Resident Experience

Question 1

What is directly related to occupancy rates?

Answer 1

Relationships

Question 2

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

Answer 2

Move

Question 3

What is an on average turn cost?

Answer 3

$2000-$3000 per move out

Question 4

What percent of renters are ethnic minorities?

Answer 4

45%

Question 5

What matters to veterans and boomers?

Answer 5

Value over relationship

Question 6

What matters to Gen X millennials?

Answer 6

Value over time

Question 7

What is the difference between a fee and a deposit?

Answer 7

Fees are nonrefundable, deposits are refundable

Question 8

What is the FCRA?

Answer 8

Fair credit reporting act

Question 9

What is the fair credit reporting act (FCRA)?

Answer 9

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

Question 10

What is FACTA?

Answer 10

Fair and accurate credit transaction act

Question 11

What does the FACTA do?

Answer 11

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

Question 12

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

Answer 12

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

Question 13

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

Answer 13

Do not leave a voicemail

Question 14

What is a lease?

Answer 14

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

Question 15

What is joint and several?

Answer 15

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

Question 16

List the basic elements of a lease

Answer 16

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

Question 17

Name additional clauses of a lease

Answer 17

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

Question 18

According to NAA who should be executing the lease

Answer 18

The cam

Question 19

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

Answer 19

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

Question 20

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

Answer 20

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

Question 21

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

Answer 21

Move

Question 22

What destroys Customer loyal employee loyalty?

Answer 22

Bad profits

Question 23

What is NPS?

Answer 23

0–10 scoring, surveying

Question 24

What is the golden rule?

Answer 24

Treat others the way you want to be treated

Question 25

What is the average turnover percentage?

Answer 25

45 to 55%

Question 26

How many days should you review renewals in advance?

Answer 26

90 days

Question 27

What do you need to do with any rent increase?

Answer 27

Send written notification to resident of any rent increase

Question 28

What do you do 65 days prior to lease expiration?

Answer 28

Send renewal letter that outlines rates and terms options

Question 29

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

Answer 29

Call resident

Question 30

What do you do 30 days prior to lease expiration?

Answer 30

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

Question 31

What should you do five days prior to lease expiration?

Answer 31

Send a month to month renewal letter to the resident

Question 32

What is good for the bottom line?

Answer 32

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

Question 33

What are types of evictions notices?

Answer 33

Pay rent or quit Cure or quit Unconditional quit

Question 34

What is a pay rent or quit eviction notice?

Answer 34

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

Question 35

What is a eviction notice to cure or quit?

Answer 35

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

Question 36

What is a addiction notice for unconditional quit?

Answer 36

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.

Question 37

What should you do with actively’s files?

Answer 37

Lock in a cabinet at night

Question 38

How long do you keep inactive lease files?

Answer 38

Five years

Question 39

How long should you keep incident report files?

Answer 39

Five years

Question 40

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

Answer 40

Minimum of three, preferably four years

Question 41

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

Answer 41

A minimum of three, preferably four years

Question 42

How long should you keep denied applications?

Answer 42

A minimum of three, preferably four years

Question 43

What is directly related to occupancy rates?

Answer 43

Relationships

Question 44

What sets the stage for communication throughout residency

Answer 44

New resident orientation

Question 45

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

Answer 45

Activities and resident events