Looking to sell your hotel or guesthouse in 2018?
Following on from a very busy tourism season for the South West in 2017 we are seeing a continuing demand for hotels and guesthouses, so if you are thinking that 2018 is the year to sell your hotel or guesthouse then now is very much the time to place it on the market.
Having handled numerous hotel and guesthouse sales over many years my top 10 tips for those thinking of selling a hotel or guest house are as follows:
- Get your ducks lined up: Plan your sale and execute; with help from your Agent organize the EPC ; consider having an Abridged P&L prepared; get copies of updated Licences (Premises / Site); any recent Planning Permission.
- Get early advice, it may be years before you are considering a sale and we can provide guidance as to how to prepare your property and business to go onto the market when ready.
- Consider the time of year when planning a sale, buyers are focused on seasonality, the signposts are Easter, Whitsun and Summer Holidays.
- Invest in your sale, this may be financially, but will certainly require some emotional input, i.e. how motivated are you to sell, is it the right time for you to give up your home and income?
- Consider what level of marketing you are happy to have; i.e. high profile editorial or confidential, different approaches can be equally effective, so don’t be put off by exploring either.
- Choose the right Agent who has experience of sales in your sector, uses all e-marketing and of course gives value for money.
- Be patient, sometimes, businesses can take longer to sell than a house, particularly if the business has a high seasonal income uplift.
- Consider dual marketing via a Change of Use Residential application, this can add another string to the bow.
- Presentation of property, make good the obvious reparations.
- Online presentation, if required and where possible address any online review issues.
If you are thinking of selling your hotel or guesthouse we would be delighted to offer you our expert advice. Simply call me, Graham Timmins, on 01872 247019 or email me via [email protected]