Monday, July 20, 2009
Why are so many inns on the market?
This is a question that I understandably hear on a regular basis. And for the most part, it's a cyclical coincidence, nothing more. Many ask "is it burnout?" And the answer (for most of my listings) is simply "no".
There are so many reasons why a property may be on the market, and it's not usually negative like many might assume. Of my listings, I have several sellers that have been in the business for 10-25 years - that's a very long time to be an innkeeper! I have a few whose family lives change, and therefore the need to sell just comes about. I have a few that have accomplished what they've set out to with the business and it's time to move on. Or maybe since it's simply a buyer's market, a seller may decide that the modest profit they could make from selling now is good enough, rather than holding out for a seller's market. Or maybe the seller has truly reached retirement time; because innkeeping is not retirement, it's a lifestyle job. Retirement would actually mean, well, retirement!
So, buyers should not concern themselves with why there may be an influx of inns on the market in Maine. If you look at the statistics of how many inns there are in Maine, you'll see that only a minute percentage are actually on the market. Just recognize the opportunity for a great selection of what's out there for your new endeavor. Innkeeping is a lifestyle, a job, an investment and a home.