Declined offers
What is it?
The KPI shows the total number of times a potential tenant has been offered to rent a rental property, but has declined the offer (during a specified time period).
It provides insights into the number of times potential tenants have not accepted the available rental properties and can be used to assess demand and how attractive the rental properties are in the market.
How is it calculated?
Sum of number of responses with a "No"
* Includes only those responses received within specified period.
Why is it important to follow?
Following the KPI is important for several reasons:
Demand Management: It provides insights into how many potential tenants are not accepting the available rental properties. This is valuable information for understanding market demand and adapting the supply of rental properties accordingly.
Marketing Adaptation: By analyzing rejection rates, property management can adjust their marketing strategy and pricing to increase the number of offers accepted and minimize the number of rejections.
Efficiency in the rental process: A high number of rejected offers may indicate inefficiencies in the rental process. By analyzing the reasons behind the rejections, one can identify and address any barriers that prevent tenants from accepting offers.
Lease optimization: It helps property management improve leases and enables customizations that make it more attractive for potential tenants to accept offers.
In summary, the KPI is important for understanding and adapting to market demand, optimizing the rental process and improving the relationship with potential tenants. It helps ensure a more efficient and successful rental business.
Created by Homepal
9/1/2023
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