Determining Selling Price

[EmptyNest]

Well, I'm having a couple of lunches with the seller/buyer of an Inn near me next week. This was a unique sale in that the seller listed it himself (no realtor or consults), on a couple different "inns for sale" sites. The buyer was halfway across the country, saw it, flew down one time and made an offer. UNHEARD OF! So I thought I'd spring for lunch and pick at their brains, see what worked so well for them.

I have made the decision to try a go at selling it myself, without a realtor's help, and see where it goes from there. My BIL is a realtor and will help with questions, documents, listing on MLS, etc. So I have the support for that, but I dread the showings and the questions. I get pretty irritated with personal questions from my guests, and they're paying me! So I need to start adding some layers and not let the questions get to me.

I will be here a lot, asking for a lot of advice. Still scared, but not unsure anymore. I think the fear comes from not knowing what's next for me. But I do know it's time..

Make a little handout you can give to the lookers to fend off some of the questions. Number of rooms, general info about high season/low season, amenities, things to do in the area, a couple of pix to remember the place by (we looked at too many inns at once!), and the basic stuff you tell someone about a building they are buying: type of heat/cooling, sq ft, outbuildings, etc.
It also helps to let them know what you are NOT including with the sale. Or, pack it up now if that's possible.
We laugh about this but the PO's put on the list of improvements that they bought a couple of lawn chairs. What?! How about new furnace, new roof, new sinks and appliances! Well, no, they didn't do any of that. They bought lawn chairs and pictures to hang on the walls.
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Yes, I thought I'd use one of Vis ta Print's Group on specials they are always running ($17 for $70 worth of product) and make up some brochures. I don't think this will stop the questions though. In addition to questions about the inn (which I don't mind), will be questions of me, and my personal life, and how long I did this, and what I like and don't like, and why I do things a certain way, and why didn't I ever host larger weddings, and why didn't I convert my storage room to another guest room, and doesn't it bother me having my quarters so close to the front door, and why am I now selling, and on and on and on. I can just hear it now, and if they are SERIOUS inquiries, I suppose that won't bother me too much either. But really, how do you know if they're serious? I can't ask for their prequalification letter the second they walk in the door, or give a little interview about why they want to buy a bed and breakfast. This is the part I dread - people would not ask these questions of a realtor, but they will ask them of me.
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First thing you do for anyone wanting to come and look is to have them sign a non-disclosure statement. No signature, no info. If they want to come to look, they must provide you with a statement from their bank that they are prepared to buy. They're just looking, not ready yet, just seeing what's on the market? You send them, send them not give them at the door, the short info sheet.
If they grouse, explain you are running a business not an open house. If THEY want to run a business, they need to get exactly what goes into it. And part of that is using your time wisely.
So, you think you have the list of questions lookers will ask? Write down the answers you want to give, practice saying these things in the mirror so when you're asked the answer flows.
You really don't have to open up to these people. Why are you selling? You're ready for a change in your life. Time to see new vistas, meet new people, move to a new place. Why didn't you do bigger weddings? You love the feeling of a small wedding but, there are lots of opportunities to do much larger events for the person who likes that. Why didn't you convert the storage room? Hate to say it's obvious you need storage! Or, 'what a great idea! That would definitely bring in more income!'
You are, as I like to say, borrowing trouble. You're worried you won't sell and worried you will. You don't want to deal with the lookers but you don't want to pay someone to run interference for you.
Sit yourself down and write out a script. Here's what I'm willing to talk about, here's what I'm not. When lookers get too close tell them your private life is not up for discussion. (Me, I talk too much. It won't be a problem telling lookers anything. But only after they've been vetted!)
I'm sure lookers will ask why my bedroom is in the office and not in the official 'bedroom'. I like to sleep upstairs, they can do what they want. The PO's were scandalized when I said I was going to put the bed in the office. 'Oh no, the guests are right next door. You can't do that!' You do what you like with the space when you buy it.
I'm sure lookers will come thru here armed with ideas for everything they're going to do better than we are doing it. Yippee! Good for them! We did the same thing. ;-)
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'm sure lookers will come thru here armed with ideas for everything they're going to do better than we are doing it. Yippee! Good for them! We did the same thing
I sincerely HOPE those who come after me have better ideas and they turn out to be better. I want this business to continue.
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That's another thing I've put some thought into. If someone comes along and offers to purchase as a home, no B&B, am I going to be willing to do that? Obviously, their price will be less than the asking, but there's so much more to do if I go that route (selling furniture, etc). But more importantly, I've poured my heart and soul into this place for ten years. I gave up a damn good income and stability and security and friends and a LIFE to do this. I get great reviews, a fair amount of repeat guests, I do newsletters, and face book and twit ter and pin terest (although not much on there), trecently started a blog. There is no deferred maintenance on this property, I have a good reputation in the community...I've worked damn hard to just walk away and not see it continue. That would be really, really tough.

Maddie, those are all GREAT questions, and it SHOULD be like an interview for any prospective buyers. They need to have done their homework before wasting mine, and their, time.
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That's another thing I've put some thought into. If someone comes along and offers to purchase as a home, no B&B, am I going to be willing to do that? Obviously, their price will be less than the asking, but there's so much more to do if I go that route (selling furniture, etc). But more importantly, I've poured my heart and soul into this place for ten years. I gave up a damn good income and stability and security and friends and a LIFE to do this. I get great reviews, a fair amount of repeat guests, I do newsletters, and face book and twit ter and pin terest (although not much on there), trecently started a blog. There is no deferred maintenance on this property, I have a good reputation in the community...I've worked damn hard to just walk away and not see it continue. That would be really, really tough.

Maddie, those are all GREAT questions, and it SHOULD be like an interview for any prospective buyers. They need to have done their homework before wasting mine, and their, time.

Here's DH's take on your issues - once it is sold you have no control over what happens. They could run the B&B into the ground in a year. You have to be ready to let go. I will liken it to giving someone a gift that they then do something stupid with. Once you've given it, it's theirs to do with what they want. Once you've sold, same thing.
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Agreed..but it is hard. I know owners who have tried to talk new owners into things and it just won't work. It is theirs, they paid for it, and they can do ANYTHING they want with it. Walk away and count your $$$