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Risk Management > Resident Experience > Flashcards

Resident Experience Flashcards

1
Q

Building Relationship

A

relationships are directly related to occupancy rates

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2
Q

Creating rapport is key to building relationships

A

express a genuine interest, be open and friendly, create physical rapport, be an active listener, seek agreement

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3
Q

Generations in the marketplace

A

veterans (1926-1945), boomers (1946-1964), Gen X (1965-1979), Millennials (1980-2000), IGen (Gen Z)- 2001-present

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4
Q

Rental application

A

prospects

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5
Q

fees and deposits

A

collect fees and deposits when an applicant submits a completed application

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6
Q

Fair Credit Reporting Act (FCRA)

A

a law that identifies regulations for checking a prospective resident’s credit history

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7
Q

Fair and Accurate Credit Transaction Act (FACTA)

A

broadens the FCRA by extending allowable types of consumer reports and requiring notice of adverse actions

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8
Q

Income Verification

A

applicants must be employed or provide proof of income

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9
Q

Criminal History

A

inform the applicant of the criminal background checks, obtain written authorization, do not deny based on an arrest record

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10
Q

Legal Residence

A

verify legal residences- birth certificate, naturalization certificate, permanent resident card/green card, a passport or visa, i94 form

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11
Q

The 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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12
Q

Preparing for move in

A

prior to move in prepare for the new resident, a move in inspection form, list of special instructions, copies of the lease, address change, a move in pack

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13
Q

communicating rent collection

A

establish a clear rent collection policy in writing

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14
Q

controlling resident turnover

A

staff performance, office responsiveness, office staff and work quality, maintenance response time, maintenance work quality, appearance of community common areas and grounds

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15
Q

customer service

A

soliciting feedback is a key to retaining and renewing residents

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16
Q

deductions from security deposits

A

damages, unpaid rent, unpaid utility charges, extended stay, inadequate notice, early lease termination, eviction

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17
Q

holdovers

A

renew under terms of previous lease, file court papers for possession of the apartment, offer resident a shorter term or month to month lease

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18
Q

types of eviction notices

A

pay rent or quit, cure or quit, unconditional quit

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19
Q

illegal evictions

A

do not move a residents belongings out, do not change the locks, do not have essential utilities turned off, do not threaten the resident

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20
Q

active lease files

A

ongoing, lock in cabinet at night

21
Q

inactive lease files

A

five years

22
Q

service request files

A

maintain a separate file for each apartment for the life of community, periodically clean out insignificant work orders

23
Q

incident report file

A

five years, by month and year, keep copies of all resident notices

24
Q

detailed unit status

A

3 years, preferably 4

25
Q

data backup

A

daily backup: one week, month end financials-one year, fire safe

26
Q

fair housing/ada modifications/accomodations

A

minimum of 3 but preferably 4

27
Q

denied applications

A

3 years, preferably 4

28
Q

Name the key steps to building relationships

A

express a genuine interest, be open and friendly, create physical rapport, be an active listener, seek agreement

29
Q

% of today’s renters are ethnic minorities and % were born outside the united states

A

45%; 20%

30
Q

Name the generations in the marketplace

A

veterans, baby boomers, gen x, millennials, gen z

31
Q

You should explain to an applicant that the information collected is used for

A

qualification purposes

32
Q

what laws govern the screening process?

A

Fair credit reporting act (FCRA) Fair & Accurate Credit Transactions Act (FACTA)

33
Q

What are the steps of the screening process?

A

screen application, investigate info, review application and approve/deny, notify prospect

34
Q

What is reviewed during a credit screening?

A

debt to income, rent to income, acceptable accounts ratio, FICO

35
Q

You must provide notification within _ hours of the application date

A

72

36
Q

Regardless of approval or denial, how should you contact an applicant?

A

telephone call

37
Q

Name some of the basic elements of the lease

A

identify all parties, name of community, description of premises, duration of the lease term, rent amount, payment terms, community policies, rights and responsibilities

38
Q

List items to discuss during new resident orientation

A

when and how to pay rent, location and use of amenities, resident referral program, service request, community policies, emergencies

39
Q

What is included in a move in packet?

A

lease paperwork, community policies, a community convenience list, keys, welcome letter

40
Q

When should you provide a list of the staff with contact information and a calendar of events?

A

in the resident newsletter

41
Q

What are some keys to communicating the rent collection policy?

A

a clear rent collection policy in writing, make rent payment a habit, make rent payment convenient, notify before late or NSF fees, be consistent and firm

42
Q

What should you do if you suspect or hear of criminal activity?

A

respond quickly, avoid confrontation, contact local law enforcement, document all incidents

43
Q

When does resident retention begin?

A

the day the resident moves into the community

44
Q

When is a resident considered moved out?

A

when all keys are returned

45
Q

What should you do when you receive a move out notice?

A

send a letter thanking a resident for their residency and advising of move out requirements

46
Q

What are the fundamental actions you should take during a move-out inspection?

A

use the move in/out checklist, photograph damages, charge reasonable deductions, do not remove any items left behind

47
Q

What are some legal reasons to terminate a lease?

A

violation of rental agreement, providing false information on the rental application or lease

48
Q

What is a holdover?

A

When a resident does not leave at the expiration of their lease term

49
Q

What are the three types of eviction notices?

A

pay rent or quit, cure or quit, unconditional quit

Risk Management (8 decks)

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