NAA CALP flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Occupancy rate
- Occupied units divided by total rentable units, multiplied by 100. It measures physical use of the community and ignores delinquency and concessions.
- Economic occupancy
- Rent actually collected divided by gross potential rent, times 100. It reflects vacancy loss, concessions and bad debt, so it is always equal to or lower than physical occupancy.
- Net effective rent
- Total rent collected over the lease term minus all concessions, divided by the number of months in the term. Used to compare offers with different free-rent structures.
- Rent-to-income ratio
- Monthly rent divided by the applicant's gross monthly income. A ratio of 1:3, meaning rent at or below 33 percent of income, is a common screening benchmark.
- Gross potential rent
- The rent a community would collect at 100 percent occupancy and full market rents. It is the starting point for the budget before vacancy, concessions and collection losses.
- Cost per lease
- Total marketing spend divided by the number of leases signed in the same period. It lets a manager compare the efficiency of different advertising sources.
- Absorption rate
- Units leased during a period divided by the units that were available at the start of that period. It shows how quickly available inventory is being consumed.
- Cost per lead
- Total marketing spend divided by the number of leads generated in the same period. A low cost per lead is only useful if those leads convert to leases.
- Lead-to-lease conversion
- Leases signed divided by qualified leads, multiplied by 100. It measures how well the leasing team turns inquiries into signed residents.
- Internet listing service
- A third-party website that syndicates a community's rent and availability data to apartment shoppers. It is one of the main paid traffic sources in multifamily marketing.
- Marketing attribution
- Assigning each lead to the source that produced it, usually through a unique phone number, landing page or promo code, so spend can be tied to results.
- Equal Housing Opportunity
- The logo or statement required on rental advertising to show the community complies with fair housing law. It must appear on print, web and social ads.
- Online reputation management
- Monitoring and responding to reviews and ratings on search and listing sites, replying factually within 24 to 48 hours without disclosing resident information.
- Renewal rate
- Renewed leases divided by the leases expiring in the same period, multiplied by 100. It is the primary measure of how well a community retains existing residents.
- Turnover rate
- Move-outs divided by average units available, multiplied by 100. A monthly figure is annualized by multiplying by 12 so it can be compared with industry benchmarks.
- Renewal offer window
- The period, usually 60 to 90 days before lease expiration, when a renewal offer is presented. Early offers give residents time to decide and reduce move-outs.
- Move-in inspection
- A dated, signed condition report with photos completed at move-in. It documents pre-existing damage and supports lawful security deposit deductions at move-out.
- Notice to vacate
- The written notice a resident gives stating intent to leave, with the number of days required by the lease and state law. Accepting a late notice can waive the requirement.
- Emergency work order
- A request involving an immediate threat to health or safety, such as no heat, no water, flooding, fire or lockout. It is completed ahead of routine requests.
- Retention break-even test
- Comparing the cost of a renewal concession with the cost of a turn plus lost rent. If the concession is smaller, offering it is the cheaper outcome.
- Federal protected classes
- Race, color, religion, sex, national origin, familial status and disability. These seven classes are protected nationwide by the Fair Housing Act of 1968.
- Reasonable accommodation
- A change to a rule, policy, practice or service so a person with a disability can use the housing equally, such as a reserved parking space or an assistance animal exception.
- Reasonable modification
- A physical change to a unit or common area, such as a ramp or grab bars, so a resident with a disability can use the space. The resident usually pays.
- Familial status
- Protection for households with a child under 18, a person who is pregnant, or anyone in the process of securing legal custody of a child.
- Service animal distinction
- A service or assistance animal is not a pet, so no pet rent, pet fee or pet deposit may be charged, and breed or weight limits do not apply.
- Steering
- Directing a prospect toward or away from units, buildings or communities based on a protected class. It is illegal even when the housing offered is otherwise equal.
- Active listening
- Paraphrasing the speaker's message and confirming it before responding, so the customer feels heard and misunderstandings are caught early in the conversation.
- LEARN complaint model
- Listen, Empathize, Apologize, Resolve, Notify. A five-step sequence for handling a resident complaint and closing the loop with a follow-up.
- Three-ring rule
- Answer the telephone within three rings, greet the caller with the community name and your own, then ask how you can help them.
- 24-business-hour standard
- The target for replying to email and text inquiries, with a holding message sent if the full answer requires more research time.
- Sentence case in writing
- Using normal capitalization in emails and notices. All-caps reads as shouting, reduces readability and can escalate an already tense message.
- CRM contact logging
- Recording every prospect and resident interaction with date, channel, outcome and next step, so any team member can pick up the conversation.