Online Reputation Scores Directly Impact Multifamily Revenue, Asset Performance

It’s always been suspected that it pays for your multifamily property to have a good reputation online. Now there’s evidence to back this up. New research shows that a change in your Online Reputation Assessment (ORA™ ) scores can move the needle when it comes to your bottom line.  RealPage unveiled new findings on this topic at RealWorld 2021, “The Yield Awakens,” in July.  When your ORA scores increase, so does your financial value compared to the market average; there is also an adverse effect when your score drops.  So the big question is, what are the best strategies for improving your ORA scores? By the numbers RealPage released a three-year study using J Turner Research reputation data on 5,695 properties which measured how a property’s change in ORA scores affects revenue. ORA scores are the multifamily standard for measuring and benchmarking a property’s online reputation, and play a key role when combined with RealPage’s asset performance metrics. The study’s results confirmed not just that online reputation has a direct impact on revenue and asset performance; they also strengthen the case for loyalty rewards platforms like  Community Rewards that increase opportunities to improve a property’s reputation. “We’ve always known there is some connection between reputation and revenue, and now we have the data to prove it,” RealPage Senior Vice President of Living Suite John Hinckley said at RealWorld. “Residents are the primary driver of your online reputation, so it makes sense to engage and connect with them often, in hopes that they eventually write a review. This makes an impact on your online reputation, which is validated by ORA, which moves your revenue and asset performance.” J Turner Research previously established that properties with higher ORA scores convert leads at twice the rate of those with lower ORA scores. Also, lease applicat...