#salesadvice to #maximize ROI

Most managers/ regionals emphasise so much on marketing and closing ratio. While both activities are important, I think they are overemphasised and most managers miss the point of biggest impact!
Conversion ratio has the biggest leverage and the biggest impact. Quick contact (within the same hour) and repeated follow ups are the key to success.
A 20% improvement in conversation ratio can lead to 100% improvement in sales.
Say, out of 100 leads, you get 10 tours (10% conversion ratio), that lead to 3 leases (30% closing). If you can increase your conversion to 20 tours (20%), you get 6 leases with same closing ratio. Double #sales with 10% better conversion ratio.
Conversation Ratio is percentage of leads (prospects) that are converted to Tours. Closing Ratio is percentage of Applications received out of all Tours.

Yep Our mantra = Conversations Create Clients

You’re on the right track. Conversion is critical, but you must have something to convert. Therefore lead generation is critical.Qualified leads are a different subject. Just because they called and asked a few questions, that’s not a lead. I went to the Maserati dealer the other day and did the same, I’m not a qualified lead.Consider the sources of leads. Online listings are the wild card. Referrals are almost a certain close. I’ve always encouraged teams to increase referrals.

We see the exact same with Respage’s AI Leasing! An immediate custom response, consistent follow up with an easy to call to action makes alllll the difference. Solid customer service = higher conversions.

Part of the focus towards closing ratio is due to an emphasis on qualified traffic, and ultimately your time. If a closing ratio is 30% then that means that 70% of your time has been lost. If you take 10 tours at an average of 30 minutes per tour then you've lost 3.5 hours. If you double your tours but keep the same closing ratio, then you've lost 7 hours..time which could be spent following up on qualified traffic. Part of the focus on marketing is to fine tune your targeting of qualified traffic to drive improved ratios for both conversion and closing. Just like you don't want to lose time closing on unqualified tours, you don't want to lose time emailing/calling unqualified inquiries. At the end of the day, sales is a contact sport...the more people you contact, the more potential for sales. At the same time, don't let the Numbers Game take away the importance of the numbers on the clock...the prospect potential may be unlimited, but your time is not.

How do you think you got those 100 leads that you can now convert?

Leah Love Orsbon I never said that Marketing is not important. Ofcourse we need some marketing to generate leads in the first place.

Both matter to the extent it leads to a lease.The difference is closing you are engaged with an active vested interest. They already made a step forward in the sales process. AND you have real direct engagement with the client.The challenge with conversions is the disconnect. Are you directly engaged or passively engaged. Who is a hard no and who was a soft indifferent no, found something better.What really matters is energy resources applied at each step vs the NET gain achieved. Would you rather chase 90 people to find 10 more conversions, or re connect with 7 people (existing conversions) to find 3 more closes.Of course it depends on why the 7 said no thanks.

What is more important than all of this is retention. Less turns you have the less money you spend the higher NOI will be! And that is what really matters to these owners.

Great topic:
As an "old school" Portfolio Manager - hope it goes without saying but I don't see in mentioned (at the crux of this great topic is) people make the real difference.
Genuine personable connections made, and real conversations, save everyone time and effort = efficiency - or clarity to purpose! C2P
Perhaps a little of the Zig Ziggler, coupled with the nobility of a true sales person - find an need and fill it. If the Community is great - the leads will be too. People make Communities - not properties.
From buildings not even finished - what we used to refer to as "lease ups," to maintaining occupancy rates - linked with rental increase rates = quality retention rates. ROI / NOI
Without giving away the 800 pound gorilla in the market I worked for - always maintaining at least a 5% vacancy rate = genuinely qualified leads that leasing agents and on site managers "always" received spiffs for leasing to new and returning customers!
Hope my humble .02$ worth helps someone.
Have an amazing day!
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