In general, what the A&R people want to hear is
exactly what you're promoting. They listen to thousands of songs, and have very little time. The "demo" has to grab their attention within the first 15 seconds, or they'll turn it off and move on to the next song.
In your case, Mike, you are promoting singing skills, and songwriting skills.
You would be wise to completely re-do the presentation, specifically as a "demo".
Remove the guitar parts. Simplify the drum parts, and combine them with some tasteful piano and bass lines. (Fortunately, BIAB does some very nice piano and bass backing tracks, and it sounds like you have RealDrums.)
Shorten the song as much as possible while still including all the verses and choruses.
Perform your vocal with as much control and expression as you can - it should sound great without any backing instruments.
Consider doing the first verse with just your voice and the piano, keeping the introduction very short (or get rid of it altogether) - you want to capture the attention of the listener right away. Ideally the first thing they should hear is your voice.
If you re-record the song with these ideas in mind, it will have the best chance of being heard by the record company producers.
I hope this is helpful