Hotel brokers don’t just sell hotels; they also buy and sell other types of properties that people rent out, such as vacation homes, condos, and even mobile homes. The most successful hotel brokers can be extremely accomplished investors, capable of buying up multiple properties in a particular area at once and reselling them for a huge profit. But how do you go about finding the best brokers? Luckily, there are a few simple things you can do to narrow down your choices and find the hotel brokers that are best suited for your investing needs.
First of all, keep in mind that not all hotel brokers specialize in luxury lodging. Some, like Bahn, Kippen, and others do offer luxury properties and hotel brokerage services, but the vast majority of them will only work with the finest resorts and the best run hotels. When looking for a good hotel broker, don’t necessarily focus on their ability to sell you the highest quality properties; instead, focus on how they can help you get the best deals on the type of property you are looking to invest in. An excellent hospitality broker will be able to give you insider information about the competition in the market, which properties are considered ‘soft bottom’ properties, and which ones have the best chance of selling quickly and for the most money. Also, a great hotel broker will have strong relationships with the various hotels in your city and will be able to get you the best possible rates on those properties.
Good hotel brokers won’t cut you out of the loop when it comes to pricing your investment, either. A great broker will offer you an accurate analysis of comparable properties, the going rates, and what the future prospects have to offer you. A good broker will be well connected with industry players, which means he’ll be able to let you know when there are improvements being made on a property or major construction plans being implemented. Hotels take up a substantial portion of the hotel industry, so you want to work with someone who knows the value of their position and the importance of keeping prices low. You also want to work with a broker who will assist you with any problems you may come across in the course of owning your investment, as hotel brokers have extensive experience dealing with such issues.