I’ll bet that a lot of you, like me, gave up using “For Rent” signs a long time ago. These signs were once the way to go and a major way to attract the attention of people looking for a place to live. Signs however also attracted a lot of unwanted attention, mostly in the form of phone calls. The calls from those who were just looking or who could never qualify were a huge time waster and distraction.
Because of this unwanted attention and the explosion of digital advertising over the past few years, our “For Rent” signs have been confined to the storage shed. I thought for sure that the use of these signs would eventually be a thing of the past. That is until I talked to a colleague the other day. He uses “For Rent” signs to find the best tenants almost exclusively. He has great success without all of the phone calls.
Why Is He Still Using Signs?
My colleague still uses signs because he understands that tenant turnover is a cashflow killer. Thus, he seeks tenants for the long term. Tenants who really want to live in that particular neighborhood. Tenants who perhaps want their kids to go to the neighborhood school or maybe have family in the area.
To him, there is no better way to find these folks than to attract the people specifically driving around the neighborhood looking for a place to live. Think about it. He has in effect begun to screen his potential tenants just with his method of advertising. First, they must be somewhat serious about a place to live or they would not be looking around. Second, they already know the neighborhood and are thus likely familiar with the rental characteristics of that neighborhood. Finally, they can’t find his property in any other way than by driving around and looking where they want to live.
What About The Phone Calls?
What about all of the phone calls and the wasted time dealing with them?
He has a strategy for those as well.
He does not put any contact information on his signs. Instead, he points folks to a flyer located by the front door of the property. That flyer, taped behind the glass of a window so it cannot be removed, contains his contact information along with the three things everyone wants to know; the rent, the number of bedrooms and number of baths.
This strategy stops nearly all of those unwanted calls and it furthers his tenant screening process. Again, think about what he is making people do. The prospective tenant first has to drive and find the property, then stop and get out of the car, walk up and get the information and determine if the property is right for them. If, after doing all of that they still make a phone call then they must really want to live there and think the property will fit their needs.
Brilliant!
Once he gets that phone call, he knows that he likely has a very good prospect on his hands that will not waste his time.
Will this strategy work everywhere for every property? Maybe not. But the strategy comes with years of experience and lots of trial and error behind it. It works for him and it might just work for you too. That is why I share it.
Sometimes, even with all of the modern technology we have, the old techniques can still work the best. Perhaps I should think about dusting off those “For Rent” signs in the shed.
How do you advertise these days and why? Have any unique or interesting techniques that work for you? Please share with your comments.
