Billboards for Real Estate: Do They Work for Agents, Brokers, and Developers?

Real estate is one of the most competitive industries in the U.S., and agents are constantly looking for ways to stand out. While digital dominates most conversations, billboards remain a visible, trusted tool for awareness and lead generation. Let’s break down the data, spend, and case studies so you know when — and how — billboards actually work for real estate.

How Much Do Real Estate Agents Spend on Marketing?

While there’s no single public figure showing exactly how much agents spend on billboards, we do have strong benchmarks for overall marketing budgets:
• Most U.S. real estate agents spend $5,000–$25,000 per year on marketing. Top producers and luxury agents can spend $50,000+ annually. (Houstir)
• Total residential real estate agent marketing in the U.S. is valued between $4.2 billion and $16.2 billion annually. (LeanProp)
• Agents usually allocate 6–13% of their gross commission income (GCI) to marketing. (LeanProp)
• About 30% of agent marketing budgets go into “conventional tools” — including print, flyers, signage, and billboards. (RealEstateAgent.com (http://realestateagent.com/))

This shows that while most agents lean digital, a meaningful slice of spend still flows into traditional media like billboards, especially for brand building and property launches.

Where Real Estate Sits in OOH Rankings

The OAAA (Outdoor Advertising Association of America) categorises Real Estate Agents, Agencies, & Brokers as a distinct buyer group in outdoor advertising.
• Real estate is not in the Top 10 OOH spend categories (which are dominated by Legal Services, Hospitals, Consumer Banking, and QSRs).
• It does appear in the Top 25 product categories, showing that agents and agencies are consistent billboard buyers, just at lower volume compared to legal and healthcare. (OAAA Report, 2023)

Why Billboards Work for Property Marketing

• High Local Reach at Predictable CPMs: Billboards are sold on impressions (CPM/CPP), making it easy to benchmark against digital. Geopath provides audited audience metrics. (OAAA/Geopath)
• They Spark Action: Three in four U.S. adults reported taking an action (search, site visit, social follow) after seeing an OOH ad in the past 60 days. (OAAA/Morning Consult)
• They Complement Digital: OAAA studies show that shifting modest budget into OOH lifts return on ad spend (ROAS) across the media mix. (OAAA 2024 ROI Report)

Real Estate Billboard Case Studies

• Movoto Fresno Market Entry: Used heavy OOH saturation (billboards + radio) to quickly establish presence in a new city. Outcome: recognition and trust built faster than digital alone. (OAAA Case Study)
• Apartment Lease-Up Campaigns: Developers often use digital billboards near sites with proximity messages like “Now Leasing” or “Tours Today.” These reduce friction and drive immediate visits. (Lamar OOH Examples)

Measurement: How to Prove It Works

1. Baseline KPIs: Track branded search volume, direct traffic, and enquiries pre-flight.
2. Flight Tracking: Use unique QR codes, short URLs, or call tracking numbers on billboard creative.
3. Post-Flight Comparison: Compare enquiry lift vs baseline; calculate CPM and cost per enquiry.
4. Attribution: Look for “halo effects” such as digital leads rising during billboard flights.

Creative Rules for Real Estate Billboards

• Keep it simple: One CTA (“Book a Tour Today”), big font, high contrast.
• Use location cues: Arrows, distance markers (“2 miles ahead”), or neighbourhood names.
• Rotate messages on DOOH: Awareness first, then event reminders, then urgency (“Auction Saturday”).

Bottom Line

Billboards are not the largest marketing line item for real estate agents, but they’re significant enough that the OAAA tracks them as a category. Data shows agents dedicate up to 30% of their budget to traditional tools like OOH.

For agents with budgets at the higher end ($25K–$50K/year), billboards can deliver brand authority, local presence, and leasing/sales uplift when paired with digital tracking.