Tips for selling motels
When the time is right you will want to sell your motel business, hopefully you took note of the adage ‘fail to prepare and you’re preparing to fail’. Meaning, all motel owners should prepare to sell from the point of purchase.
It is highly recommended that you keep your motel business and property at the highest standards from day one.
If it is always clean, well maintained, running well, gets good reviews, is well marketed and all your reporting and booking systems are firing on all cylinders there is no need to ‘prepare to sell’.
Always be prepared and you’ll always be ready for eager cashed up buyers looking for their perfect motel business.
Being prepared should also provide a seamless transition to the new owner. It will make both the buyer and seller’s life easier, make the business a more attractive buy and create a more stress free purchase process.
FAQ's about selling motels
Once again, it’s all about preparation! Receiving your desired price can be achieved through solid preparation leading up to your business or property going on the market.
Before you think about putting the motel on the market make sure you complete any necessary renovations and maintenance.
De-clutter, clean, clean and do more cleaning.
Lawns and gardens should be manicured and apply some fresh paint - liberally.
Research the market and consult an agent who has industry experience and a track record in motel sales.
A picture says a thousand words so arrange for some great images. Show off your motel, put your best foot forward.
Make sure all your financial statements are up to date with occupancy and booking data available at the tap of a key.
All compliance reports should be on hand including items such as asbestos reports, pool safety certificates, signage agreements, customer contracts and agreements, telecommunication agreements, food licences and liquor licences.
A common-sense approach to selling will go a long way and ensure you present your property as an attractive business to the right potential buyers.
Always put yourself in the shoes of the buyers. Look at the sale process from their point of view and think about what information you would expect to see if you were them.
Ask yourself, what are the items that any prudent buyer would require from a business? Show off those assets in a professional manner.
An experienced motel industry sales & marketing team can target genuine buyers.
Selling can be a very expensive exercise for everyone involved and often it is due to poor preparation. Potential sales can be ruined five minutes before the contract of sale is due to settle if the seller is not fully prepared.
So, once again be fully prepared!
Answer every possible question a buyer may have about your business and make sure you have the receipts to back up what you say. In other words, be prepared to have the documentation to prove how well your business has performed.
