If you have money to invest, you may want to buy an inn or a bed and breakfast. If you do, it is important to find a real estate agent who specializes in hotels for sale. Two benefits of using such specialists are their knowledge of the market and understanding of financing options.
Specialist Have Specific Knowledge of the Hotel Market
Just as all primary care doctors have a basic idea of specifics such as heart, lungs, and kidneys, if you are having heart problems, you search for a cardiologist. The reason is because you are interested in more than just a basic knowledge to address the heart issues.
The same holds true in the real estate market. General real estate agents will have all the basic knowledge to help you buy an inn. They will have access to the multiple listings; they will be able to show you around; they can legally represent you; they can help you find financing. But that is just it. They will give you the basic service.
On the other hand, hotel real estate specialists can help you on a much more in-depth basis as you search for a bed and breakfast to invest in. A hotel specialist will know the going market price for hotels or inns. They will have an understanding of why some hotels cost more and why others cost less. They will be familiar with the tourist levels in different areas, and they can help you understand the seasonality of such an investment. With such knowledge, they can help you better prepare for the ups and downs of hotel management.
But knowing the market and location is not the only factor to consider when looking at hotels for sale. You also need to be able to finance your venture.
Specialists are Familiar with Hotel Investment Financing
When the economy is slow, it is difficult to take out a loan for such an investment as an income property. Using a regular real estate agent will put you in touch with regular financing options. However, by using a hotel real estate agent, you will have more access to specific financing options. Although the real estate agent is not the lender, the specialized agent will have a basic knowledge of what you need to qualify to buy an inn. More importantly, they will have contacts that specialize in lending money for commercial property investments. These lenders will have financing options created specifically to help investment in hotels, inns, and other investment properties.
Willoughby Properties Inc (http://www.willoughbyproperties.com/) markets all types of hotel real estate throughout the state of North Carolina.