RealPage and J Turner Research Reveals Measurable Impact of Online Reputation on Apartment Property Performance
08 Abril 2021 - 9:30AM
Business Wire
April 14 Webcast to Present Results and Tips
on How to Improve Property Online Reputation
RealPage, Inc. (NASDAQ: RP), a leading global provider of
software and data analytics to the real estate industry, in
conjunction with J Turner Research, an online reputation management
firm exclusively serving the multifamily industry, announced the
results of a nearly three-year, first-of-its-kind study that
reveals the measurable impact of online reputation on multifamily
rental property outperformance.
According to the report, on average, properties witnessed a
3-basis-points (BPS) premium to market returns for each point a
community improved its Online Reputation Assessment (ORA™) score, a
metric to measure and benchmark the online reputation of
multifamily properties. The ORA™ statistical model by J Turner
Research, designed for property management companies, aggregates
and analyzes online ratings and reviews of over 120,000 properties
in the U.S. across 20+ review sites and internet listing services
(ILS), with more than 10 million reviews.
The study reviewed historical financial and operational metrics
from RealPage combined with 34 months of ORA™ data of nearly 6,000
properties across class A, B and C assets in every decade since the
1900s, spanning affordable and conventional apartments of all sizes
from fewer than 100 units to over 4,000 units in the U.S. market.
Researchers identified a correlation between key variables such as
raw ORA™ scores, change in ORA™ score and revenue.
“We’re excited to announce the results of the study that
demonstrates and validates the relationship between changes in
online reputation and revenue performance over the market,” said
Rich Hughes, SVP Data Science at RealPage. “In an environment of
limited rent increases and shifting prospect expectations, paired
with the need to continue to drive yield and NOI, reputation is now
a proven lever to impact asset performance.”
In addition to observing an average 3 BPS premium to market
returns for every point a community improves its ORA™ score,
researchers observed decreased property performance with an adverse
change in online reputation. The level of impact that online
reputation can have on value creation varies by market and property
type, but the study confirms that the role of online reputation is
consistently a factor through a positive correlation between ORA™
Scores and Property Performance compared to the market.
This study also specifically analyzed the relationship between
ORA™ and resident renewals by drilling down into four regional
markets: Dallas, Phoenix, Atlanta, and Seattle. All four markets
show that high ORA™ scores tend to enjoy higher renewal rates,
while low ORA™ scores can struggle with renewals.
“This validates the need for a reputation strategy to stay
ahead,” said Jay Parsons, Deputy Chief Economist and Vice President
of Asset Optimization at RealPage. “Properties with lower ORA™
scores should build a strategy around raising their scores to
increase property performance and value, while properties with
existing higher ORA™ scores should focus on maintaining their
scores to protect property performance and value gains.”
This announcement follows the announcement made last Fall by
RealPage regarding the integration of ORA™ Scores into RealPage’s
Performance Analytics Benchmarking and AI Revenue Management
solutions.
RealPage will host a live webcast on April 14, 2021 at 3:30 p.m.
ET to present the study and offer strategies to help property
owners improve online reputation scores and drive more yield.
Register for the webcast to hear the story and access the report
here:
https://www.realpage.com/webcasts/connecting-reputation-with-revenue/.
About RealPage
RealPage provides a technology platform that enables real estate
owners and managers to change how people experience and use rental
space. Clients use the platform to gain transparency into asset
performance, leverage data insights and monetize space to create
incremental yields. Founded in 1998 and headquartered in
Richardson, Texas, RealPage currently serves over 19 million units
worldwide from offices in North America, Europe and Asia. For more
information about RealPage, please visit
https://www.RealPage.com.
About J Turner Research
J Turner Research is the leading full-circle online reputation
management firm exclusively serving the multifamily industry since
2012. Using its unique, 360-degree process encompassing surveys and
a reputation management platform, clients are able to enhance
resident satisfaction, increase closing ratios and improve their
online reputation. J Turner is the pioneer of the Online Reputation
Assessment (ORA™) score, which serves as the industry standard for
measuring a property’s online reputation. The company analyzes the
online reputation of over 122,000 properties across the U.S. For
more information, please visit
https://www.jturnerresearch.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20210408005132/en/
Steve Calk realpagemediarelations@realpage.com
RealPage (NASDAQ:RP)
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