Setting the right atmosphere is critical when you make a landlord listing presentation. It’s essential to make the landlord feel at ease with you and what you have to offer. You can establish yourself as trustworthy, knowledgeable, empathetic, and ethical.
Once the presentation is started, you can continue developing this atmosphere through the words you choose, the subjects you bring up, and how you deliver your presentation. Here are some things to remember when speaking with a landlord about listing their property.
Choose the Right Sequence
There is an ideal order for a landlord listing presentation. This method works just about any time you meet and get to know a new client. This method starts with ethos, then pathos, then logos. What does that mean in a landlord listing presentation?
It’s the sequence you follow to get the best results. With ethos, you establish yourself as a trustworthy person. Next, you move on to pathos, letting them know you empathize with their situation. Finally, when they trust you and know you care, you can move on to logos, the facts, and the figures involved in and about the listing. You can learn more about this sequence in the online real estate courses at Roadmap to Success: Landlords.
Focus on Interests Over Positions
Every effective listing presentation starts with understanding the landlord’s positions and interests. Their position is a statement or indication of what they want. If you can’t give the landlord what they wish, confrontations can boil up, and you could lose the listing.
Therefore, it’s more important to focus on their interests. That is, why does the landlord want what they want? Once you know their reasons, you have a clear path to working with them. With this information, you can negotiate to solve their problem in a way that benefits both of you.
To put it more clearly, consider what would happen if a parent doesn’t go beyond their child’s position. If the child says, they want to stay home from school, focusing on their position will only bring chaos. However, if you ask them why they want to stay home from school, you can use that information to come to an agreement that will satisfy you both.
Discover the Landlord’s Motives
You might know many reasons why the landlord would want to list with you. But that’s not what’s important. You need to discover the landlord’s reasons. Ask them open-ended questions that give them a chance to reveal their motives.
Why are they considering signing a landlord listing agreement with you? Their reasons might be totally different from what you imagined. Show them how much you can help them, but base these responses on the landlord’s reasons, not your own.
Encourage Realistic Expectations
To get referrals from landlords, ensure that you meet their expectations. Unfortunately, landlords sometimes have unrealistic expectations. The same might be true for anyone preparing to engage in a business transaction without having the insight of a professional.
It’s a part of your job to present the expert perspective. They may have an overinflated idea of their property is worth to tenants. They might not know how the current market will affect their property’s value. And it could be unrealistically high or low.
Therefore, you need to listen more than you talk to discover what they expect. Then, if they are undervaluing or overvaluing their property, you can give them facts and figures that help the landlord see more clearly what to expect.
You can help the landlord adjust their expectations about other things besides price. They need a reasonable estimate of how long it might take to lease their property. They also need to understand what you have to offer and what you aren’t responsible for in your landlord listing presentation. Once they’ve accepted the situation, you can help them get a reasonable outcome.
It’s natural for anyone to have doubts and uncertainties when preparing for a new situation. This is where you benefit from what you have done to establish an atmosphere of trust. Now, take it further by educating the landlord about the services you provide and how the market is going. Explain to them the type of landlord-real estate agent relationship the listing will set into place.
After Trust, Recommendations
By establishing your trustworthiness, empathy, and real estate expertise with the landlord, you have prepared the landlord to hear your recommendation. At this point, they recognize your expertise. They see that your goal is their satisfaction. Then, you can make your recommendations for listing their property. Speak with confidence, and the landlord will almost always respond well.