This Is Why Landlords Are Turning You Down...

The most common message I get on social media is “I’ve reached out to so many landlords and everyone is denying me, what do I do?” and my response is in order to get a “YES” you must understand the concerns these landlord or management companies may have well enough so that you know how to navigate them effectively.

Knowing The Properties Pain Points

1. Vacancy 

   • This is the number one concern for Landlords and Property Management. Everyday they have a unit vacant they are burning money. If you understand this and speak to them with this in mind you guys will be on the same page.

2. Turn Over

   • Buildings have very high turn over. Landlords rather have a tenant in the unit for 5-10+ years then a new one every 12 months. Turnover comes with more maintenance, having to show the property again and again, and most likely some vacant days.

3. Expiring Leases

   • This is something many people don’t know about but leases have expiration dates. Our current building that wouldn’t let us get more units even though we kept asking finally called us up 2 weeks before leases expired and gave us another 10 units. So knowing this can also have you close a deal when you relate to them as they known they need to get the expiring units signed asap.

Understanding The Common Concerns

1. Offering Solutions

   • Offer solutions such as additional security deposits, extensive tenant screening processes and ensure them that you will be maintaining the property & taking care of any maintenance issues on your own. The property will most likely be in better condition since you will be deep cleaning multiple times a week to keep the property in good standing for your tenants.

2. Liability issues

• Advocate for the importance of clear agreements, insurance policies, and compliance with local regulations.

3. Disruption to community

• Provide strategies like setting clear house rules, noise detection monitors in unit, ring cameras and extensive guest screening.

Understanding their concerns ahead of time, will allow you to perfect your pitch and business model, leaving them with no worries and wanting to sign a lease with you asap!

Strategies To Gain Their Approval

1. Claim your authority

• If you are not educated and confident about what the business model is, how it works and how you are going to bring it to life - why would they trust you with their property? Get confident in the business model, it’s benefits & how it can align with their wants/needs.

2. Communicate effectively

• Do not leave any room for miscommunications. Be upfront & honest. Let them know you are going to be listed on 3rd party platforms, if you lie about your intentions you risk not only loosing their trust but loosing the lease as well.

3. Build a relationship (demonstrate trust and responsibility)

• Doing business with someone takes a lot of trust. Do not expect landlords to give you a “YES” after the first point of contact, as that rarely happens. A lot of people are uneducated about the business model so you will need to inform them on how it works & make them feel comfortable and confident in you to use their property in good measure.

4. Offer incentives/compromise

• Propose win-win solutions. Offer to pay higher security deposit, sign a longer lease, profit sharing, or handling additional responsibilities, such as regular property inspections or maintenance, to alleviate the landlord's concerns.

5. Provide references/success stories

• Highlight positive reviews, reliable tenant or guest references, and success stories in managing Airbnb properties.

Navigating landlord rejections can be challenging and very discouraging but it is not impossible. Understanding the common concerns and leveraging effective strategies can significantly increase your chances of gaining landlord approval for your STR business.

Approach landlords with professionalism, respect, and a clear plan that addresses their worries. By demonstrating your responsibility, knowledge, and commitment, you can showcase your authority and credibility within the business!

I hope these tips were helpful, and allowed you to critic your pitch a little!

See ya Wednesday 👋

Hailie