Metrics that matter in leasing
Five numbers that tell you where leads are leaking — and how to track them in fifteen minutes a week.
You don't need a dashboard with forty charts. You need five numbers, checked every week, compared to last week.
Each one points at a different leak in the funnel. When one moves, you know where to look.
1. First response time
How long a new lead waits for a real answer. Track the median, not the average — one lead that waited all weekend will wreck an average and hide the fact that most replies were fast (or the reverse).
2. Lead-to-tour rate
Of the leads that came in, how many booked a tour. If this drops, the problem is usually the first two messages: slow replies, no tour times offered, or too many questions up front.
3. Tour show rate
Of the tours booked, how many people showed up. Low show rates usually mean no reminder, or a tour booked too far out. A reminder the day before and an hour before goes a long way.
4. Tour-to-application rate
Of the people who toured, how many applied. If this is low, look at what happens after the tour — how fast the application link goes out, and how painful the application is to finish on a phone.
5. Days vacant
How long each unit sits between leases. This is the number that actually costs you money. The four above are how you move it.
How to track it in fifteen minutes
If you're not using software for this yet, a spreadsheet works. One row per lead:
- Date and time the lead came in
- Time of first reply
- Tour booked (yes/no) and toured (yes/no)
- Applied (yes/no)
- Unit and the date it was leased
Every Monday, count the week. Compare it to the week before. The trend tells you more than any industry benchmark, because it's your market, your units, and your team.
Where Pace fits
LeasePace tracks all five automatically — response times, tour rates, conversion, and per-agent performance in one view — so you can see where leads drop off without building the spreadsheet.
We set it up for you on a 15-minute call. Your number, your units, your rules.
