"Anytime you’re increasing your ORA® Score, you’re automatically increasing your bottom line.”
Mindy Price and Marcus Armstrong begin this episode by explaining the Elite 1%. This year, communities who achieved an ORA® core of 94 (a score based on star ratings and number of reviews) made the Elite 1%. Marcus notes that these communities have roughly a 4.5 average star rating, 50-60 reviews per review site, and an 8.15 tally score for resident satisfaction.
With those numbers in mind, Marcus analyzed what matters most to residents in their leasing experience, and three main categories stood out. He explains that residents desire great communication, supportive maintenance service, and overall exceptional customer service from the office team. Communities who make the Elite 1% are excelling in these three areas, with customer service most certainly at the top.
Finally, Mindy asks Marcus what property managers can do over this next year if they desire to make the Elite 1%. Marcus emphasizes that the most important thing they can do is to focus on communication, which involves returning phone calls, replying to emails, and making sure residents are heard. Secondly, he encourages managers to focus on reviews by working to increase the number of 5-star reviews they receive while also targeting areas that will help to decrease or even eliminate 1- and 2-star reviews. He notes that even if a community isn’t close to the Elite 1%, there is still incredible value in increasing your ORA® Score as it directly affects your bottom line.