CAM Marketing and Occupancy Management Flashcards

What is a market survey in apartment management?

Answer: A competitive analysis comparing your property's rents and amenities to nearby competitors

A market survey gathers data on competing properties' rents, concessions, occupancy, and amenities to inform pricing and marketing strategies.

What does 'economic occupancy' measure that physical occupancy does not?

Answer: The percentage of potential rental income actually being collected

Economic occupancy accounts for concessions, delinquencies, and vacancies to show what percentage of potential gross income is actually being collected.

Which metric best indicates how quickly a property is leasing vacant units?

Answer: Days on market (average days to lease a unit)

Days on market measures the average time a vacant unit takes to lease, indicating the effectiveness of pricing and marketing efforts.

When setting rental rates, what approach uses real-time supply and demand data to adjust pricing?

Answer: Revenue management (dynamic pricing)

Revenue management software dynamically adjusts rental rates based on current vacancy levels, lease expirations, and local market demand.

What is the purpose of a guest card or prospect tracking system?

Answer: To log prospective resident inquiries and follow up to convert them to leases

Guest card systems track prospect information, tour dates, and follow-up activities to improve conversion rates from inquiry to signed lease.

How does a referral incentive program benefit apartment communities?

Answer: It leverages current residents to attract qualified prospects, lowering marketing costs

Referral programs reward current residents for bringing in new tenants, producing qualified leads at a lower cost than traditional advertising.