There is more to an ORA Power Ranking Score than one may think. With the digital world making its leaps and bounds in every facet of the world as we know it, society functions every day via the internet and that is the first place they will go when researching multi-family residences for tenancy. Here we will briefly discuss what property managers can learn from the elite 1% ORA power ranking.
What Is An ORA Score?
An ORA score is an online reputation assessment. This assessment is compiled from ratings of over 21 different review sites with the score itself being determined on a scale of 0-100 per property. The determined score is a widely acknowledged ranking that serves as a benchmark to compare and contrast individual properties as it relates to resident satisfaction, community performance and positive online reviews and rankings. The ORA Power Rankings are based on monthly assessments of independently ranked multi-family properties and management companies ORA scores. J Turner Research developed this multi-family industry standard to measure online reputation, however, property or management companies are not required to be a J Turner Research client to qualify for this ranking.
How Valuable Is An ORA Score?
Although there are multiple factors that affect a future residents probable tenancy, ratings and reviews have a significant influence on potential renters. Based on a study of 22,000 residents, almost 60% of online reviews accounted for the overall decision factor for current residents and these numbers continue to show an upswing for the future. According to J Turner Research, over 70% of potential renters surveyed chose to visit properties with a greater online reputation. Within that, properties that received high ORA scores influenced 15% more leases than those with lower scores. With a world that functions on multi-digital platforms, online ratings and reviews are the new voice of gaging a company’s value and credibility.
How Can Property Managers Improve Their Scores?
Your Team Is Your Brand
Improving assessment scores starts with hiring the right people. You want to hire people that are going to best represent your brand. People who are going to create the best experience for your residents. This almost always comes down to exceptional, quality customer service; something that has fallen short over the past handful of years but provides an opportunity for those looking, to stand out amongst the rest. With unmatched service you are almost always guaranteed quality reviews from your residents. Residents want to feel safe and happy within their homes so ensuring this should be key for any multi-property management company.
Promote Honest Feedback
Asking residents for their honest feedback and reviews is another way to increase ORA scores. By encouraging residents to offer their honest feedback, management can assess the needs within the community as well as meet them which in turn opens the door for residents to provide reviews. Meeting the needs within the community will support your customer service standard and encourage residents to rate their experience. Incentives like drawings for gift baskets, gift cards, etc. are ways properties can engage residents in taking part to provide their honest opinions.
Make sure your residents are heard! There will always be times when residents have concerns or are unhappy. Maintenance issues, irritating neighbors, barking dogs and much more are common experiences tenants have within a multi-family complex. When tenants feel heard about concerns or issues they are having and problems are resolved promptly, the likelihood of them submitting a positive review is higher. Having staff respond to emails quickly, encouraging tenants to come into the office with concerns and resolving issues before they become a public concern should be high on the to do list. How a complex operates will drastically affect the attitude of a tenant and how they will respond to their experience.
Make Reviews Your Top Priority
Once your property receives reviews it’s important that you respond to them within a short period of time and with care. Remember, a tenant’s experience represents you as a whole so prompt, courteous responses will be well received and acknowledged. When receiving complaints or negative reviews, be sure to thank them for their feedback and provide them with a brief review of how you are looking to take care of the problem. This shows your value of them as a tenant as well as providing an example to prospects of how your management operates which can be a great influence factor.
List Reviews On Multiple Platforms
Lastly, make sure you have reviews on multiple platforms. This reaches a greater population base which will only benefit the company. Apartments.com, ApartmentRatings.com and Google are some of the top rated review platforms currently being used with Google seeming to be the most prominently used rating source.
Property managers can learn a lot when it comes to the elite 1% ORA Power Ranking, especially if they have never thought about their scores before. The good news is that based on 2019 ratings, newcomers are becoming a part of the first 100 highest ranked properties percentage base meaning that even those new to the scene have a chance to shine!