Okemo Motels for sale

Choosing A New England Commercial Real Estate Professional

There are many brokers and sales persons in commercial real estate who claim to be involved in the hospitality real estate business. While most brokers and sales persons are professionals, few truly understand the intricacies of assisting both buyers and sellers who are involved in a complex commercial real estate transaction. Here are a few questions that should be asked of a real estate person while deciding to work with them.

~Are they a broker or a salesperson? Generally, the level of experience of a broker is much greater than that of a salesperson. Before a broker can get his or her license, they must be involved in the business for at least one year and have participated in at least six closed real estate transactions.

~Do they have experience in selling hospitality real estate property? Determine the number of actual closed transactions that he or she has participated in and over what period of time.

~What types of properties were they involved in selling?

~Does the person have more experience working as a buyer's agent or as a selling agent? Which do they prefer and why?

~Do they have experience in the hospitality business? Do they understand the day to day operation of your business. Can they relate and assist buyer's in realizing a property's opportunities and potential problem areas and their cures?

~Do they have their own property listings or do they mostly co-broke with other real estate persons? Can they answer questions about the property directly or is their time and information lost going back and forth between several real estate persons.

~In what geographical areas do they work? Can they assist buyers in their search in more than one town or area of the state.

~Are they licensed in more than one state? Working with one broker who can work in many different areas makes it easier for buyers and broker to develop a relationship and ultimately find what they buyer is looking for.

~Ask for a sample of their offering package. Is the information presented professionally and accurately? Is there enough information for someone to make a decision about seeking more detail about the property?

~Does the person have contacts with professionals in the other aspects of the real estate transaction. Can they provide assistance in finding banks, lending institutions, lawyers, accountants, building inspectors and appraisers?

~Are they involved in hospitality related professional associations or industry groups.

~Will they provide a list of reference's (both buyer's and seller's) for whom they have worked.

Asking these questions of a real estate professional will assist both buyer's and seller's of hospitality property in making informed decisions in choosing the right person and company to work with!

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