Placing For Rent Signs Is A Sign Of Inexperienced & Inefficient Property Management.
I have a thing for sale want to buy it? This is the sales approach that comes to mind whenever I see “For Rent” signs. For Rent signs, normally are placed in front of a property where they can attract the most eyes to the only piece of information listed, a phone number. Considering most rental properties have multiple units, a sign out front tells a potential tenant almost nothing other than the location. It is small errors like this that serve incomplete information, cause additional communication, and inefficiently use time. Property managers who make these small time-wasting errors quickly experience a decline in quality of service.
For Rent Sign = Shot in The Dark
Who is the target market for this property? I imagine it is not neighbors of the property or people who drive by. How much is the rent? How many bedrooms? Do you take pets? These three questions are all likely more important than the specific location of the property which is the only thing a For Rent sign tells someone. So, you have only told your prospects the location of this property for rent. Since you have told them nothing else they are forced to call to ask questions. This is counterproductive at minimum and worst case can drastically affect a property managers time for essential tasks.
Stay Off The Phone
The phone is your enemy as a property manager. In a field where documentation, clear communication, and transparency are of the utmost importance, the phone is an added step that has huge downsides. Phone calls are not documented and this often leads to miscommunications. Also, phone calls are too long vs text or emails. Your phone is now ringing because you threw a for rent sign in front of a property. These callers have no idea what the rent is, the pet policy or the number of bedrooms, all of which are likely to be deal breakers if not what they are looking for. Worse than that you are getting calls from people you don’t know anything about! You haven’t narrowed down your target audience or increased the likelihood that these people will be qualified, but you are fielding all their calls!
Place Tenants, Not Signs.
The goal is to place a tenant who is qualified and likely to remain at the property for a year or more. This means you must narrow your target audience based on the properties features, amenities and the screening criteria utilized by the management company or the property owner. The best way to do this is to give potential tenants all the relevant information BEFORE they call for a showing. You can’t do this with a sign. This is done with online listings and video walkthroughs. The best property management companies place tenants not signs. They know if they present all the relevant info to the prospects upfront that each phone call is likely to result in a leased property. Tenant placement is a key service that must be efficient to preserve and improve real estate investors returns. Nexus Property Management® provides leasing for all managed properties and offers its RENT4U® to real estate owners who manage themselves.
Nick D'Agnillo is the CEO & Founder of Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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