Leasing Tip of the Day: Know & Live by Your Numbers

Leasing Tip of the Day: Know & Live by Your Numbers

Want to crush your leasing goals? Start by understanding your numbers. Following Stephen Covey’s principle of “Begin with the end in mind,” let’s set a clear goal.

Imagine you want to earn $45,000 this year. If the average commission per signed lease is $3,000, you’ll need to close 15 leases. Sounds doable, right? But let’s break it down further.

As a new agent, expect about a 14% conversion rate from showings to leases. This means for every 7 showings, you close 1 deal. To hit 15 leases, you need 105 showings. How do you get those showings? Through relentless cold calling and canvassing. Typically, you’ll show space to 1% of the prospects you reach out to.

That translates to needing to contact 10,500 potential tenants a year. Don’t panic! Spread over 50 work-weeks, that’s 210 calls per week, or about 40 calls a day.

With this effort, you should book around two showings per week. It’s a consistent hustle, but entirely achievable!

Use this formula to create your own plan, track your progress, analyze your results, and adjust as needed.

Stick to the numbers, stay accountable, and you’ll hit your goals.

Happy leasing!