Is there a "rule of thumb" or industry average for the number of ILS leads needed to convert to a single lease? I have heard numbers such as 40-50 leads per every lease, and also expect anywhere from 5% to 25% of leads to convert to leases.
I know that rents, demand, lead follow up process and many other factors can affect this number. I am trying to understand what a typical range might be expected in order to assess ROI and cost per acquisition using an ILS strategy. Also, maybe our lead follow up process needs to be honed if we are not closing as many leads as other companies experience in this industry.
The properties are primarily in Manhattan and are luxury rentals, if that makes a difference. Thanks for the help!
Maureen