CRM Marketing & Sales Strategies 3

Question 1

Which fair housing rule is MOST relevant when marketing a residential property?

Accepted Answer

All advertising must comply with the Fair Housing Act and cannot indicate preference based on protected classes

Answer

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)?

Accepted Answer

Total rent if all units were occupied at market rate for the full period

Answer

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?

Accepted Answer

To compare the property's rents, amenities, and occupancy to competing properties nearby

Answer

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?

Accepted Answer

Feature-benefit selling

Answer

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:

Accepted Answer

Stagger lease expirations by offering varied lease terms to balance renewals year-round

Answer

Staggering lease terms distributes expirations across months, reducing the concentration of vacancies during seasonally slow periods.

(CRM) Certified Residential Manager Practice Test