Which broker do you choose when buying a motel?

It is important you make the right choices along the way when you are looking to make a major investment such as when purchasing a motel. One of the important choices is that of which broker to use…

Often people think all agents are the same and so they just respond to various advertisements with lots of different agents. The idea of sameness is far from reality as various agents and companies can be quite different.

Some people acting as salespeople for motels are not business brokers and have not done any specialist training in this area. Others have completed the educational requirements and are accredited by the real estate institute. To my way of thinking it is a bit like the difference between a GP and a surgeon. They have both undergone the same general training but the surgeons with the extra training would certainly be my choice in the specialist area should I require surgery.

Some companies are corporate entities and can often be operated under overseas ownership and conditions while others are small NZ owned and operated. Some companies have policies and procedures which must be adhered to in black and white and others are more flexible and personal in their service. You need to decide which your preference is before contacting a broker.

The internet is a fantastic medium to find information and see what properties are on offer. It can give a great indication of the motel you are looking at but often doesn’t give you much of an idea as to what the agent is like who you will be dealing with. If you register on a web site and download information about a particular motel it is important to realize that you are also committing yourself to the agent attached to that advertisement for any further dealings with that particular motel. Is this what you want?

In order to choose an agent it is beneficial to find out exactly who they are and what they represent. Ask about their background. What qualifications do they have? Have they had experience in the industry? Are they a business broker and do they understand the complexities of a motel. Have a look at their website if they have one. Google their name and see what you come up with.

Talk to the broker and see how comfortable you feel with them. You need to be able to discuss things frankly with your broker and trust what they are telling you. A good broker will be able to understand your needs and criteria and find a property to suit you.

As you can see all agents are not the same and it is a choice which you must make carefully. You are probably making a lifestyle change and investing all your savings in a motel. Take the time to find the broker who will enable this process to be a smooth and enjoyable transition for you.