The signboard is one of the most recognizable symbols in real estate. But in a world that is increasingly becoming dominated by digital technology, has it reached the end of its lifespan?
Property Observer took a deeper look at the humble signboard and the changing environment that has seen both industry members and innovators up in arms.
When many of our most renowned industry members started their careers, signboards were a block of text on a wooden board nailed to the closest tree.
This was the case when Century 21 chairman Charles Tarbey started off in real estate back in the 1970s. But even further on into his career, at Combined Real Estate in the 1990s, little had changed. He provided these circa 1994 black and white, grainy photographs (see below) taken on what was, no doubt, one of the top mobile phone models of its day. The changes since that time have been extensive.
Source: Supplied by Charles Tarbey.
Source: Supplied by Charles Tarbey.
Today, the signs are larger, cleaner, more visual and polished. Tarbey laughs about some agents’ approach to signboards. “In some areas in Melbourne they’re actually like billboards that almost cover the entire property behind it,” he says.
Century 21, LJ Hooker, and several other franchise groups have recently undertaken significant redesigns of their signboards. It’s unsurprising that the new signboards are fresher, more modern and appear to be more reliant on iconography.
You can clearly see the changes in signboard design over time in the gallery above, which shows the signboards of a number of real estate franchises.
Tarbey is a strong supporter of the signboard and its ability to instantly signal that a property is up for sale, providing quick information about what is beyond the façade.
However, he also warns that signboards favour the successful and, if not used strategically, can signal a selling agent’s failure.
“A ‘For Sale’ sign that’s up for four to six weeks is a sign of success,” he explains. “After that it’s a sign of failure. A signboard needs to be manipulated, moved, controlled and if it’s not taken down or re-installed then it becomes a stale sign and a sign of failure. It’s always suggested to anyone, look for the agent with the most sold signs in the area, not the for sale signs.”
Chief executive of McGrath Estate Agents, John McGrath, is also a supporter of the signboard.
“Signboards are still an incredibly important part of the marketing mix,” he explains. “Most buyers frequent areas of interest and signboards provide both local and out of area buyers immediate access to what is available.
“For vendors they are cost effective tools to advertise their property for sale. In a $10,000 marketing campaign, a signboard equates to 3% to 4% of the marketing investment but many yield 10% to 15% of the enquiry.”
Encouraging inquiries is the focus of Century 21 national brand manager, Jane Wilkinson.
We asked Wilkinson what exactly was the behind the redesign of signboards across the franchise, and the rationale for the information provided on the new signboards. The aim, she describes, is for a “succinct summary”, ensuring that the signboards are not overloaded.
“The new photo boards incorporate design elements which aim to make the photo ‘pop’, allowing people viewing the signboard to quickly get a feel for the interior and styling of a home,” she says.
Today’s culture is undeniably visual-orientated, and new look signboards are ever more eye-catching.
In 2011, Century 21’s signboards were redesigned with the ‘Smarter, Bolder, Faster’ campaign launch, and this process is undertaken every couple of years.
This is no small feat and, with several hundred franchisees to keep happy, but she notes that the process has been very collaborative. McGrath suggested that signboards drive 10% to 15% of buyer inquiries.
“Our signboard review panel then workshopped several designs which incorporated features from across Century 21’s global network before arriving at a final design,” she explains.
And yet, despite the focus lavished on signboards by almost every real estate group, the statistics around interested buyers coming in via the signboard are notoriously difficult to pinpoint.
Dennis Vlandis, franchise principal at LJ Hooker Belconnen, says that vendors could be missing out on up to 30% of the buyers in the marketplace if they do not use a signboard.
“Local residents make up 30% to 35% [of prospective buyers] and word of mouth and the recognition factor are important. They might talk to someone who was looking around the corner,” he says.
This matches up closely with the numbers cited by Century 21 McCann Alliance director, Trevor McCann. He notes that their past figures see around 30% of interested buyers locating a property via signboard. However, new technologies have moved this number closer to 5%.