Selling a Hotel for the First Time Isn’t Easy: Avoid These Mistakes
Selling a hotel isn’t easy for anyone, but it’s especially difficult if it’s your first time or you don’t have experience selling properties. It’s easy for sellers to slip up and make mistakes. Today in the Southeast International Hotel Brokers blogs, we highlight some common mistakes people make when selling a hotel.
Common Mistakes People Make When Selling a Hotel
As hotel brokers, we’ve seen just about every mistake a person could make when selling a hotel. Here are a few of the most common mistakes.
Not Being Prepared
If you’re planning on selling a hotel, we have three words for you: preparation, preparation, and preparation. All joking aside, selling a hotel isn’t a decision you can just wake up and make. Many people decide they’re ready to sell, get anxious, and rush the process. You need to take your time in order to make the selling process run smoothly. Get your hotel ready for showings, gather all the necessary paperwork to show prospective buyers, do research as to what selling is going to entail. There is a lot of prep work that goes into a sale, and many first time sellers learn this the hard way.
Not Understanding the Market
Your hotel may be profitable and in a great location, but that doesn’t mean it will get snapped right up as soon as you list it on the market. Selling a hotel is a bit more complicated than that. First of all, if you price it too high, you’re going to have trouble even drawing buyer interest. If you price too low, you’re cheating yourself out of money. It’s important to get a comprehensive and accurate appraisal in order to sell your hotel the right way.
Not Using a Professional
The simple fact is, hotel owners aren’t in the business of selling hotels, they’re in the business of running them. This doesn’t mean an owner can’t sell a hotel, but they’re already plenty busy as it is. Hiring a professional hotel brokerage can make the process much easier, and you can rest assured that your hotel will be marketed to qualified buyers at the best price possible.
Choose Southeast International Hotel Brokers
If you’re selling a hotel, choose Southeast International Hotel Brokers. Our hotel brokerage team is ready to help you through the entire selling process. Our experience and vast network allow us to help you reach buyers effectively and efficiently. For more information, and to speak with a member of our team, contact us today.