I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.
I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.
Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..
As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
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I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.
I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
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Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
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We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.
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