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"Reputation is the one thing you can invest resources in and actually change the economic landscape of your asset."
In this episode, Mindy chats with Rich Hughes of RealPage and Joseph Batdorf and Chelsea Kneeland of J Turner Research. Joseph sets the stage by explaining what is ORA™ and how it adds value to the apartment industry.
Hughes discusses a nearly three-year study conducted by RealPage and J Turner Research about the measurable impact of online reputation. He notes that while there are many factors that can affect a community’s reputation, taking the time to maintain or improve your reputation is an incredibly cost-effective way to enhance your bottom line. He shares his finding –for every ONE ORA™ point a community can move their reputation up or down, they will see THREE basis points change in performance to market. Performance to market is the biggest determinant of how much money a property makes in any market.
They next discuss what online reputation means for property managers and the significance of customer service in ensuring consumer loyalty. Hughes emphasizes how communities with higher ORA™ scores not only close at a higher rate but also have better retention. Therefore, it is imperative for managers to know how prospects are using review information and ORA™ scores to guide their decisions and how fundamental it is to keep residents happy.
Finally, the team discusses how ORA™ may evolve, as well as future applications of the study. Hughes notes that by having this objective measure of reputation quality, it encourages people to set positive goals and be competitive in the best possible way in terms of delivering great resident experiences, for which residents are willing to pay. ORA™ may also shine a light on what operational decisions add or decrease the value of your property, along with decisions you can make to have happier residents and increase your ROI.