As a performance metric, conversion rate assesses the rate of conversion on hitting the key “CrSTAL” milestone in their lead-to-lease journey.
This also provides a benchmark at the PMC and Multifamily level to evaluate the performance of a property/PMC relative to it.
Why it matters?
It allows us to:
- Assess the quality of leads at each milestone.
- Gain insights into best practices and identify areas of improvement.
- Assess the quality of the inter-milestone experience.
Example
For example, in the month of January, for a property:
- 100 leads toured.
- Out of these, 30 leads applied.
- Conversion rate for this PMC is 30%.