Investing in your Inn is an ongoing process, one process that never should slow down or even worse, stop. The result of inactivity and lethargy will produce a whole bucket load of issues that will affect your property’s worth on the marketplace. Dire consequences? You bet!
This was the topic of the most recent webinar hosted by AIHP, Association of Independent Hospitality Professionals. The webinar titled, “Sprinting to the Finish” was conducted by White Stone Marketing with some input from innkeeping professionals, including The B&B Team’s Rick Wolf. A lot of good information was shared in the webinar that every innkeeper needs to hear. A recorded version will be available soon.
Here is a quote from a colleague’s formula in regard to investing in your Inn.
Deferred maintenance = hidden problems = buyers fear and doubt.
Which leads to another formula…
Tired + deferred maintenance = costly redo’s = lower offer!
Short and to the point! Copy and paste this. Read it daily. Let this become your mantra.
All of us at The B&B Team have seen both sides of the coin on this subject.
- Innkeepers sprinting to the finish and receiving a fair market value for their property based on their ongoing marketing, steady business growth and their well cared for property.
- Innkeepers putting their property on the market when they have moved way past burn out, never a good thing.
I want to showcase a recent success story. How new innkeepers Marcia and Ken, graduates of The B&B Team ‘Better Way to Learn Innkeeping’ Seminar, encountered some hidden problems after the purchase of their Inn and how they overcame them and moved forward and are already starting to see success. And in only 2 ½ months!
Picture this…washing machine dies in the first week. Plumber informs them that hook up was installed improperly and mold has built up as a result. He suggests all new plumbing, otherwise the problem will persist. Solution: Innkeepers moved the laundry room out of the dank dark basement to a first floor sun room. Bright and clean with garden views! Innkeeper’s quote “It was life changing.”
More problems emerged but all were overcome (yes a lot of stress along the way) but ‘positivity’ prevailed. After things settled down a bit, onto redecorating. The fun stuff! I will let these photos do the talking and let your imagination picture the before!
Yes, all guest rooms and common areas received a makeover. All done in record time to receive Beth Campbell on the scene for a photo shoot. Not many new innkeepers tackle this kind of fast track transformation. I believe Marcia and Ken needed to achieve this goal to show themselves that yes, after many setbacks and disappointments there is a bright future when ‘positivity’ and hard work prevail. (I can’t imagine the piles of stripped wallpaper).
And, some icing on the cake, a jump for the Federal House Inn on Trip Advisor from #6 to #2. Congratulations! When Rick and I visited Marcia and Ken (a surprise visit) we saw nothing but smiles and enthusiasm. Yes, ‘life changing’!
Thanks for Listening,