If you’re in the real estate industry, you know just how important relationships are. As an agent, your clients trust you to be their advocate and expert. When there’s a great bond, agent-client relationships can last decades and even the entire span of your career.
Sometimes looking out for your client’s best interests means knowing when specialty agents can support their needs best. One of the most common examples of this is in the hospitality industry. Restaurant owners who are looking to sell their business may reach out to the same residential real estate agent they’ve used to buy or sell their home in the past.
Selling a restaurant is different from a traditional real estate translation in more ways than one. Helping your client find the right specialized agent for the process can build trust, strengthen your relationship with them and ensure the best possible outcome for their sale.
Here are a few important things to consider when finding a hospitality specialist for your client’s restaurant sale.
Are you a restaurant owner looking to sell? Check out these resources on our blog.
Familiarize Yourself With The Process
Before you can find the best expert to meet your client’s needs, you’ll first want to know what their needs will be. As a significantly different process compared to residential real estate, there are a few factors you need to be aware of regarding selling a restaurant.
For example, when selling a restaurant, the transaction process alone can take up to 10 weeks. There are significantly more parties involved in the process and the financial elements are often much more complex than simply finding a mortgage. In the commercial space, transactions are also commonly conditional right up until closing.
These are just a few of the notable differences that come with selling a restaurant compared to a home. While you won’t need to be an expert in your own right, understanding the significance of these differences will help you support your client. It will also allow you to better communicate to your client why referring them to a specialized agent will be the best option.
Want to learn more about commercial real estate? Explore the difference between residential and commercial real estate transactions here.
Build Your Network in Advance
Once you’ve familiarized yourself with the basics of commercial real estate, building personal relationships with restaurant agents can help you be more prepared when one of your clients is ready to sell their business.
Just like with your practice, word-of-mouth recommendations go a long way when it comes to building trust and finding great agents. If you’re part of a brokerage team, asking your colleagues about hospitality specialists can be a great way to begin finding agents. Like clients, no two agents are alike, so you should get to know as many restaurant agents as possible to find the best fit down the line.
Selling your restaurant? Check out these helpful resources.
- How to Present Your Restaurant for the Best Sale Price
- Should You Buy or Lease Your Next Restaurant?
- Selling a Restaurant in Ontario: 5 Things to Know
Talk to Business Brokers
When it comes to real estate in the hospitality industry, business brokers are a key part of both the buying and selling process. Business brokers will be familiar with commercial real estate specialists in your area and can offer unbiased feedback about local agents.
As key members of the translation process, business brokers can also provide you with key insights. They’ll also be important members of your network as you may be able to refer brokers to clients when they need them.
What to learn more about the restaurant industry? Check out these resources.
- How the Restaurant Industry is Changing in 2022
- Why You Should Sell Your Restaurant With a Business Broker
- Buying a Restaurant? Here Are 5 Questions to Ask
When your client is ready to put their business on the market, you can advocate for their best interests by connecting them to an agent whose expertise will ensure the best possible outcome for them.
Understanding the importance of specialists and making the best recommendation for your client is a great way to strengthen your relationship with them long-term.
Have a client that’s looking to sell their restaurant? Reach out and learn how I can help at every step!