Conversion rate is the number every sales manager reaches for, and on its own it is close to useless. An agent converting 9% of 220 leads is outperforming one converting 18% of 60, and the second one is about to be promoted.
Volume
Conversion is a ratio. Ratios lie at small numbers. An agent with 30 leads in a period has a conversion rate that is mostly noise.
Source mix
Portal leads and referral leads do not convert at the same rate and never have. An agent who is fed mostly portal volume and an agent working a referred book are not doing the same job, and comparing their percentages compares the routing rules, not the people.
Pipeline value
Twelve studio deals and three villa deals are not interchangeable, even when the second agent looks worse on every count based measure. Value carried and value signed belong in the same view as the counts.
Activity
The one that explains the others. Calls made, messages sent, viewings held, SLA met. An agent with good activity and poor conversion has a coachable problem. An agent with poor activity and good conversion is lucky, and it will stop.
Look at all four
Leads, conversion, value and activity in one view, against the previous period. That is a performance conversation. Conversion rate alone is a ranking, and a ranking is not a diagnosis.