Selling a restaurant can be tedious; it requires strategies that stimulate buying interest at the right time from the right parties. From local newspapers to global real estate directories, there are several places to generate interest in a food service establishment. The key to selling it quickly is not finding the single best place to advertise; it is advertising in multiple places, using listings that contain the right information and approach. Below are six tips that can help restaurateurs as they go about selling their establishment.
List nationally as well as locally
Some restaurant owners believe that only local buyers will be interested in their establishment. However, even if an establishment has a well-worn place in its community, national businesses-particularly chain franchises-buy up local properties every day. You might not envision your eatery becoming your town’s next fast food franchise, but a franchise could be the suitor that offers the best deal.
List on websites that only advertise restaurants
When investors are interested in food service properties, they often peruse realty websites that only feature food service establishments. While listing on general realty websites is also a good idea, listing on websites that attract food service investors is crucial for attracting serious buyers.
List on websites that advertise commercial properties
Some sellers do not realize that their property could be useful to parties outside of the food service business. Yet, just as many non-restaurants change hands and become restaurants, the opposite is also true. To attract the broadest range of buyers, it is important to list an establishment on at least two websites that sell nationwide commercial real estate.
Give potential buyers the information they need
Many restaurant real estate listings do not give investors the information they need to assess their interest in a property. For example, knowing how many seats an establishment has, the square footage of its kitchen and bar areas, how many parking spaces it offers, whether the lease in its service equipment is transferable, its average monthly utilities, and its annual property taxes are pieces of information that any investor wants to know.
When thinking about what information to list, think about what you would need to know if you were buying an eatery. Refrain from listing things that could cast your establishment in a bad light and crate a bad first impression.
Hire a professional photographer to take pictures
It is shocking how many properties look old, junky, and just plain odd when advertised in print publications and on realty websites. Many buyers’ first impression of an establishment is based on its online photo gallery at a realty website, which makes hiring a professional photographer a wise investment.
Consult a commercial realtor on how to sell a restaurant
As you prepare to sell, do not forget that restaurant realtors are an excellent source of information for how to sell a restaurant. Even if you are selling on your own, consulting a realtor, or a consulting service that specializes in helping people buy and sell restaurants, is an excellent way to improve your selling strategy.