Loss Reasons Report Guide

For a walkthrough of the Loss Reasons Report watch this Video Overview.

For in-depth metric definitions go here.

Overview

Knock's Loss Reasons report is a great way to understand why your prospects are not choosing to rent at your properties. It includes details around why the prospects didn't lease at your property over a date range and includes other way to look at the data. 

Here is a question you can answer using this report: 

(1) Are there reasons indicated for a prospect not renting that are 'controllable'? 

This question helps gauge whether there are opportunities to train leasing teams to address the most important prospect concerns OR if there are market factors that are impacting the conversion rates for a given property. 

To answer this question, we can look at any two week period and sort the results by the 'Percentage' column as seen in the below screenshot. 

Using the above information, we can see that the majority of prospects are unresponsive or refuse communication. However, 4% of prospects have indicated that the price is too high. If the percentage of prospects lost fall into this bucket you may want to evaluate your current offerings and assess how they compare to the market. 

Another way to approach this is to offer training to your leasing teams so that they can better communicate your unique value proposition to prospects. 

Filters

loss_res_filt.png

Filter Name Description
Properties This is a multi-select for what properties you'd like data for. User can select all properties by clicking the "All" option.
Date Range

You may select one of the preset date ranges available (defaults to Last 7 Days) or you may enter a custom date. Once you complete the date selection the report will automatically reload.

The Last 7 Days filter does not include the current day.

Agents This is a multi-select field that you can filter down to specific agent(s) conversion results.
Source This is a multi-select field that you can select sources to trim your results. For example, if you wanted to see all your properties' conversion rates for Property Website, you can select “Property Website” in this field to get that view.
Contacts This will filter the results based on the initial contact type. For example, you can filter down to all your call leads.

 

Data Definitions

Data Point Definition
Loss Reason

The loss reason selected by the leasing team. This helps better understand why certain prospects opted out of leasing at your property. To be included, prospects must be in the 'lost' or 'applied-lost' status. 

This metric excludes those marked as Not a Prospect

Count

The total number of prospects marked as lost in the selected time range for each loss reason. To be included, prospects must be in the 'lost' or 'applied-lost' status. 

This metric excludes those marked as Not a Prospect

Percent

The percentage of prospects marked as lost in the selected time range for each loss reason. To be included, prospects must be in the 'lost' or 'applied-lost' status. 

This metric excludes those marked as Not a Prospect

Was this article helpful?
0 out of 0 found this helpful

Comments

0 comments

Article is closed for comments.

Articles in this section

See more