Things You Don’t Want to Be Looking for When Searching for Motels for Sale
When you’re looking at motels for sale, it’s important to do your research and make sure you make a good investment. There are plenty of great motels out there, but not every motel is necessarily a good choice. There are certain red flags that you should look out for when browsing motels for sale. Today in the Southeast International Hotel Brokers blog, we’ll go over some of these potential red flags.
The Motel Needs Heavy Renovations
Sometimes a fixer-upper can be a good investment for the right price. It might be extra work, but it can be worth it. Other times, it might not be. If a motel is clearly in need of heavy renovations, with multiple building code violations, you may want to avoid wasting your time on it. There are plenty of motels for sale that aren’t in need of heavy renovations, and you have a better chance at turning a profit from those in a much shorter time frame. Even if the price is extremely low, it’s often hard to predict exactly how much renovations will cost you in order to get the motel to a state where guests can stay.
The Location is Less Than Ideal
As we’ve said many times before, the success of a hotel can live and die with the location. Although motels can be successful with a less than ideal location, it’s not necessarily a gamble that an investor would want to take. Carefully consider whether the location of the motel gets enough traffic. Usually, motels do best when they’re located in convenient places for travelers. If you have a lot of travelers coming through the area, you can make a pretty good assumption as to whether or not the motel gets a decent amount of business. Of course, if you’re seriously vetting motels for sale, you’ll be able to get some of the financial information of the motel before making your purchase, so this consideration doesn’t necessarily have to be made right away.
Motels for Sale at Southeast International
If you’re looking for motels for sale, choose our team of expert hospitality brokers to help you. Southeast International Hotel Brokers has the experience you need to help you buy or sell your hotel or motel. In addition, we have a diverse array of motels for sale in our listings, so we can help you find what you’re looking for. For more information, and to speak with a member of our hospitality broker team, contact us today.