Your multifamily tenants are going to let the entire world know about you on Yelp and elsewhere online. Here's why you should pay attention.

Maintaining stellar reputations on Yelp, apartment-rating sites, and social media is so critical that you don't have a choice about what level of customer service you need to provide, according to LCOR property management director Kathy Masteron. That means fast completion of work orders, attentive maintenance, and small perks like designer coffee in the lobby 24/7. The online attention not only helps you compete in this stiff market, but pays off with higher IRR via increased traffic and lower advertising costs.

LCOR's 285-unit, garden-style Lincoln Pointe in Aventura, Fla. is 23 years old and thus goes without all the latest amenities—yet J Turner Research just named it Miami's best rental property.

LCOR's 308-unit 25 Broad St across from the New York Stock Exchange in Manhattan is full, and Williamsburg, Brooklyn's 142-unit 34 Berry has been full since it opened five years ago. Leasing just launched for the 234 units at 250 N 10th St (above) in the same submarket, and Kathy tells us the new mural by street artist Mr. Brainwash on the building's only masonry wall has been a big talking point among residents.