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CAM > Resident Experience > Flashcards

Resident Experience Flashcards

1
Q

What is directly related to occupancy rates?

A

Relationships

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2
Q

Residents who feel connected to the community are less likely to what?

A

Move

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3
Q

What is an on average turn cost?

A

$2000-$3000 per move out

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4
Q

What percent of renters are ethnic minorities?

A

45%

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5
Q

What matters to veterans and boomers?

A

Value over relationship

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6
Q

What matters to Gen X millennials?

A

Value over time

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7
Q

What is the difference between a fee and a deposit?

A

Fees are nonrefundable, deposits are refundable

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8
Q

What is the FCRA?

A

Fair credit reporting act

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9
Q

What is the fair credit reporting act (FCRA)?

A

A law that identifies regulations for checking, a prospective residence, credit history

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10
Q

What is FACTA?

A

Fair and accurate credit transaction act

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11
Q

What does the FACTA do?

A

Broadens, the FCR a by extending, allowable types of consumer reports and requiring notice for adverse actions… credit report, locking

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12
Q

What other documents can an applicant use if they don’t have a Social Security number?

A

Birth certificate, or US passport
Naturalization certificate
Permanent resident card or green card
Passport or visa from native country
I – 94 form

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13
Q

What should you not do to notify a prospect of approval status?

A

Do not leave a voicemail

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14
Q

What is a lease?

A

A legally enforceable contract, that grants a resident, the rights and responsibilities of possession, and use of an apartment for a specified period of time

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15
Q

What is joint and several?

A

All residents in unit equally responsible for lease, clauses and rent

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16
Q

List the basic elements of a lease

A

Identity of all parties, name of community, description of premises, duration of lease term, rent amount, payment, terms, community policies, rules, guidelines, and regulations, rights and responsibilities of each party

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17
Q

Name additional clauses of a lease

A

Maintenance
Pets, utilities, and other fees
Security another deposits
Sub letting
Alterations
Condition of premises
Owners rights of access
Natural disasters
Renters insurance
Joint and several

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18
Q

According to NAA who should be executing the lease

A

The cam

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19
Q

In the lease file what goes on the left side of the folder?

A

Resident contact log
Move in checklist
Resident letters and notices
Resident profile

20
Q

In the lease file what goes on the right side of the folder?

A

Lease agreement
Applicable addenda
Rental application
Screening results
Electronic payment, activation form
Move in/out inspection form
Copy of renters insurance

21
Q

What will residents typically decide to do in the first 30 days?

A

Move

22
Q

What destroys Customer loyal employee loyalty?

A

Bad profits

23
Q

What is NPS?

A

0–10 scoring, surveying

24
Q

What is the golden rule?

A

Treat others the way you want to be treated

25
Q

What is the average turnover percentage?

A

45 to 55%

26
Q

How many days should you review renewals in advance?

A

90 days

27
Q

What do you need to do with any rent increase?

A

Send written notification to resident of any rent increase

28
Q

What do you do 65 days prior to lease expiration?

A

Send renewal letter that outlines rates and terms options

29
Q

What do you do 30 to 60 days prior to lease expiration

A

Call resident

30
Q

What do you do 30 days prior to lease expiration?

A

Send new lease agreement and call resident to confirm renewal or notice to move

31
Q

What should you do five days prior to lease expiration?

A

Send a month to month renewal letter to the resident

32
Q

What is good for the bottom line?

A

Satisfied residents are more likely to renew their lease and are good for the bottom line

33
Q

What are types of evictions notices?

A

Pay rent or quit
Cure or quit
Unconditional quit

34
Q

What is a pay rent or quit eviction notice?

A

Used when a resident has not paid rent
Gives resident it fixed period of time to pay rent or move out aka notice of nonpayment, 3 day

35
Q

What is a eviction notice to cure or quit?

A

Used when a resident is in violation of a condition of the lease
Gives the resident a set period of time to correct the violation or face eviction

36
Q

What is a addiction notice for unconditional quit?

A

Used when a resident repeatedly violated a lease condition
Frequently paid rent
Damaged the premises
Engage in illegal activity
Is an immediate danger to the community
Informs the resident to vacate without an opportunity to pay rent or correct any violation …. No more goodbye.

37
Q

What should you do with actively’s files?

A

Lock in a cabinet at night

38
Q

How long do you keep inactive lease files?

A

Five years

39
Q

How long should you keep incident report files?

A

Five years

40
Q

How long should you keep detailed unit status reports and guest cards?

A

Minimum of three, preferably four years

41
Q

How long should you keep fair housing/ADA modification/accommodation request?

A

A minimum of three, preferably four years

42
Q

How long should you keep denied applications?

A

A minimum of three, preferably four years

43
Q

What is directly related to occupancy rates?

A

Relationships

44
Q

What sets the stage for communication throughout residency

A

New resident orientation

45
Q

What helps residents get to know one another and promote a sense of community?

A

Activities and resident events

CAM (5 decks)

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