Online Reviews Are Important to a Growing Share of Buyers

Congratulations! You made it through 2020!

With the supercharged buying season extending months longer than usual — and new demands for safety protocols, remote touring and closings — you probably didn’t have much time to rest in 2020, much less tend to the loose ends of building your business for the long run.

If one of those loose ends happens to be soliciting and curating your online ratings and reviews, you might want to add that to your list of New Year’s resolutions. The reason? 

Among buyers who work with an agent, the Zillow Consumer Housing Trends Report 2020 saw an 11-point jump in the share that consider online reviews and ratings highly important.

In 2018, 42% of buyers who worked with an agent cited online reviews or ratings of an agent or broker as very or extremely important to them. In 2020, that percentage jumped to more than half (53%), with an even larger share among younger buyers.  

In fact, the importance of online reviews marked the largest difference between the generations. Asked to rate agent characteristics, 61% of Gen Z, 66% of millennial and 53% of Gen X buyers who work with an agent consider ratings and reviews very/extremely important. Only 38% of baby boomer and silent generation buyers who work with an agent say the same.

The finding is likely due to younger buyers aging into the home-buying market, a trend that will continue as a growing share of millennials — the diverse generation aged 26-40 — hits peak home buying years.

Younger generations are accustomed to tapping into online reviews for even small decisions such as finding the best donut shop or dog park. Imagine that same mindset searching for or vetting someone to guide them through what is likely to be the most expensive purchase of their lives.

It seems likely that a growing share of buyers will continue to consult online reviews and ratings when making decisions about their agent. That makes now a good time to develop or refine your process around online reviews so your future customers know how you can deliver for them.

Takeaways:

Be proactive. Some clients may initiate a review without prodding, but why leave it to chance? Ask your clients for reviews, and send them working links to popular sites where you want them to weigh in. Let them know their opinion matters to you — and to others.

Provide a template. Clients may have no clue what to include. Offer them a starting point or something they can change to reflect their experience with you.

Ask early to capture the moment. When you score a win for your client at any point in the process, and your client expresses their appreciation, ask them to write a review. Make it a natural part of the conversation. And when you hand a client the keys to their new home, think of the review as part of the celebration. Ask to acknowledge that happy time in the moment, not weeks later when they’re unpacking boxes and ordering school transcripts.

Tell them what you’d like feedback on. If there are things you want to be known for — first-time buyer specialist or experience selling new construction — ask your clients to touch on those things in their reviews.

Follow up with a phone call. Many buyers may be overwhelmed after closing. If you don’t get any traction with email, call to check in and ask if they could write a review.  

Focus on the future. Think about who you want to work with. Do you enjoy helping first-time buyers? What about downsizers? Do you have expertise in certain neighborhoods or can see value in fixer uppers? Pay particular attention to getting reviews from clients who reflect where you would like to take your business.

Reply to every review. Good, bad or neutral — post a reply. Thanking a client publicly is a great way to close the circle of positivity. 

Make negative reviews a high priority. Respond as soon as possible. Be constructive. Show maturity and a desire to provide excellent service. If the comment merits it, provide your side of the story professionally and tactfully. Before you post, imagine reading the comment from the point of view of someone who has never met you but is looking for a trusted agent to help them buy or sell a home.