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| Country Inns Realty, Inc. at 1-888-768-3555 |
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| © Country Inns Realty, Inc. - 2435 Main Street - P.O. Box 102, South Chatham, MA 02659 |
Q. How is Country Inns Realty, Inc. (CIR) different from other Commercial Realtors?
A. We have been Innkeepers over a 10-Year Period, owning 2 distinct inns, a 10-room Historic, top Romantic Inn with Restaurant, outdoor swimming pool & cross-country ski trails next to a Lake & Ski Mountain; the other a 13-room Country Farm Inn with an indoor swimming pool & spa services next to a Ski and Golf Resort, both in New Hampshire. These first-hand experiences benefit both our buyers & sellers.
Q. How are we different from other brokers who specialize in Hospitality Properties?
A. Since 1995 CIR has sold exclusively Hospitality Properties.
Q. How are we different from other brokers who specialize in hospitality properties who have also been innkeepers?
A. Our entire agency specializes in Hospitality Sales. All of our agents have over 10 years' experience as owners and operators of hospitality properties, so at any given time you may have up to 4 Agents/Brokers working on your behalf.
Q. How does agent experience as Hospitality Specialists Prepare the Prospective Buyer to be a viable candidate to purchase an inn?
A. We provide 3-Day Group Seminars for Aspiring Innkeepers via the B&B and Country Inn Market Place, and CIR provides Private Seminars for Individual Buyers oriented to the specific properties they are purchasing. The group process helps screen "prospective buyers" financially, psychologically & emotionally to purchase a residence (often involving intra-state relocation), make a life style change and operate a privately-owned business. Individual Seminars addresses only those issues that apply to a specific property sale. For example, if a restaurant component is not part of the inn, we do not focus on that aspect of the sale, unless that is part of an expansion plan for the property.
Q. How does agent experience as a Hospitality Specialist Benefit the Seller?
A. Often, we Show as a Team, so that together, we can discuss the various aspects of innkeeping that we handled individually, but in relation to each other, often from the male & female points of view. Having been through the selling process twice personally, and numerous times professionally, we can also offer Suggestions for Buyers with their Business Proformas (required by lending institutions for commercial purchases) and offer guidance with a Plan for Resale in 5-10 years.
Q. How are CIR's affiliations and adjunct services different from those of other agencies?
A. Over the years, we have garnered Proven Professions who have helped consummate our sales. These range from NH Lawyers who are familiar with all local and state fire, food, & safety codes; Building Inspectors who know larger, historic buildings & their structures, and can explain the differences from their modern equivalents to buyers; connections with Various Consultants for rectifying problem areas such as radon, water quality, mold, lead paint, etc.; and most importantly, Lending Institutions with Hospitality-Friendly Programs that finance inns & commercial/investment purchases which other residential banks often decline.
Q. Approximately how long will it take to sell a Bed & Breakfast/Inn?
A. Although there is no "average" selling time frame, conditions that determine the timely sale of a property include: physical condition of the property, location, continuing business with steady growth increases, potential for expansion & resale profitability, competitive pricing, and current market conditions. If all conditions are optimal and the real estate market strong, sellers should plan ahead for 6-12 months.
Q. Is there an optimal time to place a Hospitality Property on the market for sale?
A. Yes, unlike residential properties that can sell in any season equally well (although winter can prove difficult due to weather conditions), the best time to market an Inn is the early spring and summer so that new owners can see the inn in maximum operating capacity based on its reservations, and also allow the buyer to capture some of the "high season" revenues as part of their purchasing package.
Q. How are we different from other brokers who specialize in Hospitality Properties?
A. Since 1995 CIR has sold exclusively Hospitality Properties.
Q. How is the appropriate List Price determined?
A. Listing Price is determined by a combination of the following:
- Appraised Value
- Assessed Value (based on town tax evaluations)
- Insurable Value (Replacement Cost of Property) added to land value
- Ratio of Gross Income to Net & ability of this income to support new owner's Debt Service (Mortgage) & other personal expenses/needs.
- Market Sales of Comparable Properties within the last 6 months, with extrapolation for increase or decrease depending upon market trend.
Q. Should the seller expect numerous showings?
A. Country Inns Realty will only bring financially qualified & otherwise suited buyers capable of purchasing an inn in a timely manner, without a contingency to sell another property first (unless sellers indicate willingness to comply with this). Historically, CIR screens its buyers & for every 5-10 inquiries, only 1 or 2 qualify to proceed to the showing stage.
Q. Will a sign placed on the property?
A. Since you are visible in the local community as a viable, operating business, we do not want to interrupt that business or cause clientele to hesitate to avail themselves of your service (wondering what might be wrong with the business or waiting to see who the new owners are), so a sign is not appropriate. A sign also invites a lot of "lookers" onto the property who are not serious buyers.
Q. Should sellers expect a lot of local advertising?
A. Our goal is to be Discreet in Marketing your property and reach qualified, screened Buyers. We will market your property with Selective Local Advertising after consulting with the owners & also provide Local and State Multiple Listing Service Exposure. Increasing data each year indicates that your buyer may not be a local resident; however, the amount of advertising done via the multiple listing system will reach all local and state realtors through both the commercial and residential venues; we cooperate fully with all co-broke agents with customers that qualify to serve your needs.
Q. Why will my Buyer most likely Not be Local or avail themselves of local realtors?
A. The days when prospective buyers drove to a specific state or town first & then walked into a local, residential real estate office to find a Hospitality Property are at a minimum. Most commercial buyers today are well-educated, and search the internet for properties in more than one state. They take seminars for aspiring innkeepers & study the financials of the business aspect of the property. They look for answers from a specialist, well-versed in Hospitality Properties, who can validate the inn' financials to their accountants & substantiate purchasing a self-sustaining investment with a future return on their money upon resale.
Q. If an inn/resort is in the Multi-Million Dollar Range, why shouldn't the sellers employ a local realtor who has sold other similarly-priced residential properties in the area?
A. Some smaller inns (5 rooms or less) are also well-suited to selling residentially because the buyers will often have a second source of income (often an internet business)or retirement payout to help pay their new mortgage, not using the income of the inn to support that debt service. On the level of a Resort of a Higher Caliber, the marketing package must still present a Viable and Profitable Business with the Potential for Future Expansion (physically or in terms of growing the business), & profitable resale. This is a Specialized Commercial sale whose history, financials and projections must make sense to a bank who will lend on the venture. The buyer who comes forward must be similarly knowledgeable, capable of running such an operation, & financially qualified. Most local residential brokers usually do not have the experience or qualifications to bring such transaction to completion. A comparable example would be an owner of a boat or yacht. Yes, that boat owner could advertise in the local paper for a buyer, or post a flyer on a bulletin board, but the most viable means would be to access a marina or boat dealership that specializes in determining appropriate list price and selling the product to clientele whom they pre-qualify & for whom they often provide financing. The larger & more specialized the agency, the more property-specific clients it attracts. Similarly, CIR will attract a higher percentage of buyers from around the region, country and world whose only goal is to purchase a Hospitality Property. We have a Data Base of Past & Present Customers waiting to purchase their "ideal hospitality property" as well as qualified buyers who have attended our seminars. We have the expertise to promote your property and sell it at the best possible price in a your desired time frame to a qualified & motivated buyer.