Friday, November 18, 2016

Innkeeper: "How Was Your Stay? Guest: It was FINE". Uh-oh...

This was a screen capture during a  presentation from a recent hospitality conference.

Until I saw this picture, the word "FINE", to me, had another meaning. From the movie The Italian Job: freaked out, insecure, neurotic and emotional!

Check out is a great time to make sure your guests enjoyed their stay. You have that wonderful opportunity to recap their stay, validate their experience (and your innkeeping efforts) and ask "did you enjoy your stay with us?" If you hear "it was fine"?  That's not good!

But it's a way to be proactive about feedback and the dreaded negative criticism if there is any coming. Looking at the positive, if there was an 'issue', it's your opportunity to try and address it at the time and NOT later on TripAdvisor. Being proactive at this point takes a bit of effort, but it can really preserve your reputation in the end. It may prevent a less than favorable review!

Tuesday, November 15, 2016

New Prominent Rockland B&B Listing!

This lovely Rockland landmark was built in 1893 and offers 8 guest rooms, a beautifully landscaped lot, detached owner's cottage and a strong business! Great for weddings and events, and open year round. Fully sprinklered, high ceilings, beautiful original woodwork. Rooms are spacious and well appointed. There are two parlors, a lovely dining room, a large wrap around porch which is quite popular with guests! Walking distance to the heart of town and surrounded by lovely historic homes and buildings. This is a postcard B&B!

For more information, please visit the listing page on my website. And feel free to contact me with any questions.

Sunday, November 13, 2016

Buyers Ask: How did the seller come up with the price?

🏡 Offered at $1,500,000 🏨

A very common question I seem to get regularly from buyers is "how did you come up with the price?". That's a very good question.

I don't come up with a price, my sellers do. A listing agent advises, the client decides.

What we do at The B&B Team is a very thorough assessment of the profit and loss statements, tax returns, and occupancy. We analyze the business that exists within the piece of real estate, not just the real estate (like the residential market). And then we back into a price that's defensible and financeable. We advise our clients of this price range, and they ultimately decide.

Do we ever list a property at a price well above the range we've suggested to a seller? SURE! And there are often legitimate reasons for doing so.

Is the property more marketable than another with similar net operating income?  Is it in an ideal location? Does it have detached and private owner's quarters? Does it have larger than typical owner's quarters? Is there still room to increase revenue and occupancy? (thus leaving room for a buyer to grow the business), does it have an ideal lot for tented wedding and events? Does it have more than adequate parking? Is it within walking distance to town, yet on a desirable residential street? Does it have remarkable or historic features that buyers and guests are drawn to? Does it have really fabulous outdoor space for you and your guests to enjoy? Does it have a killer ocean view? Or a killer kitchen? Does it check off all the boxes on your list?

The point I'm trying to make is that we always start with a valuation of the numbers, because that's an important part what you are looking for in this lifestyle business. Are there sometimes reasons why you'd be willing to pay more? The answer to that is also SURE! You'll understand as you start to look at inns.

When we represent buyers and sellers, we know the numbers, we know Maine and its tourism industry. And we know how to help you evaluate everything that you'll need to in order to make an informed decision.