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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Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.