Successfully marketing your properties requires more than just good intentions and a gut feeling. You need quantifiable proof that what you’re doing is working, or not working, so you can continue to optimize your practices and produce consistently positive results. But with dozens of different things to measure, how can you know where to focus your limited time and resources? Here are five metrics that will provide the most valuable insight.
This metric sheds light upon how many units in total that you currently have available for rent, including month to month as well as those with leases that are expiring soon. If this percentage is low, then you may be able to scale back on your marketing efforts. Conversely, if your total exposure is high, it’s probably time to start ramping up your marketing spend.
This metric reveals what percentage of your total units are currently occupied. It is measured on a month-by-month basis over a specified period of time. By reviewing historic occupancy rates, you can get a better idea of what to expect over the coming months. This enables you to more accurately plan ahead.
This describes the initial moment when a potential customer discovered and became aware of your property. By identifying where your customers are finding your property, you’ll identify your most lucrative lead sources. That way you can leverage them most effectively – particularly during times when you need to generate more prospects.
As important as it is to know where your prospects are finding you, it’s equally important to know what their journey is like through the leasing process. This journey covers every point, from the awareness stage to the application and rental process. Understanding what this experience is like, every step of the way, will help you uncover areas where improvements could be made for better outcomes.
The fifth most critical metric to measure is how people are engaging with your online presence – namely your website. Specifically, you should analyze what features and calls to action tend to generate the most interactions so you can then duplicate those efforts in other areas of your site. By optimizing your site, you’ll turn it into a lead-generating machine that works for you round the clock.
Unless you have a bottomless budget, knowing where, when and how much to spend on marketing is key. By routinely measuring the five metrics above, you’ll be better equipped to drive revenue, optimize your spend and plan for the future.