Is now a good time to list your Bed and Breakfast Inn for sale?
You may think the answer depends on the banks and the
economic cycle and our political leadership. But while those forces certainly
influence the economic conditions for selling your Inn,
the real answer depends on … YOU.
Two major factors that determine whether the timing is right
for you to sell your Inn are your grasp of
marketplace conditions and your goals. This means having both a big-picture understanding
of economic reality and a clear understanding of your personal goals.
Economic Reality
The truth is real estate values have dropped in most markets.
It is a buyers’ market and buyers are hesitant. Traditional lenders are wary
and overwhelmed. No one can predict when conditions in the world of bed and
breakfast real estate will change. You don’t have control over market forces,
but understanding and adapting to them will give you control over your
individual situation.
Personal Goals
One of the first questions I ask clients is “What do you
plan to do after you sell your Inn?” Whether
you are ready for your second retirement, want to continue Innkeeping elsewhere,
have a new business venture in the works, or miss your family on the West
Coast, your future plans drive your motivation for selling. If your goals are
clear, then laying out a plan to achieve them is easier. Most of us have seen
our real estate equity and our savings shrink. If that is the case for you, ask
yourself why that should stop you from achieving your goals.
Is now the time to sell your Inn?
Discuss your personal goals with your partner, family members and friends. Get
informed about the marketplace for Inns and get well informed guidance about
selling. You will be better prepared to move forward whether you decide to sell
your Inn or not!
Eliot Dalton Inn Broker and Consultant Bed and Breakfast Real Estate (610) 717 8083
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