did I read "Not" to post a sign?

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07/23/2008

Meeting with a realtor today. Yes, he has experience selling B&B's. Although, not just b&b, he specializes in commercial properties. Cant find one locally, who specializes in just that (they'd starve)! 

Did I read from one of you, Not to post a 'for sale' sign in our yard?

It makes sense, as we will continue to take reservations. AND as you all have made clear it could take years to sell (altho I'm hoping not as we really do need to get closer to aging parents)

Thanks!

Oh, and one more thing: Do you think its a good idea to go talk to the owner of the hotel 3 doors down and ask if he is interested in adding (our property) to his portfolio?

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seashanty's picture
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 i vote no on the sign.  i managed a b&b that was put on the market.

people looking to buy a b&b will find your place when they search for a property online or with a realtor.

people not looking might see a 'for sale' sign and decide they do not want to book a room because they think your place is in disarray, that you're going out of business, that you've already gone out of business, that there are 'issues' and that's why it's on the market, that their visit will be disturbed by 'shoppers' wanting to see their room and invade their privacy, etc.

BUT ... since you are selling, and WANT to sell ... be prepared with answers to questions.  if a guest says, 'is your b&b for sale?' tell them yes. have a little info sheet and the contact info for your realtor.  if you love your place, tell them so.  if it's a great place to buy, tell them so.  the second question you will most likely be asked is 'WHY?'  be prepared with an answer.  whatever answer feels right for you.

it's a delicate balance here.  you don't want to be evasive but you just don't want to be bombarded with questions about selling when you are trying to run the place.   

good luck.

 

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seashanty wrote:
.

BUT ... since you are selling, and WANT to sell ... be prepared with answers to questions.  if a guest says, 'is your b&b for sale?' tell them yes. have a little info sheet and the contact info for your realtor.  if you love your place, tell them so.  if it's a great place to buy, tell them so.  the second question you will most likely be asked is 'WHY?'  be prepared with an answer.  whatever answer feels right for you.

it's a delicate balance here.  you don't want to be evasive but you just don't want to be bombarded with questions about selling when you are trying to run the place.   

good luck.

 

Thanks seashanty. I was thinking of having something like a flyer to hand to any guests who ask (if they saw it on line chances are they are considering buying a b&b) and directing them to the realtor.

Having answers ready... I hadn't thought of that, but it makes so much sense...

gillumhouse's picture
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05/22/2008

When I go up for sale (after DH dies - if I live that long - due to his aversion to change and the amount of crap in the OQ), my answer will be the truth: My City NEEDS a B & B and the only way I can have any control over it keeping one is to sell this myself. I will be staying in town and will spend more time working for the City. (Provided I am not La-La by then)

Madeleine's picture
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Be careful with your answers...what you don't want is to sound like it's a fire sale and you're READY to get out NOW. That lowers the sale price dramatically in the buyer's head. Even tho you do want to sell, you don't want the fire sale people making all your offers.

Almost every place we looked at the sellers were 'moving on to something else' and that was it.

 

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Madeleine wrote:

Be careful with your answers...what you don't want is to sound like it's a fire sale and you're READY to get out NOW. That lowers the sale price dramatically in the buyer's head. Even tho you do want to sell, you don't want the fire sale people making all your offers.

Almost every place we looked at the sellers were 'moving on to something else' and that was it.

I plan on telling them the truth. We have aging parents out of state and want to be closer to them, so we are buying a B&B close to where they live.

Madeleine's picture
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See, 'aging parents' would make me think you're in a hurry to sell. 'We are looking to purchase another B&B closer to our families.'

No rush to get there ('families' generally implies children and grandchildren, not necessarily something you need to rush to do). You are still committed (ie- interested) in running another B&B. You have time on your side as you have not yet purchased another B&B.

All things in your favor for a higher price. And you're still telling the truth, just not making it sound like you need to sell fast.

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Madeleine wrote:

 'We are looking to purchase another B&B closer to our families.'

I like it! Thanks!

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07/23/2008

OK, I didn't intend to put a sign up in the yard, just making sure it was the right decision.... glad it is!

Our realtor is listing it as a 'commercial' property so it won't be listed in the MLS system, but the CIE and loopnet and it will be in the B&B sites.

He has sold millions of dollars of commercial properties and b&b's. 

Here's hoping for a "truly wonderful" sale!

Joey Camb's picture
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In the UK it would never happen and no owner would ever tell a guest! most guests don't have a clue a place has sold till they arrive and its different people. The west park hotel near us was up for sale they idiot estate agent put up a huge for sale sign and the bookings dropped like a stone people won't believe their reservation will be good under new owners. In fact it wasn't as we picked up several bookings in jan that had received a phone call from them saying the booking wasn't good as they were shutting for renovations and didn't know when they were reopening.

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05/22/2008

 I vote NO SIGN.  I wouldn't want to stay in a place that had a for sale sign in front. owners burned out??? or what???  Just make them post it on B &B for sale directories and MLS.  A friend of mine used a NON B & B Upscale realtor to list his place exclusively. That was almost a year ago and he has done NADA!!! So he has lost a year and is now going with a  B & B realtor.

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04/21/2010

As we are going through this process, I am really questioning the added value of a realtor. Most websites etc are set up to search areas. I might ask a realtor to see if they come up with anything but have you ever asked your local realtor to give you every B&B for sale in a state? I know the websites I frequent are not able to do this.

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10/07/2008

re The title of the thread about putting a sign up. Listen if you hire a realtor they will put it on MLS and then everyone in your town will know. Are youw anting a sign up in your yard for 2 years? Your guests will question it EVERY SINGLE TIME. Unless it is vacated, then you should put one up.

You do not need to be selling it for the realtor, let him make his commission if he wants to speak to the hotel. On the other hand if you want to sell it as a B&B you need to list it on B&B's for sale websites. Does the realtor realize this? 

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Madeleine's picture
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09/29/2011

No sign. It's a bad sign.

If you think the motel owner would be interested and wouldn't just blab it to every guest it's not a bad idea.

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10/07/2008

 Do you want to lose business?

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07/23/2008

Joey Bloggs wrote:

 Do you want to lose business?

Are you referring to going to ask the hotel owner if he is interested in purchasing our place?

gillumhouse's picture
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05/22/2008

I say both. Let the realtor do the selling. IF there might be interest, I am sure it will be mentioned to interested parties.  That will be driven by that old song Commission! Com-Mission! (Think Fiddler on the Roof)

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