If you have ever considered running a hotel of your own, our handy guide below may give you some ideas as to how to get into the industry. Property sale experts Ready Steady Sell mainly have experience with customers looking to sell their houses fast – however, from time to time, they have had some dealings with customers who are trying to sell bed and breakfasts and hotels.
They have taken the time to give us their top 7 reasons sellers call up looking to sell their hotel businesses quickly – so that you can avoid making the same mistakes that they have in the past.
High Maintenance
A number of customers didn’t realise the amount of maintenance that would be required to run a hotel when they first got into the business. As hotels have many things that need maintenance doing to them in order to keep guests safe and comfortable, it’s important to know what to keep an eye on. For example, if a hotel has an elevator on the premises, the maintenance of this is highly important as it enables guests to easily access certain areas of the hotel. This type of maintenance makes a big difference to customers. By looking into any repairs an elevator might need (find out more here) and getting any issues solved quickly, guests will not be kept without easy access to certain levels of the hotel. Maintenance is an ongoing procedure, and needs to be kept on top of. Some buildings require more maintenance than others – for example a period property in the country is going to require far more maintenance (such as plaster restoration from someone like ovololondon.co.uk) than a new build hotel in a city centre.
Running Out Of Funds
It’s very easy to underestimate the number of funds needed to run a hotel. We have already looked at maintenance however, you also need to consider other general running costs and regular payments you will need to be making. If you don’t have the funds to cashflow this – it is probably not an industry you want to get involved in.
Seasons
Hotel stays can be very seasonal in some areas. In the middle of winter, nobody wants to visit seaside towns. City centres also have their peak times and downtimes. You need to do your research thoroughly before taking on any investment hotel that you are considering running.
Constructing a Seawall
Ensuring the security of your seaside hotel against the sea’s elements is paramount to its success. Having a robust seawall, therefore, is necessary. It acts as the first line of defense, shielding your property from erosive forces and potential flooding. Maintaining the seawall in optimal condition — by opting for seawall repair services — is also crucial, as any compromise could jeopardize the safety of guests and infrastructure alike. Beyond protection, a well-maintained seawall can improve the aesthetic appeal of your hotel, offering guests peace of mind and a pleasant view of the ocean. Put simply, by prioritizing the upkeep of this vital structure, you not only safeguard your investment but also uphold the reputation and longevity of your seaside business.
Managing Staff
Managing staff can be a headache especially if you have never done it before. Jumping straight into running a hotel with no experience can be a disaster waiting to happen. It may be an idea if you are serious about getting into Hotels to start off small. Maybe a B&B would suit you better to begin with until you find your feet in the hoteling world.
Guest Interaction
An influx of enquiries by potential customers can often end up with delayed or ignored responses due to workload on existing staff or a shortage of labour. In such cases, it can be beneficial to use a hotel chatbot to automate interaction with potential or existing guests. Chatbots may be advantageous because they provide 24/7 service, leading to manpower taking on more creative tasks, causing an increase in efficiency.
Competition
Hotels have stiff competition. With the likes of Trip Advisor, it is even tougher these days to stay on top of your game as everyone is watching you. Customers can instantly destroy your business with a few negative reviews. There is also a possibility of competitors hijacking your reviews with negative reviews!
In conclusion, hoteling isn’t for everyone – and it certainly isn’t for the faint hearted. Do your research, know the area, learn about your customers and you should be on the right track to success.
