When you begin your search for the perfect hotel to buy, it is important to take a proactive approach. Nobody can find the right property overnight, but by actively looking and maintaining contact with agents you can give yourself the best chance of investing your money wisely. By regularly communicating with agents, you will increase your exposure to hotels that meet your requirements when they become available.
By actively entering the market, you can acquire the insight that will help you avoid potential pitfalls and recognise the most beneficial options. When agents present you with information it will be condensed into aspects and details of the sale. Market research will help you develop an understanding of this information and the way it is presented to buyers.
If you are considering making an application for hotel finance, you need to collect as much information as possible for presentation to lenders. If you had the cash available and had no need for finance you would of course gather as many details as you could about the property, location and business potential before you invested your money. The lenders come from the same perspective, so ensure that the agents provide you with every relevant detail and do not be reluctant to enquire about any issue you feel is relevant or may benefit your application.
Remember that a skilled agent will put every effort into acquiring and delivering all the information necessary to facilitate an offer. They want to secure a sale, so it is not beneficial for them to withhold information or mislead you as this is likely to lead to cancellations or renegotiations.
When the time to negotiate arrives, remember that the mark of a successful negotiation is when both parties feel justly treated, and it is the role of an agent to ensure this. Remember that your agent knows the market and fully understands your requirements as a hotelier. Your agent is there to find the best hotel business for you and to help you secure the best price possible. By establishing an open and honest relationship with your agent, you can expect a dedicated service and effort to find you the best possible deal.
