Nowadays, there are tons of ways that landlords use to advertise their rental properties.
The most common of which is to use rental listing sites, like Zillow or Apartments.com.
This method has proven extremely effective and has helped landlords and property managers occupy their rental units for years.
However, many still choose to go with the more traditional ways of doing things, like using for-rent signs. Although they may have been somewhat phased out there are still many benefits to using for rent signs.
In this guide, we will be going over some of the pros and cons of using for-rent signs, as well as the best places to get them. Also, we will be going over some of the most effective alternatives if you want to quicken the process of occupying your property.
Using For Rent Signs
Back in the day, marketing your rental property was relatively simple. You would place for rent yard signs outside of the unit and sit back waiting for calls. If the rent sign wasn't doing enough, you would place an ad in the local newspaper and hope for the best.
However, most of the work was done by the rent sign. Any rental business could place signs in the right place with their prices and contact information and potential renters would come quickly.
This sounds simple enough but, looking back, there are some flaws to this method. Especially now, with the internet being the quickest way to market your rental properties, for rent signs have certain disadvantages.
In the next section, we will be going over some of the pros and cons that surround using for rent signs to advertise real estate properties.
For Rent Signs Pros and Cons
Every seasoned real estate professional recognizes that there is not a single perfect method for marketing rental properties. Whether it be online, with ads, or with rental signs, there are always going to be advantages and drawbacks for each.
Below, we have gone over some of the pros and cons of using rental signs to advertise your rental properties.
For Rent Signs Pros
One of the most effective pros to using rent signs is that you can possibly benefit from the people who live around you. In most cases, neighbors have some sort of relationship with the person renting out the property. For this reason, they may be able to refer the landlord to someone who may be interested in renting.
These are called word-of-mouth referrals and can quickly land you interested renters. Although they may not be qualified or not even interesting, they still serve as good leads and in some cases can very well end in the signing of a lease agreement.
One of the other major advantages of using for-rent signs to market your rental properties is that they are extremely cost-effective. For less than $20, you can buy a sign and a frame from a hardware store and have your property on the market in minutes.
You can even invest further and get yourself custom signs. These custom signs can display information like your phone number, your agency, information about the property, a website, or any other useful information. This way, any potential renters can simply snap a picture of the sign and immediately have basic information on the property and how to contact the landlord.
Find Long-Term Tenants
Another advantage of using for-rent signs to advertise your rental property that may not be so obvious is that you are more likely to find long-term tenants this way. The reason for this is that people driving by the sign most likely already live in that neighborhood. They may already have their life established there and have some certain obligations to stay, like their children's school.
In this case, it is much more likely that these tenants will be more responsible and stay longer than other tenants. This is useful because it means that you would not have to repeat the process of searching for another tenant and simply stay with the same one.
Now that we know of some of the pros of using rent signs, let's go over some of the drawbacks that exist as well.
For Rent Signs Cons
When you place a for-rent sign in front of your rental property, it makes the property a vulnerable target. Since most properties that have a rent sign in front of them are vacant, they are extremely vulnerable to theft.
For this reason, having a rent sign in front of your property may cause some problems for the rental property. Thus, it may be beneficial to invest in some sort of security feature for the property, like security cameras.
Another drawback of placing rent signs to market your rental property is that they can potentially attract unqualified leads. The reason for this is that the rent sign is being displayed for every single person passing by it. This means that anyone, with any income or any credit history, is going to be contacting you about your rental property.
This is a major waste of time because, instead of speaking to qualified, interested tenants, you are speaking to tenants that may not even be serious about renting.
Now that we know about the various pros and cons of using rent signs, let's go over some of the alternatives that exist.
For-Rent Sign Alternatives
Below, we have listed some of the most effective alternatives if rent signs simply don't make the cut for marketing your rental properties.
One of the best ways to market all of your rental properties in one place is by having your very own website. With your own website, you can customize the way that your properties are presented and include a plethora of information about your business, your properties, and anything else.
A website is essential due to the importance of an internet presence. Not sure how to start on this? Find out more by reading this full guide on creating your own professional website.
If you are not convinced by listing your properties on your own website, you can have another website do the work for you. By using rental listing sites, like Zillow or Apartments.com, you can quickly advertise your property to thousands of people in the area.
Most of these sites also provide a quick and efficient medium for potential tenants to contact the landlords. This way, advertising your units is extremely easy and very effective. Want to find the best listing sites to market your properties? Discover the top 10 rental listing sites in this full guide.
In conclusion, the traditional methods of advertising your properties are still very prominent today, regardless of the modern methods. However, the most important part is to study the needs of your business and choose whichever one is best for you. After all, not all real estate businesses have the same needs or goals, so choose the one that is best for you!