Collecting and interpreting leasing data isn’t easy. There are so many leasing performance metrics out there that it become hard to know which one should you focus on, so that you may know if your current leasing efforts are successful. You need to get the insights, for that you need to develop an appropriate plan and increase your leasing performance; you need to know that you are using right metrics.
Other than calculating your current tenancy rates, here are three other important leasing performance metrics you must not forget:
- Leasing Activity
Leases for a given period of time such as total number of leads, showings, applications are essential in determining how your properties are conducting as a whole. You can find out aberration and pinpoint areas of improvement by comparing your leasing activity and conversions across not only properties, but also regions and team members.
- Inquiries by Source
Another important point to be noted is to measure inquiries by source. This can be done by calculating the prospect inquiries for some specific numbers, properties, and attributing them to the original source they came from, example St Louis Property Management. Having all these information you can completely understand the ROI of your respected marketing spend and optimize your presence on sources which generate your most valuable leads.
- Future Occupancy:
For a property manager it is vital metric to forecast future vacancies to minimize the number of days a unit is unoccupied. Future occupancy let us know the percentage of units that will be occupied within a future date range. Accounting units with expiring leases.
Technology like the Leasing Metrics Dashboard St Louis Property Management, eliminates the time consuming, error-prone data collection process within a single system. So you do not have to drag data out from different solutions and try to make it work together. The source of the data is reliable and single. Leasing activity and marketing channel ROI to current and future occupancy everything is measured in real time. You can get the data of your choice; you can also customize and filter the information by property, group, or owner, and see how they are performing currently.
This way you can better understand the overall health of your properties and optimize your leasing team performance.