.
The Multifamily Industry Professional Study
This study was conducted to unveil how industry professionals currently manage their online reputation, how they feel about online property ratings and reviews and what components of reviews they feel are most and least appropriate.
The Consumer Study
This study sought to gain perspective on how renters are using apartment reviews, how important reviews are to them and what plans renters have for the future.
What It All Means to ILSs
In addition to our research findings, a separate division of Classified Ventures, Cars.com, launched reviews on their website in February 2011. Given the similarities of online shopping for cars to the online apartment search experience, we also compared the findings of our research to a Cars.com dealer review study they conducted prior to the launch of reviews, and then again compared those to the actual results of the reviews posted to their website. We found the Cars.com dealer study to be very similar to the key finding from the multifamily professional study.