If you need to sell your pub, and you have no previous experience at handling such dealings, it is important that you seek assistance from a professional that earns a living from making pub sales a success. When it comes to pub sales, hotel brokers are the go-to guys for the job. If you are wondering what a hotel broker can do to make your pub sale a success, keep reading on.
They'll help you determine the correct value of the property.
One of the biggest hurdles that most people face when they want to sell their pubs is accurately determining the market value of the property. Though you might have a rough idea about the price that the property should go for, you wouldn't want to run the risk of overpricing or underpricing it. Overpricing would make it difficult for you to find a buyer that is ready to pay the high price you are asking for, while underpricing would mean you are losing money.
A hotel broker will help gather all important information needed to estimate the accurate value of your pub. If you've been successfully running the business for many years, you could miss to include the value of goodwill, for example. By performing a thorough assessment of your pub's background, a broker can help determine how much goodwill your business is worth.
They'll easily connect you with interested buyers.
Working to sell your pub yourself, you might have a really hard time locating serious buyers. One of the perks that you'll get when you enlist the help of a broker is quick feedback from interested buyers. A hotel broker will not do the advertising job themselves, but they usually liaise with marketing companies to help link up hotel and pub sellers with potential buyers. Therefore, you'll have heaps of interest coming your way within the shortest time possible, and you'll have the advantage of choosing a buyer that's ready to match your price.
They'll facilitate the preparation of the contract of sale/purchase.
Once you have found a ready buyer for your pub, the next step is to prepare a contract of sale, which will contain all the terms and conditions of sale. A hotel broker will ensure your contract of sale is prepared according to the requirements of the law by referring you to a qualified conveyancing solicitor. This will help you smoothly and quickly finalise the deal with a prospective buyer, as you can be sure they will also be exercising due diligence to ensure that everything is in order before they can exchange contracts.
Selling a pub is an undertaking that requires professional handling, so make sure you enlist the services of a licenced hotel broker in your local area.