What is a good rental conversion rate?

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The real estate market is usually the first to suffer the effects of any crisis that takes place in the country. This is because purchasing a property is a major financial investment, and people are afraid of taking on large debts. However, even in the face of the current crisis, the rental sector has proven resilient.

A survey by  Viva Real , with data collected between May 2015 and May 2016, showed bosnia and herzegovina telegram data that customers are looking for properties to rent, much more than properties for sale. In other words, in times of economic instability, such as the one we are experiencing now, renting continues to be an excellent source of income for real estate agencies.

How to measure the productivity of your property rental team ?
Productivity is the word that is now more than ever the talk of the town in the market. There is a constant search to do more with less, to achieve the desired results. To help you do more with less, in this post we bring you some ways to measure the productivity of your rental team.

The question below will guide the development of the topic addressed:

Your real estate agency delivers clients to your leasing team (or brokers), but are they able to achieve good conversion?
You may have difficulty answering this important question, precisely because you don't have the answer to other questions such as:

What is a good rental conversion rate?
How many calls does my rental team make per month?
How many visits are made per month?
What is the opinion of these visits? Are the clients enjoying my captures?)
How many proposals can I get per month?
How many registrations are approved or rejected per month?
How many rentals does my real estate agency make per month?
So, productivity is not just about a number or a magic question, but rather a question of  how you master your real estate agency's numbers  in order to compare periods, compare one agent with another, and then be able to understand where the main positive points and areas for improvement are, so that you can act surgically where or with whomever is necessary.

Don't worry, we will help you understand and simplify each of the questions above.

Conversion rate is the number of rentals divided by the number of appointments.

Example:  If you had 7 rentals and 100 appointments in the month of January, your conversion rate for the month was 7%.

Ultimately, this is a very important number, but if you don’t know the entire process, it can be a very vague number. So don’t get hung up on this conversion early on, before you’ve aligned all your other conversions.

To answer the question,  a good conversion rate in the real estate rental market is 7% to 10% . But don't get hung up on this number, as it can vary depending on the region, the size of your real estate agency, etc. The goal here is to help you create your own indicator, so that you can improve  your conversion rate day after day.