Hotel brokers are real estate professionals that can be hired to act on behalf of individuals or business entities that want to buy or sell property in the hospitality industry. The Australian hospitality industry, in particular, is highly complex and specialised in nature, and it is therefore important to employ the services of an experienced hotel broker so as to attain the desired result.
Let's take a look at what a hotel broker will bring to the table.
Providing extensive knowledge of pricing
The first and most important thing that you have to determine prior to buying or selling a hotel is its correct market value. As an industry outsider, you are probably not in on the knowledge required to competitively price the property. If you are a seller, you run the risk of underpricing or overpricing the property. If you underprice the property, you will receive less than the true worth of the asset, while overpricing may make it difficult for you to get a willing buyer, especially if interested buyers have enlisted the services of a hotel broker and therefore are well-aware of what they should pay. If you are a buyer, you run the risk of paying a price that is higher than what the property should go for.
Because helping people and businesses buy and sell hotels is their specialty, hotel brokers are always privy to knowledge regarding the factors influencing hotel prices and the prevailing market conditions. For that reason, they can help their clients estimate the true value of the hotel they are interested in buying or want to sale.
Matching prospective buyers and sellers
No one does the job of bringing together prospective hotel buyers and sellers better than hotel brokers. Once the value of a hotel has been determined, these brokers will rely on their vast database of buyers and sellers to close deals. Once a hotel has been listed, a team of dedicated marketers will be used to ensure the largest possible target audience gets to know about it. It is this unparalleled marketing ability in the hospitality industry that hotel brokers offer.
Hotel brokers also build and maintain business relationships with highly regarded third-party websites where a listed hotel can be prominently advertised. What is more, many hotel brokerages today use more personalised marketing approaches, like targeted email marketing, to reach potential buyers.
If you want a stress-free experience when you are buying or selling a hotel, be sure to seek the assistance of a qualified hotel broker local to you.