They say
“MRI already reports leasing activity.”
We say
It does, and it has no record of the listing or advert that produced the enquiry, because that happened before the prospect existed.
For MRI Software
A tour is not a lease, and a lease is not one month's rent.
Export executed leases from MRI, upload the sources that produced the enquiries, and rank marketing on lease value.
No API key Nothing to install in MRI SoftwareNothing to install No card requiredNo card
CloseRev reads an MRI export of executed leases — the resident or tenant contact detail, the rent and the lease term — and matches it against the listing sites, agents, ads and calls that produced the enquiry. In multifamily and commercial property the lease is the sale, and its value is the term rather than the first month, which is what makes tour counts such a poor guide. Leases with no traceable source are reported as Direct / Unknown.
Last checked against MRI Software's own documentation on September 24, 2026.
The gap
Every listing site reports leads and tours. None of them can tell you what the leases were worth or how long they lasted.
MRI Software sees
What was sold, to whom, and for how much.
no shared row
Your ad account sees
The click, the keyword, the call, and what each one cost.
The file
What the export needs in it.
Three things carry the match: who, how much, and when. Anything else is optional and only changes how the report can be sliced.
- Needed
Resident or tenant contact detail
The phone or email captured at enquiry and carried onto the lease. Consistency between the two systems is what makes the match work.
- Needed
Rent and lease term
Monthly rent and the number of months. Together they give the lease value, which is the unit worth ranking on.
- Needed
Execution date
When the lease was signed. Keep the enquiry date too — the gap differs sharply between sources.
- Optional
Property and unit type
Which asset, and what was leased. A portfolio average describes none of the properties in it.
Step by step
Getting the file out of MRI Software.
Written for somebody with MRI Software open in the next tab. Report names vary by edition, so each step says what to look for.
-
Export executed leases
One row per lease with a contact detail, the rent, the term and the execution date.
-
Use lease value, not first month
A twelve-month lease and a month-to-month agreement are different amounts of revenue, and different sources produce them.
-
Export your enquiry sources
Listing sites, brokers and agents, paid search, the property website and any call tracking on the leasing line.
-
Take a full leasing cycle
Seasonality is strong in residential and lease cycles are long in commercial. A quarter compares seasons rather than sources.
-
Upload both
The join runs on the phone and the email, normalised, with renewals reported separately from new leases.
What comes back
The page MRI Software cannot show you.
Revenue by channel, the count of sales behind each figure, and an honest bucket for the ones nobody could trace. Sample figures, from the worked example on the Apartment Communities page — not from a MRI Software account.
Traced to a channel$756,00060% of $1,260,000
Sales matched360 of 601high confidence only
Average sale$2,100per paid sale
| Channel | Share | Sales | Revenue |
|---|---|---|---|
| ILS portals | 204 | $428,400 | |
| Google Ads | 107 | $226,800 | |
| Meta Ads | 49 | $100,800 | |
| Direct / Unknown | 241 | $504,000 |
Unmatched sales stay in Direct / Unknown. They are never spread across the paid channels to make the total look better.
The argument
What changes when the lease and the ad share a row.
Listing sites are ranked on leads and should be ranked on leases
Internet listing services report impressions, leads and sometimes tours, and they bill on a model built around those numbers.
None of them can see the executed lease, so none of them can tell you what a lead was worth or whether it became a resident at all.
Matching executed leases back to the source puts every listing site, agent and advert on the same measure, which is lease value per source against what that source cost.
Operators running this for the first time usually find one listing site carrying a portfolio and another being paid for traffic that leases at a fraction of the rate.
Concessions and term length change what a lease is worth
Two leases at the same headline rent are not equal if one carries two months free and the other none, and concessions are not evenly distributed across sources.
A source producing price-led enquiries will convert more of them under a concession, which makes it look strong on lease counts and weak on effective rent.
Where the export carries the concession and the term, the report uses effective lease value rather than headline rent, and the ranking changes accordingly.
This is the property equivalent of the discount problem elsewhere: the offer, not the channel, produced the result, and only the money side can separate them.
Renewals are retention and must not be credited to acquisition
A renewal is the most profitable transaction a property has — no turn cost, no downtime, no marketing — and it has nothing to do with the advert that produced the original lease.
Counted together with new leases, renewals swamp the acquisition signal and make every source look effective.
The report separates them, which gives two useful numbers: what each source costs to acquire, and whether its residents stay past the first term.
That second number is often the one that reorders the ranking, because retention varies by source more than most operators expect.
A portfolio average describes none of the properties
Marketing is frequently bought at the portfolio level and judged the same way, but submarkets differ in competition, price point and the sources that work.
A listing site that is the cheapest lease at one asset can be the most expensive at another, and a blended report will never show it.
Where the export carries a property, the report splits on it and the answer becomes operational rather than strategic.
For commercial assets the same logic applies to tenant size: the sources producing small suites and the sources producing anchor tenants are not the same list.
Fair questions
“MRI Software already does that.” Not quite.
They say
“Our listing sites report conversions.”
We say
They report leads and tours. Neither is a lease, and the gap between them differs by source.
They say
“Our leasing team knows where leads come from.”
We say
Where it is recorded at enquiry, the report uses it. Where it is remembered afterwards, it is not evidence.
No. It reads a file you exported, so your residents, leases and accounting records are not reachable from here.
Executed leases with a contact detail, the rent, the term and the execution date.
A twelve-month lease and a month-to-month agreement are different revenue, and sources produce them in different proportions.
Used where the export carries them, so effective value rather than headline rent decides the ranking.
Separately. A renewal is retention and crediting it to the original advert would make every source look effective.
A full leasing cycle at minimum, because residential seasonality and commercial cycles both distort anything shorter.
Yes, where the export carries one, and a portfolio average usually describes none of the assets in it.
Yes. The unit is the executed lease, and splitting by tenant size is usually the informative cut.
Included where the broker is recorded at enquiry, ranked on the same lease value as everything else.
Any lease with no traceable enquiry source. Its size is stated rather than distributed across the measurable sources.
A contact detail, a rent, a term and a date, plus a property or unit type if you include them. No applications, no screening results, no payment records, no lease documents. Encrypted in transit and at rest and deleted with the import.
Lease value per source, new leases and renewals apart, split by property where available, and everything unmatched kept visible.
By trade
Trades that run MRI Software.
What the report looks like once the export is in, written for each one.
- Apartment CommunitiesWhich channels produced signed leases?
- Property ManagementWhich channels produced signed management contracts?
- Commercial BrokerageWhich channels produced closed commissions?
- Student HousingWhich channels signed beds during the pre-leasing window?
- Build-to-Rent CommunitiesWhich channels leased up the community, and how fast?
Other systems
Also worth reading.
Running more than one system, or comparing? The method is the same and the columns are not.
Closed-sales file Propertyware Single-family property managers Closed-sales file What to export Closed-sales file Rent Manager Property management companies Closed-sales file What to export Either file kvCORE Real estate teams and brokerages Either file What to export
All 97 systems 
MRI Software and the other product names and logos on this page belong to their owners and are shown to identify the software a file comes from. CloseRev is not affiliated with or endorsed by them, and connects to none of them: it reads a file you export.
Start today
Two exports, and you will know.
Nothing to install in MRI Software, no API key, and no need to have been tracking anything until now. Last year works as well as this month.