Measure Your Lead to Lease Conversion Rate.
One of the critical numbers to track when marketing your apartment is your Lead to Lease Conversion rate. It measures the percentage of leases you fill compared to the number of leads your team is handling.
We scoured the web (and our network) to create a series of benchmarks on Lead to Lease conversion and built an easy to use calculator to help you understand how your team is stacking up.
As you know, leasing is a complex process, and it can be difficult to measure team performance without having a few benchmarks in place. With this calculator, you can easily find your lead to lease conversion rate, and get an instant read on how you are performing compared to others in the industry.
Understand that lead-to-lease conversion rates vary significantly depending on the market you are in, competition in your area, and how your units are priced. We based the outputs of our calculator on multi-family markets across the US, but still, we highly recommend that you look at these outputs as a rough guide, but not as a rule to hold your team to. We have seen successful companies operating with conversion rates far below the industry average - they just need to balance out that conversion rate with volume at the top of the funnel.
At the end of the day - what matters more than your lead to lease conversion rate, is how many leases you fill compared to the number of vacancies you have.