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“You can see competition around this is tightening. People are more focused than ever on online reputation, and it’s just becoming a much tougher battle to be the best of the best.”
Mindy Price welcomes Marcus Armstrong to the year’s first podcast to discuss the ORA Power Rankings Elite 1%. For 2022—whose list will be announced LIVE on January 23—the cutoff was a 94 ORA score to be in the top 1% of properties. Marcus notes that the cutoff was close to being 95, so it is clear that competition is increasing, and there is no secret sauce outside of customer service and satisfied residents.
So, what does it take to make the Elite 1%? Marcus emphasizes that you can’t have negative reviews and have a strong online reputation, so taking care of your residents is paramount. He describes two paths toward achieving a positive star average, with the first consisting of asking your residents for reviews and ensuring their satisfaction. Another path is to cut out or prevent negative reviews in the first place as this has the bigger payoff; for every 1-star review, you need seven 5-star reviews to get back to a 4.5-star average.
Marcus concludes by explaining how communities can eliminate these negative ratings, and it consists of understanding national trends and getting ahead of them. For instance, in the summer there is an increase in negative reviews, so managers need to get ahead of AC repairs in the spring and order parts for repairs early. In the fall and winter, complaints can center around package delivery and safety, so communities should work ahead to ensure systems are in place and have plans for service. These proactive efforts should combine to keep residents satisfied and help boost your community’s reputation.