How to Read Leasing Performance Dashboard

We've created a live view dashboard for you to be able to see how your listing is performing. We took a sample of our properties at various price points and looked at the data on how long it takes to get a signed lease based on number of inquiries, showings and applications. The result is a dashboard that shows you how your property is performing relative to the benchmarks and how many days the data suggests it could take to lease your property if left un-changed.

Video tutorial

What are the benchmarks?

Imagine a funnel where potentially interested prospects enter the top and qualified prospects exit the bottom.

Inquiries

We track every time someone calls in, emails in or clicks on an ad online requesting more info about your property. Each one of these inquiries tells us about how many people are topically interested in the property.

Showings

This is the number of how many people went and saw the property. A low number of showings relative to inquiries can indicate that the property doesn't show well in the photos or that prospects think the property is priced too high relative to other properties they are coming across and its not worth their time to go see it. We also see a higher ratio of showings to inquiries for vacant homes as compared to occupied homes (about 4X). The showings forecast is a more predictable number than inquiries as it's further down the leasing funnel.

Applications

Applications are people who actually apply. This number can sometimes be off a bit as some groups of applicants submit multiple applications for multiple tenants but it's usually pretty spot on. Our application criteria typically sorts out about 3/4 of prospective tenants. For higher priced point homes it's often a little less and for lower price point homes it can be substantially more. A very high number of applications without an approval can be indicative that the property is not attracting the right type of applicant. This can sometimes be due to the neighborhood or how the home itself presents.