Back in the medieval ages, businesses would rely on word of mouth to promote their products and services. Fast-forward hundreds of years – plus countless technological improvements – and word of mouth marketing is still one of the most powerful ways to spread the word.
That’s because nothing hits home quite as much as listening to someone else talk about their experience with a product or service first-hand.
In the world of Build-to-Rent, word of mouth is significant. People want to live in stylish homes that provide them with a sense of community, and there’s no better way to buy into community living than hear it first-hand from those who live there.
Why you should care about word of mouth marketing
Renting is so much more than being happy with a product or service – it’s a lifestyle, and a lot is riding on getting it right for Build-to-Rent operators. Words of praise from other people who have lived in your communities hold even more weight than other forms of marketing.
Therefore, it’s vital to tap into that collection of happy renters and help them spread the word about moving into your Build-to-Rent community. 92% of consumers believe suggestions from friends and family more than they do advertising, and they’re also more inclined to believe recommendations from other people like them.
Word of mouth marketing is more cost-efficient
Word of mouth marketing also happens to be free. Getting people to wax lyrical about your community won’t cost you a penny, and its words have more power than a clever catchphrase in an advert.
That’s not to say you should completely disregard other marketing methods, as they are vital for growing your brand. But having renters and previous renters talking about their living experience with you won’t eat into the budgets and will help send a powerful message.
How to embrace word of mouth marketing
On your website
Getting renters to leave reviews on your website is a great start for word of mouth marketing. The only drawback is that some people browsing your site might regard the comments as fake because there’s no way to verify their validity. So while they're still helpful, you should explore other avenues alongside your website.
Trustpilot and other online reviews
Consumers generally regard websites like Trustpilot as bonafide ways to leave comments and reviews about a product or service. While there are still fake reviews, you’re much more likely to see genuine responses. Trustpilot, Google reviews and other similar places are likely to leave an impression on consumers.
It’s particularly popular with today’s renters
Most renters are made up of millennials and Generation Z, and they just so happen to be the demographic that really digs word of mouth marketing. Eighty-six per cent of Gen Z read reviews before making a decision about a product or service, while, statistically, millennials rely on word of mouth marketing more than any other demographic.
Your Build-to-Rent community should have a considerable presence when it comes to word of mouth. After all, your primary renting demographic is using it to make a decision, and they’re far more likely to rent with you if they’ve seen how well everything has gone for other renters first.
Spread the word
Word of mouth marketing is a great way to spread the word and build confidence in your Build-to-Rent community. You can tap into the people looking for homes, speeding up leases and get them excited about your homes.