Sell on Your Own, Or Use a Broker?

By Mike Handelsman Group General Manager, BizBuySell.com | May 28, 2010

In the world of real estate, selling without the assistance of a real estate agent has received a lot of attention. But is it really a good idea to try and sell your hotel on your own?

In my role at BizBuySell.com, I talk to a lot of business sellers. While the thought of saving a broker commission is attractive, sellers who pursue a For Sale By Owner (FSBO) transaction have found that it's easier said than done.

Is it possible to sell your hotel or hospitality business yourself? Absolutely, but it's not for everyone. In some cases, a FSBO sale may be the right answer. But in most, the smart move is to hire a professional broker t8o list your hotel and locate a buyer.

When Selling a Hotel On Your Own May Be the Right Answer

Every hotel sale is unique. But for the most part, there are a few scenarios that might make a FSBO transaction a better fit for your business exit.

If the sales price is less than $200k

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Social Media: Getting Personal

There Social media platforms have revolutionized the hotel industry. Popular sites such as Facebook, Twitter, Pinterest, Instagram, Snapchat, YouTube and Tumblr now account for 2.3 billion active users, and this phenomenon has forever transformed how businesses interact with consumers. Given that social media allows for two-way communication between businesses and consumers, the emphasis of any marketing strategy must be to positively and personally engage the customer, and there are innumerable ways to accomplish that goal. One popular strategy is to encourage hotel guests to create their own personal content - typically videos and photos -which can be shared via their personal social media networks, reaching a sizeable audience. In addition, geo-locational tags and brand hashtags can be embedded in such posts which allow them to be found via metadata searches, substantially enlarging their scope. Influencer marketing is another prevalent social media strategy. Some hotels are paying popular social media stars and bloggers to endorse their brand on social media platforms. These kinds of endorsements generally elicit a strong response because the influencers are perceived as being trustworthy by their followers, and because an influencer's followers are likely to share similar psychographic and demographic traits. Travel review sites have also become vitally important in reputation management. Travelers consistently use social media to express pleasure or frustration about their guest experiences, so it is essential that every review be attended to personally. Assuming the responsibility to address and correct customer service concerns quickly is a way to mitigate complaints and to build brand loyalty. Plus, whether reviews are favorable or unfavorable, they are a vital source of information to managers about a hotel's operational performance.  The February Hotel Business Review will document what some hotels are doing to effectively incorporate social media strategies into their businesses.