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Buying or Selling, the Benefit of Using an Inn Broker is Priceless . . .

Let’s talk selling first . . .

Quite often, inn owners will decide to try to sell their inn themselves for reasons that usually stem from how much profit they want to make from the sale - termed “FISBO” by industry professionals. It is assumed that the commission an inn broker would receive would take a bite out of the equity; and thus, omitting the “middle-man” would keep the profits up - expensive analogy in the long run. B&B’s and Country Inns are not typically sold in the same manner in which a residential home is acquired. The terms of the sale are different and the length of time on the market is greater - 2 years is not uncommon. Most importantly, the networking necessary to link buyers with sellers far exceeds what is typical of a local sale or what a local friend in real estate may know. Advertising an inn on the Internet or in a publication is not only what an inn broker does - as if was that simple - it requires much more. Aspiring innkeepers are not residential home buyers - they are looking for a business and a lifestyle all wrapped up in one. That is the reason having your inn properly analyzed by an inn broker for selling price and marketability is so important. Just as with any investment, the return on the investment in an inn has a level of expectation, and unless the seller’s inn is priced accordingly, it will not sell. An inn broker, unlike most inn owners and residential real estate agents without business brokering experience, has the ability to make the deal work in a win-win way. The end result, the inn is sold for a reasonable profit, in a timely manner, to a qualified buyer - worth every penny!

As for buyers . . .

As aspiring innkeepers get more educated on the industry of innkeeping, they tend to seek the knowledge of industry professionals - AKA: inn brokers. They learn the benefits of tapping the vast experience inn brokers possess and fast realize that to protect the investment they are going to make - some a life-savings worth - it is essential to team up with one. Inn brokers are real estate brokers who specialize in the sale of hospitality properties - AKA: country inns, bed and breakfasts, and sometimes boutique hotels. They are abreast of the inns available in their state and can help determine which is best for the buyer. Best of all, buyers can learn the ins and outs of innkeeping from an inn broker before making their final decision(s). Many inn brokers put on seminars geared to answer aspiring innkeepers’ questions in an organized and enjoyable manner. Attending such seminars is worth the investment made and will most often yield a more educated buyer and help deter expensive mistakes.

Priceless . . .

So, in the business of innkeeping, buyers take their time learning and searching in many areas before making their final purchase. And sellers, with the help of an inn broker, will provide them just the inn they desire. Priceless when innkeeping is your dream and profit is your end.

Article reprinted with permission from Nation's Best Inns For Sale