As a performance metric, conversion velocity assesses the time taken by a lead to hit the next 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,
- Time taken by a lead to apply after touring a property is 5.0 days.
- Conversion velocity for this lead is 5.0 days.