Today out of home development expert Andy Goodman talks about how to build trust with a billboard landlord.
I enjoy working with people, including property owners. I’m not just in the building business and advertising business, I’m in the business of developing relationships. When I first introduce myself to a property owner on the phone I try to schedule a meeting in person on the property. Meeting the property owner in person on the property, on their turf, is the best way to make them feel comfortable with me. If a meeting at the property doesn’t work then I suggest having a cup of coffee or lunch? Once we meet in person I like to find out what makes them tick. I like to find out immediately if it’s a corporate ownership, partnership or family ownership. If it’s a family owned property then I ask the following questions. What are the long term plans for the property? Are they going to pass it on to their children? Are the kids involved in the company? All these questions give me a better understanding of who I’m working with and what’s important to them.
No matter what type of ownership I’m working with, I like to find out what the future plans are for the property. Are they planning a long term hold? Do they want the billboard to increase the property value so it can be flipped? When I’m on the property I watch for their reaction to where I want to place the billboard. How comfortable or uncomfortable are they with the location of the column. Is it going to interfere with the tenants on the property.
After that, it then becomes important that the property owner understands the process and the cost we incur to build the billboard. I explain the process I go through and the amount of money I’m spending. I always want to give real examples of the good, the bad and ugly part of our business, which is the entitlement part of our business. Some Cities are easier to deal with than others, like only 1 year to get permits versus the ones’ that can take up to 5 years. Once I get my City permits then I have to work with the State.
The more the property owner understands my business the better our rapport. At some point in this process I will introduce the Lease Agreement. Some property owners ask to review it prior to the meeting others will take it when you meet with them in person. If I’ve done a good job building rapport and trust then the Lease terms are not insurmountable. We can negotiate the Lease where both parties are comfortable with the terms.
Lastly, a happy property owner will tell me about other properties they own, make a referral for me to friends and business associates that own properties and even give me a reference letter.
You can reach Andy at andygoodman.age@gmail.com or 310-721-8422
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