radford tax logo
07 5495 4100 ◆

Managing online reviews

Posted on January 12, 2016 by admin

Online reviews are important to business and need to be managed appropriately as they can influence the purchasing behaviour of customers and your overall reputation.

Online reviews provide information about your business’s products and services based on the opinions of customers. One of the first steps in managing online reviews is monitoring where they appear. Reviews can be found on a business’s own website, social media, blogs or third party review sites. Managing your online presence helps to monitor customer satisfaction and provides leverage from criticisms to improve your business.

Responding to feedback
To successfully manage online reviews, both positive and negative feedback should be constructively responded to. It is a good idea to allocate a staff member to handle online reviews. Responding to positive feedback shows your appreciation which helps to foster a relationship with your customer. On the other hand, negative feedback should not be ignored, instead it can be turned into an opportunity to show your concern and rectify the problem.

Identifying fake reviews
Fake or misleading reviews pose a concern for business owners but there are ways to identify and combat reviews that are not genuine. It can be challenging to distinguish between fake and genuine reviews; however there are some characteristics to look out for:

Avoid misleading reviews for your business
To ensure your business’ reviews are not misleading they must not be written by the reviewed business, someone who has been paid write the review but has not used the product or by someone who has used the product but written an inflated review to receive a monetary or non-monetary benefit.

A review may be deemed as misleading if you encourage family and friends to write reviews without asserting their personal connection to the business or request others to write reviews about your business or a competitor if they haven’t experienced the product or service. Businesses should also be wary if considering offering incentives to those that write positive reviews for their business as it may be considered misleading.

maximise your business's value

latest news

Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

radford tax associationsradford tax associationsradford tax associations