You’ve probably heard time kills deals. Below you'll see number of days without getting leads and the chance your property will be leased.
Looking at the graph below you'll see:
• After 7 days of no leads, there's a 52% chance the home will be leased
• After 14 days, there's only a 27% chance of being leased
• After 21 days, there is only a 12% chance of being leased
Further, the biggest decrease in chance the home will be leased is after the first week and going into the second week of not receiving leads. Keep this in mind when considering making a price adjustment. The price drop might be the nudge you needed to garner more traffic and get the home the tours it needs to be leased.
Data analyzed: 1,251 lease listings between November 2022 and November 2023.
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