Good Negotiation Tactics When Selling a Hotel

When you’re selling a hotel, it’s good to have some go-to negotiation tactics to help make sure you get the best deal possible. Today in the Southeast International Hotel Brokers blog, we’ll highlight some of these techniques and discuss how you can utilize them the next time you’re selling a hotel.

Negotiating on the Selling Side

You may be well-versed in negotiating when you’re the buyer, but negotiation on the side of selling a hotel is a bit different. When you’re buying, if you really want a property, you won’t have a ton of room for low offers, especially if it’s a highly-desired property. In other words, many times, depending on the property, the seller holds a lot of the power. Sure, you want to get your hotel sold as soon as possible, but you also don’t have to settle for an offer that doesn’t make financial sense for you. But how do you press the negotiations in your favor?

Tips for Negotiation when Selling a Hotel

When you’re selling a hotel, you need to give buyers a certain amount of information, but it doesn’t mean you can’t hold some cards close to your chest. For instance, if you’re in a hurry to sell, you don’t have to let the buyers see that. Maintaining your cool and projecting confidence throughout the selling process is key. Here are some common tactics:

• Be Flexible – Although it’s important to take a firm stance sometimes, it’s ok to still be flexible in other areas. If you’re unwilling to make concessions at all, you may have a hard time selling a hotel in a short period.
• Encourage Bidding Wars – Bidding wars are ideal for the seller, but they’re not always easy to create. If you have a great location, you shouldn’t have too hard of a time getting this to happen. However, you could schedule an open house and not accept any offers until that date. That’s one way that has proved successful in creating multiple bids in the past.
• Know the Market – Pay attention to market trends. Is it a buyer’s market, a seller’s market, or is it balanced? Knowing which way the scales are currently tipped can help you create a better negotiating strategy for selling a hotel.

Remember, not everything will always go exactly as planned, so just be prepared to make adjustments as necessary.

Sell Through Southeast International Hotel Brokers

The best thing you can do when selling a hotel is hire Southeast International Hotel Brokers. When you sell through us, all the guesswork of selling is removed. Our knowledge, experienced team is ready to help you through the entire process. Contact us today for more information.