Lead conversion rate is the percentage of leads that turn into actual clients or closings. Open house leads are early-stage, so the rate over the following year tends to sit in the low single digits, and it depends heavily on follow-up.
The number matters because it drives the math on whether open houses are worth it. A captured lead you never contact converts at zero. Same-day follow-up and a real nurture sequence are what move the rate up from the floor.