In Practice
Lead to lease conversion shows how well your team turns interest into signed leases. Every inquiry is a lead. If 100 leads come in and 12 sign, your conversion is 12 percent. It is a leasing team's report card, and it is separate from how much traffic your marketing brings in.
You will see it in the weekly leasing report and the owner call, often next to tour count and closing ratio. If conversion is low, the cause is usually one of a few things: slow response to inquiries, no follow-up, tours that never get booked, a price that is out of line or a product that does not match the photos.
Example: a property gets 80 leads in a month, 30 book a tour and 10 sign. Lead to tour is about 38 percent and tour to lease is about 33 percent. The overall lead to lease conversion is 12.5 percent. Looking at each step shows where leads fall out.
Common mistake: counting duplicates. One person who calls, emails and tours is one lead, not three. Clean the guest cards first or the number will look worse than reality and send you after the wrong fix.
How to calculate it
Lead-to-lease conversion equals leases signed divided by unique leads, times 100. Example only: 9 leases from 60 unique leads is 15 percent.
Not to Be Confused With
Lead-to-lease conversion starts from all leads. Closing ratio usually starts from prospects who toured, so it is a sharper look at the tour itself.
Lead-to-Lease Conversion: Common Questions
What is a good lead-to-lease conversion rate?
It varies by market, price point and lead source. Rather than chase a general number, compare month to month and look at conversion by source and by agent.
How is lead-to-lease conversion different from closing ratio?
Conversion usually starts from every lead. Closing ratio usually starts from tours or toured prospects, so it is higher and measures sales skill on the tour.
