Lead Conversion Questionnaire
Use this questionnaire for ideas on understanding your lead conversion
Some of the questions in the questionnaire …
- How many leads turn into leases?
- How many leads drop off at each stage?
- Which sources are we getting the most leads from?
- Which lead sources are sending leads that turn into leases?
Share the questionnaire with your colleages and get their input.
Analyze your past leads to identify opportunities for improvement
What is Lead Funnel Management?
Lead funnel management is the process of converting leads into leases. Property Management companies spend significant amounts of money on marketing to generate leads. What if the leads are not being followed up on?
Converting a lead into a lead typically follows these steps:
- Receive the lead
- Contact the prospect
- Make appointment for a showing
- Show the unit
- Motivate prospect to submit lease application
- Receive an application
It is important to understand how effective your team is at moving the prospect through all of these steps.
Benefits of Lead Funnel Management
Having an understanding of your team’s capacity and capability to convert leads to leases has many benefits, including:
- Know how many leads to generate in order to fill your upcoming vacancies
- Know how much to spend on marketing to generate the right number of leads
- Understand where in the sales funnel the prospects drop off so that you can you can provide training and allocate staff accordingly
- Understand why prospects drop off so that you can make improvements to reduce drop-offs
- Determine the “quality” of leads from different lead sources by understanding which leads tend to not convert
Property Management companies have several challenges when it comes to using analytics to understand lead to lease conversion. Most of the challenges are related not collecting data:
- A funnel with clearly-defined stages has not been set up
- Interaction with the prospect to initial contact through drop-out or application submission is not recorded
- Events such as no-shows at appointments, showings conducted, and applications started (but not submitted) are not tracked
- Interactions from some channels cannot be tracked (for example phone calls, website visits, social sites, in-person visits etc.).
- Surveys are not conducted at each stage, so prospect sentiment cannot be taken into account
- Different systems are used to track leads (CRM system) and to track lease applications (leasing system), so the story about a specific applicant is disjointed
The challenges described above can mostly be addressed by having well-defined processes and providing proper training to your team. Here’s what can be done:
- Define your “lead to lease” funnel
- Track the counts at each stage in your leasing funnel (it would be ideal to track each prospect by name at each stage, but that is a tall order even for companies using advanced CRM systems)
- Compute ratios such as:
- How many leads were contacted by a leasing agent
- How many no-shows there were for showing appointments
- How many showings resulted in a lease application being filled out
- Compare these funnel conversion ratios by leasing agent, by property and other dimensions to understand variations
Our solutions are built on the RentViewer software. RentViewer connects to data sources (such as Property Management Systems, other systems and Excel files), collates the data and enables the creation of Executive Dashboards, Custom Reports and Analytical Solutions
Do you have questions and need detailed explanation of how our product could help your businness?
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The Property Management Metrics Handbook
Which property management metrics are important to you?
See a list of over 100 metrics for categories such as:
- Lead Management Metrics
- Lease Application Metrics
- Unit Turnover Metrics
Use the Handbook for ideas on metrics that will be useful to your company.
Decide which property management metrics should be tracked and used for setting improvement goals.