Inn Consultants and Brokers Since 1993

Rick Wolf and Peter Scherman (that’s Rick on the left and Peter on the right) are both experienced speakers who have presented on a range of innkeeping related topics at the state, regional, and national level. They gather and analyze research for the Innkeeping industry and welcome the opportunity to share it with others. Contact Us

The B&B Team

Posts Tagged ‘inn valuation’

How to Make Your Inn More Valuable

February 4th, 2015 by Janet Wolf

how to make your inn more valuable

Inn at English Meadows. Web appeal is the new curb appeal.

Just received the March Consumer Reports magazine and a spark plug ignited in my brain! The cover story spoke to me. ‘Boost Your Home’s Value By 10%’.  Let’s see if what they say can also relate to how to make your Inn more valuable. Many of the suggestions made in this article are points we have been suggesting (strongly) with our innkeeping clients since The B&B Team has been in business. When The B&B Team values a property, condition plays a big role.

For the article, Consumer Reports contacted 303 real estate pros from around the country. They answered many survey questions. Let’s take a look at what innkeepers should be doing to keep their property in top condition. You do this for your guests, right?  You will also need to work for the time, and that time will come, when you open your Inn for potential buyers.

‘What are the costliest mistakes sellers make?

#1 Clean Up, Clear Out

‘Nothing drives away would-be buyers faster than clutter.’ I wish we could say that we see this occasionally but unfortunately we see this mistake far too often. Basements and owner’s quarters are the worst.  Potential buyers must be able to see their possessions in these spaces. They are leaving their comfortable private homes and need to feel they are entering a clean, safe and comfortable environment for their private living and working space.

My 30: Simplify

Clear it out!


#2 Spruce Up the Kitchen

Most of your guests may never see your Inn’s kitchen unless it is an open floor/door configuration. But your potential buyers will! Ongoing repairs and upgrading appliances and fixtures as needed is recommended. You don’t want to be facing costly repairs in a short period of time.  A fresh coat of paint goes along way too.

#3 Freshen up the Bath

Have to add the ‘s’ here!  “Simple improvements like caulking the tub or re-grouting the tile floor go a long way in the mind of the buyer.”  Remember, everything they see that is fresh, clean and repaired well is something they don’t have to face doing themselves.

The Consumer Reports article lists and rates fixtures for the kitchen and bath. Good information and worth picking up this issue or subscribing online.

#4 Paint the Rooms-Selectively

Fresh, clean and de-cluttered also can refer to the walls in your guest rooms. Fussy and flowery wallpaper has been on the unwanted list for a while. Starting now with updating your guestrooms is highly recommended. One or two at a time and you will be surprised at the positive reaction you will get from your guests as well as your future prospective buyers.

how to make your inn more valuable

Clean, fresh and no clutter

#5 Enhance the Exterior

Curb appeal is so important. It is like your home page on your website. The 3 second opt out rule is true for your exterior too. Buyers see overgrown shrubs, weeds in the walkways, and even worse, a cracked foundation. Result: They are thinking ‘reduced price’.

“The roof is another area to pay close attention to because prospective buyers are sure to do the same.”  The B&B Team will ditto this statement 5 X +. We have seen buyers walk away from properties that they are very close to purchasing because of roofing problems that the sellers just didn’t want to deal with. True!

“Web appeal” has been called the new curb appeal. That puts a premium on the photos that you use in your online property listing.” We love when our seller clients have good photos. “Buyers pay more attention to photos than the actual property description.”

These are just some highlights from this article with so much great information and advice. It could be 10% boost in value or even more. But don’t wait, the important word here is ‘ongoing’. If you value your Inn than let it shine. Others will also see the care and love you have put into your Inn and that =more value.

Thanks for Listening,

Janet Wolf

A Visit to the New Mexico B&B Association on Veteran’s Day

November 18th, 2010 by Scott Bushnell

I had the good fortune last week to be invited to present at the New Mexico Bed & Breakfast Nancy and Scott at NMBBA Association meeting in Silver City, NM., a mining community in the Southwest corner of the state.

A full agenda…board of directors meeting, business meeting for the association, my presentation on Exit Strategies, a delightful social, a breakfast presentation by Marie Lanier on Social Media, and my final presentation on Inn Valuations, punctuated by visits to the vendor booths, made for a full and satisfying meeting.

Wow! …you talk about a difference in topography and flora between NM and the Eastern Shore of Maryland!  We must have crossed the Rio Grande six times on the trip (in a car on a bridge, not wading) and through Hatch, the world’s mega-center of chiles!  About 4 hours south of Albuquerque, in Silver City, the Inn on Broadway was host to our evening social of munchies and networking.

When Nancy and I took the photo above, little did I know I was stepping on little spikey-burrs that penetrated the soles of my shoes (Nancy called them Goat heads), which took a while to pull out when we got back to the Chocolate Turtle, the inn owned by Nancy and Dallas Renner located in Corrales, NM.

But after a long couple of days “working” in Silver City, the real pleasure was getting back to the inn.  You see, most of the inns in NM, including the Turtle, were participating in the “B&B’s for Vets” program on November 10, where veterans and active service members alike can stay at no charge…a  generous THANK YOU for their service.  Here is a photo taken the next morning of those serviceVeterans  members at the Chocolate Turtle.

From left to right:  Army Sgt. Ross Cox and his wife, Master Sgt (ret) Terri Cox; Senior Master Sgt Jody Martinez (Air National Guard) and his wife Sarah; Marine Corporal Brian Barela with wife Victoria and son Uriah.

Thank you for your service and to those family members at home who support our active and veteran service members.

As a veteran myself, I am proud to be a part of the innkeeping industry, a group of folks who really care about what is important.     Scott