Advertising time
What is it?
The KPI shows the average number of days rentals are advertised before a tenant accepts an offer during a specified time period. It provides insights into the time it takes to find interested tenants and complete rental processes.
This information is useful for evaluating marketing strategies and the effectiveness of filling vacant rental properties.
How is it calculated?
Number of days from published to accepted summed for all ads / Number of ads = days/advertising
* Includes only those ads where an offer was accepted within the specified period.
Why is it important to follow?
Following the key figure is important in property management and rental operations for several reasons:
Effective marketing: By monitoring advertising time, the leasing department can assess the effectiveness of their marketing strategies. Shorter advertising times may indicate that the ads are attracting interested tenants quickly.
Reduced vacancy: A short advertising period can contribute to reduced vacancy in rental properties, which is beneficial for optimizing revenue and avoiding losses from vacant properties.
Planning: Advertising time information can help the leasing department plan resources and time to handle inquiries, showings and the leasing process more efficiently.
Tenant Interest: Longer listing times can provide indications of a reduced demand for rental properties in a certain area or category, which can be useful for adjusting pricing or marketing strategies. Or maybe even bigger projects to make the area more attractive?
Budget and financial planning: It gives an indication of how quickly the letting department can expect to generate rental income, which is important for budget planning and financial stability.
In summary, the key figure provides insights into the effectiveness of the rental business and marketing strategies. It helps to optimize the letting process, minimize vacancy and ensure a stable income stream from properties.
Created by Homepal
9/1/2023
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