The real estate industry is a varied one to say the least. Although some employees tend to focus on one area in particular, others can find themselves jumping from one type of property to another on a daily basis. There are certain kinds of property that most junior agents don't consider before entering the market, and motels are certainly one of them. Yet budding entrepreneurs looking to set them up do come along every now and again. If you want to sell successfully in this area, then you need to understand the nuances of it.
Location is a lot more flexible
We all know about the importance of location, location, location, and naturally it's a key factor here too. However, a good real estate agent has a lot more leeway when promoting the location of a motel than they do for many other kinds of business.
The reason behind this is that travellers looking for a motel cover a wide variety of priorities between them. As a result, you can 'sell' most locations by focusing your pitch on particular kinds of holidaymakers. For instance:
- Right in the centre of town: Gap year students rushing around will want to save time getting to all the main attractions.
- Out in the sticks: Elderly and single travellers will desire the peaceful, relaxing privacy where they won't be disturbed.
- Near the seaside: Families will want to be within walking distance of the beach.
- In the mountains: Adventure-seekers will want a place to get lost in the wild.
You can see how flexible such a business venture can be.
Get clued up on current affairs and economics
The number of customers that motels get is often affected by wider events in the world. Ukraine is a good example: Just see how low prices for hostels are since the war began. Other factors such as recessions, ongoing political crises such as Brexit and the perception other countries have of yours can all affect the number of travellers coming to your area.
Anyone looking to set up a motel will have considered such factors and will almost certainly ask you about them. As such, you'll be in a far better position to alleviate their concerns if you have kept up-to-date with the latest news and know a little about how it could affect their business. Free economics courses online can give you a headstart for the latter, whereas international news site like Reuters could help with the former.
Learn how to run a motel
You won't be able to become an expert overnight on this, but becoming an expert isn't the point here — you simply need to be able to generate ideas. The more ideas your prospective buyer has for their potential business, the more enthused they'll be about pursuing it. Therefore, if you know a bit about running a motel — or even just living in one for a long time — then you'll be in a better position to implant such ideas into their head while doing the tour.