Consumers today are using the internet and social media more than ever to research both companies and individuals before engaging in business activity. Online reviews are heavily weighted as they provide a direct insight into personal experiences and can be the focal point in decision-making. At HFG, these online reviews are particularly important to us because they help give potential borrowers the most accurate picture of what it’s like to work with us. If you have ever left an online review or even searched a local business, you are probably familiar with Yelp, one of the top review sites in the United States.
A recent post from Mortgage News Daily discusses Yelp as a potential new way to monitor major changes to a specific area’s demographics. In the study, there is a connection between where people want to live and what amenities, such as certain coffee houses, they desire in the immediate area. Interestingly, these findings may indicate that Yelp has advantages even over U.S. Census Bureau statistics as a resource for potential homebuyers, as consumers are shifting to more real-time data provided by these review resources. While it’s likely difficult to determine if new local businesses are driving this trend or if changes in neighborhood demographics are driving these changes, it is an interesting concept to consider. The study also found that there appeared to be a 1.4 percent appreciation within a ZIP code for every 10 reviews posted on Yelp.
If you are an active Yelp user and are currently working with us or have previously done business with HFG, please leave us a review on the official Homeowners Financial Group Yelp page.