Last week I promised I would post a follow-up article to my previous one about our sales metrics at LandlordMax, where I would show our daily sales averages over a month. Well here’s the graph below:
It’s not exactly what you would expect from a property management software application is it? To quote Eric, the founder of RentARoom.ca, who commented on my previous post (thanks Eric):
“Beginning of the month is probably slow, rising to mid month to it’s peak, and the last days of the month fairly low sales as well. The slowest days: First to Third of the month.
I guess property managers are busy trying to get it all done in their old system. They give up by mid month, or catch their breaths and say they have to find an “easier” way by next month and find a new program.
So by that, advertising just before mid month would be best. (depending on first ad seen -first visit to the website- and conversion to a buying decision)”
That was exactly my initial thoughts. And this proves why it’s so important to get real hard data rather than assuming. In this case common sense is wrong, including mine. The best days for our sales are at the beginning of the month, when landlords and property management companies are at their busiest.
Not only that, but when they’re at their quietest time is when we get the least sales. In other words when we expect the most sales is when we’ll get the least!
Why is the real buying pattern almost the opposite of what we’d expect? Although I don’t know for sure and I can only speculate, my guess is they buy LandlordMax when they’re experiencing their biggest pains. That is they buy it when they need it most rather than when they have the most time. The biggest time for sales is when all the rents are due.
Interesting isn’t it? Common sense in this case proves to be wrong. Getting cold hard data made a real difference, it was very educational. It’s also a very big reminder to always double check your intuition with data. I’m sure glad I did!