Practice Test Geeks(CRM) Certified Residential Manager Practice Test
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Marketing & Sales Strategies Flashcards

7 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Marketing & Sales Strategies flashcards as text

  1. Which pricing strategy adjusts rent based on real-time demand, unit availability, and lease expiration dates?

    Answer: Revenue management (dynamic pricing)

    Revenue management uses algorithms and market data to optimize rent pricing dynamically, maximizing income across the portfolio.

  2. When creating a marketing budget for a residential property, which factor should be weighted MOST heavily?

    Answer: Current vacancy rate and the cost-per-lease of each marketing channel

    Allocating budget based on vacancy rate and cost-per-lease ensures marketing dollars are spent where they generate the highest return.

  3. A residential property wants to improve its online reputation. Which action has the GREATEST impact on attracting new renters?

    Answer: Encouraging satisfied residents to leave positive reviews and professionally responding to all reviews

    Authentic positive reviews combined with professional responses to negative feedback build credibility with prospective renters researching online.

  4. What is the primary goal of a resident retention program in terms of marketing strategy?

    Answer: To decrease turnover costs and reduce the need to find new tenants

    Retaining existing residents reduces costly turnover—including vacancy loss, make-ready expenses, and leasing commissions—making it more cost-effective than re-leasing.

  5. Which piece of demographic data is MOST useful when targeting marketing for a luxury high-rise residential community?

    Answer: Average household income of renters in the trade area

    Average household income helps identify whether the trade area contains enough qualified renters who can afford luxury pricing.

  6. A property manager is comparing two advertising sources. Source A costs $500 and generated 2 leases. Source B costs $300 and generated 1 lease. Which source has the lower cost-per-lease?

    Answer: Source A at $250 per lease

    Source A's cost-per-lease is $250 ($500 ÷ 2), which is lower than Source B's $300 ($300 ÷ 1), making it the more efficient advertising channel.

  7. In residential leasing, what does 'traffic' refer to?

    Answer: The number of prospective tenants who inquire about or visit the property

    In leasing terminology, traffic refers to the number of prospective tenants who contact or visit the property, serving as a key top-of-funnel metric.