Lead-to-lease conversion rate

Conversion rate equals leases signed divided by leads received for the same period. Managers usually break it into funnel stages: lead to tour, tour to application and application to lease.

Stage-by-stage conversion shows where prospects drop off. A low lead-to-tour rate points to slow or weak follow-up, while a low application-to-lease rate may point to screening criteria or pricing. Tracking it by lead source also shows which channels bring serious prospects.