Actually For Rent signs are a very effective way to get your rental noticed. You may think this method has been overtaken by newspaper and internet advertising as they reach a much wider base of potential tenants but for rent signs should not be overlooked.
It’s another tool in your belt when trying to find the ideal tenant and even though it’s an old fashioned method it can still work for you.
Should For Rent signs always be used?
Yes they should be. Even though this method has limited viewing it could be that the ideal new tenant has a friend or relative also living in the area who will see the sign and be glad to recommend the rental to have that friend or relative coming to live close by.
These prospective tenants may be looking around your area for a rental close to their work, their children’s school or even for a relation to move into and a sign they see regularly will catch their eye.
Possibly they may not be searching seriously enough to trawl through the media advertising but if a sign catches their interest it’s possible a top rental price can be acquired because the rental is ticking all their boxes.
A couple of true examples of tenants renting solely because they saw a For Rent sign and had not even seen the media advertising are as follows. A lady who visited her mother on a regular basis saw a sign on the property adjoining her mother’s. She had been thinking of moving closer to her mother so took immediate steps to secure the property. She was happy to pay the top rental asked as it met her needs and expectations. The other example is when a restaurant owner saw a sign on the building opposite him and immediately expressed an interest in the property.
What’s the difference between a for rent sign and media advertising?
Usually prospective tenants who are actively looking for a rental unit will search the media advertising for a specific area, however this is likely to extend to several surrounding suburbs as they do not need an exact location. They will therefore have a much larger amount of suitable properties to look at.
Having a for rent sign up at the actual location immediately gives you a head start with prospective tenants as you know this is the area they wish to rent in. When screening tenants ask them how they heard about the property so you can see if the “For Rent” sign has made an impact.
Is there a drawback to using a For Rent sign?
Really the only drawback is the physical act of putting the sign up which many property owners consider to be in the too hard basket.
Otherwise they may start by using the media advertising and only put up a sign if the amount of applications is not enough. Meanwhile they could be missing out on an ideal tenant who might have applied if they’d seen the sign.
Is a for rent sign as good as internet and newspaper advertising?
Yes it is a very valuable tool and once the sign is made up there are no repeat costs as with the other type of advertising which will cost you possibly $100 each time a new tenant is required.
The best way to use signage for property marketing
- Remember this is a one-off expense so do it right. Have a sign writer design it and make it up professionally and ensure it has all contact information such as land and mobile phone numbers, e-mail and website. It needs to be eye catching and large – if you have more than one rental property it should be generic so that it can be used for any of the properties whenever new tenants are required.
- The sign should be erected as soon as the current tenant gives notice of leaving.
- A sign should not be the sole means of advertising, newspapers and/or internet entries are still necessary.
To attract the A1 tenant you need to cast you net as wide as possible but remember once the sign is made it will cost you nothing more so is basically a very cheap advertising tool.
Barry Bridgman has been managing his own investment property portfolio for 25 years. During this time, there has never been any occurrence of rent defaults or property damage and Barry’s goal is to achieve the same for your property. Bridgman Property Management is based in Auckland Central, where Barry has lived for more than 18 years.
