What 153 Leads Taught Us About Getting a Rental Leased
By Rick Ellis, ELLIS HomeSource Property Management
Every owner asks the same question the day their home hits the market: how long until it's leased? At ELLIS HomeSource, we don't guess. We track every lead, every showing, every application, and every day a property sits vacant. Here is what our most recent leasing numbers say, and what they mean for your investment.
The Funnel, By the Numbers
Leasing is a funnel, and the numbers tell the story clearly:
- 153 leads came in through our marketing and inquiries
- 39 showings were scheduled, a 25.5% lead-to-showing rate
- 9 applications followed, a 23.1% showing-to-application rate
- 5 leases were signed, with an average of 34.6 days to lease
Two things stand out. First, roughly one in four leads becomes a showing, which is why fast response matters so much. A lead that waits a day for a reply is often a lead that has already toured somewhere else. Second, more than half of our applications ended in a signed lease. Once a qualified applicant is in the door, our screening and follow-through do their job.
Days on Market: A Wide Range
Our five leases ranged from 4 days to 68 days on the market. One home leased in just 4 days. The others came in at 31, 33, 37, and 68. That spread is the most useful lesson in the data.
For context, industry data points to a typical lease time of about 30 days for single-family rentals in DFW, and about 33 days nationally. Our 34.6-day average sits in that same neighborhood, and without our longest listing it drops to about 26 days. National data also shows that homes priced wrong at launch sit roughly twice as long as those priced right, around 51 to 58 days versus 24 to 29. The home that leased in 4 days and the home that took 68 are separated by more than luck. Price, condition, and presentation decide how fast a property moves.
Activity Isn't the Same as Results
The takeaway for owners: interest is built before the first tour. When a listing is priced right, photographed well, and ready to show, prospects walk in prepared to say yes.
What This Means for Your Rental
- Price it right on day one. Chasing the market with price drops costs you more in vacancy than a sharp launch price ever will.
- Be rent-ready before we list. A clean, repaired, well-presented home converts leads to showings and showings to applications.
- Respond fast and show flexibly. Quick replies and easy scheduling are the cheapest way to raise the numbers at the top of the funnel.
- Trust the process. Every applicant goes through our full screening, so the lease that gets signed is one we stand behind.
Our Commitment
Numbers like these are why we measure everything. Each day a home sits empty costs you money, and our job is to shorten that time without lowering the quality of the resident who moves in. We will keep tracking, learning, and sharing what we find.
If you would like to know how your property would perform in today's market, reach out and we will walk you through a free rental analysis.
Rick Ellis
President/Broker
ELLIS HomeSource Property Management, AMO
