CRM Marketing & Sales Strategies 3 — Questions and Answers
Question 1: Which fair housing rule is MOST relevant when marketing a residential property?
- Ads may specify a preferred family size if the unit is small
- All advertising must comply with the Fair Housing Act and cannot indicate preference based on protected classes (Correct answer)
- Online listings are exempt from fair housing advertising guidelines
- Managers may target ads to specific religions if the property is near a religious site
Correct answer: All advertising must comply with the Fair Housing Act and cannot indicate preference based on protected classes
All marketing materials must comply with the Fair Housing Act, which prohibits indicating any preference or limitation based on protected classes.
Question 2: A property has a 10% vacancy rate. Management wants to set a revenue goal. Which calculation is used to determine Gross Potential Rent (GPR)?
- Actual rent collected divided by number of units
- Total rent if all units were occupied at market rate for the full period (Correct answer)
- Net operating income minus operating expenses
- Average rent multiplied by occupancy rate
Correct answer: Total rent if all units were occupied at market rate for the full period
Gross Potential Rent is the total income a property would generate if every unit were occupied at full market rent with no vacancies or concessions.
Question 3: What is the purpose of a 'market survey' in residential property management?
- To survey current tenants about maintenance satisfaction
- To compare the property's rents, amenities, and occupancy to competing properties nearby (Correct answer)
- To determine how much advertising budget to allocate
- To audit a property's operating expenses against market averages
Correct answer: To compare the property's rents, amenities, and occupancy to competing properties nearby
A market survey benchmarks the property against competitors to inform pricing, amenity upgrades, and marketing strategies.
Question 4: Which leasing technique involves guiding a prospect through a property while emphasizing features that match their stated needs?
- Cold calling
- Feature-benefit selling (Correct answer)
- Yield management
- Lease abstracting
Correct answer: Feature-benefit selling
Feature-benefit selling connects a property's specific features to the individual prospect's needs, making the tour more persuasive.
Question 5: A property manager notices that most lease expirations fall in January, creating seasonal vacancy risk. The BEST long-term solution is to:
- Stop leasing in January each year
- Stagger lease expirations by offering varied lease terms to balance renewals year-round (Correct answer)
- Raise rents in January to offset expected vacancy
- Offer only month-to-month leases going forward
Correct answer: Stagger lease expirations by offering varied lease terms to balance renewals year-round
Staggering lease terms distributes expirations across months, reducing the concentration of vacancies during seasonally slow periods.
Question 6: What does 'economic occupancy' measure at a residential property?
- The percentage of units physically occupied by tenants
- The percentage of potential rental income actually collected (Correct answer)
- The ratio of marketing spend to new leases signed
- The number of applications received per available unit
Correct answer: The percentage of potential rental income actually collected
Economic occupancy measures the percentage of gross potential rent actually collected, accounting for vacancies, concessions, and delinquencies.
Question 7: A leasing agent is showing a two-bedroom unit to a prospect who expressed concern about noise. Which response best demonstrates effective objection handling?
- Tell the prospect the building is perfectly quiet and has no issues
- Acknowledge the concern, then highlight soundproofing features and quiet hours policy (Correct answer)
- Redirect the conversation to the unit's price and square footage
- Suggest the prospect look at properties elsewhere if noise is a concern
Correct answer: Acknowledge the concern, then highlight soundproofing features and quiet hours policy
Acknowledging the objection and providing factual reassurance builds trust and keeps the prospect engaged in the leasing process.
CRM Marketing & Sales Strategies 3
Which fair housing rule is MOST relevant when marketing a residential property?