Selling a restaurant is a major undertaking, to say the least. There’s a lot that goes into a successful sale, and understanding every facet of the industry—and the local commercial market—is key. Put simply, it pays to invest in expertise. Whether you’re selling your restaurant business or the space it operates in, that means finding a Realtor with the knowledge, skills, and local connections to help you fetch the best price possible.
If you’re ready to sell your restaurant, here are a few reasons to find an agent with industry expertise…
Access to buyers
Sometimes, it’s all about who you know. Many sellers feel they have no choice but sit around and wait to be found by local buyers, but that isn’t a great strategy. The truth is, if you’re selling your restaurant space or business, your success may hinge on your knowledge of local buyers.
An agent who’s a true hospitality specialist will know all the industry players in your area. If they’ve been in the biz for years, they’ll have well-established connections to draw on. Not only that, but they’ll also know who’s qualified, who’s credible, and who’s most likely to make it to the finish line with you.
Accurate pricing
Pricing a restaurant is no easy feat. If you’re selling your business, you’ll need to think beyond comparables (similar eateries that have recently sold in your area, and how much they went for). You’ll also need to consider your equipment and furnishings, as well as your annual profit. Remember: your asking price won’t be anywhere near your yearly income (given the costs of doing business and their impact on potential profitability).
Of course, if you’re selling your space and not your business, there are other factors at play. Either way, an agent with the right expertise will know how to find the perfect price—one that attracts buyers, while maximizing your profit.
Better marketing
You already know that your eatery, and the physical space it operates in, is special. But there’s a difference between recognizing value and being able to spell it out for buyers. The truth is, if you’re like most restauranteurs, you probably aren’t a pro marketer—and you shouldn’t have to be.
When you work with the right Realtor, you’ll benefit from their years of restaurant-marketing expertise. They’ll know what buyers are looking for, and how to highlight those qualities in listings and other promotional materials. They’ll also work with a photographer who can shoot restaurant interiors beautifully!
The right improvements
Wondering whether it’s worthwhile to install a new ventilation system in your kitchen? Not sure whether to reupholster those chairs that are looking worse for wear?
If you’re unsure about which improvements to make before selling, you’re not alone. Deciding how to make the right impression on buyers—without breaking the bank—is a challenge. Fortunately, a professional who’s been involved in many successful sales will know which upgrades are worth making, and which you can easily forgo. They can also advise you on whether to consider a price reduction if there are significant issues with your property.
A comprehensive approach
The bottom line is, selling a restaurant space or business can be complicated. From pricing, marketing, and property improvements to negotiations and contract specifics, it’s easy to get overwhelmed. That’s why it’s so important to see the big picture.
When you’re searching for a Realtor, look for someone who knows the selling process inside and out. They should be knowledgeable and detail-oriented, with enough perspective to stay focused on your end goals. Their professional connections (to designers, equipment repair specialists, financial experts, and other agents, among others), may also serve you well at every step.
Selling a restaurant is rarely simple, but you don’t have to go it alone. An agent who knows the industry can help you navigate the process with ease—and achieve results you can be proud of.
Ready to put your restaurant on the market? Reach out to learn how I can help simplify the process for a great outcome!
