Thinking of Selling your Bed and Breakfast with Maguires Real Estate?
What is the process for listing my B&B with your agency?
- Once we have received your phone or email enquiry we will contact you to discuss the sale of your B&B and arrange a time to meet either for an inspection or a discussion of what is involved
- You should bring to the meeting any recent financial figures you have e.g. turnover, profit and loss statements (last three years is preferable), Section 32 (if freehold is also for sale), copy of current lease as well as anything else that might be helpful in appraising or marketing the business such as brochures, menus, marketing materials etc.
- We can arrange the meeting at a time which will not disturb your guests or staff.
- Once we have inspected the property and business and looked at the figures we will agree together on the best price to ask in the current market.
- Once we have received your phone or email enquiry we will contact you to discuss the sale of your B&B and arrange a time to meet either for an inspection or a discussion of what is involved
- You should bring to the meeting any recent financial figures you have e.g. turnover, profit and loss statements (last three years is preferable), Section 32 (if freehold is also for sale), copy of current lease as well as anything else that might be helpful in appraising or marketing the business such as brochures, menus, marketing materials etc.
- We can arrange the meeting at a time which will not disturb your guests or staff.
- Once we have inspected the property and business and looked at the figures we will agree together on the best price to ask in the current market.
- We will then explain to you any charges involved in marketing your business and freehold property (see below) and rates of commission. Please note that, under Victorian government legislation, we need to inform you that both commission and marketing charges are negotiable.
- We can discuss times and dates for inspections and Open for Inspections as well as sign boards and photography
- If you decide to sign either an Exclusive or General Authority to list your B&B with us we will write up a description of your property for you to approve or amend and then begin to list your business on our website and on a number of the residential internet sales sites.
- Please note that Victorian government legislation requires that anyone selling a business in Victoria must provide the vendor at the time of signing a Sale of Business contract a copy of a 'Statement by a Vendor of a Small Business' (Form 2, Section 52). This form must be prepared by an accountant and must be signed and dated by both the accountant and the vendor prior to signing by the purchaser.
- We can discuss times and dates for inspections and Open for Inspections as well as sign boards and photography
- If you decide to sign either an Exclusive or General Authority to list your B&B with us we will write up a description of your property for you to approve or amend and then begin to list your business on our website and on a number of the residential internet sales sites.
- Please note that Victorian government legislation requires that anyone selling a business in Victoria must provide the vendor at the time of signing a Sale of Business contract a copy of a 'Statement by a Vendor of a Small Business' (Form 2, Section 52). This form must be prepared by an accountant and must be signed and dated by both the accountant and the vendor prior to signing by the purchaser.
How much do you charge to sell my Bed and Breakfast?
There are two components to real estate agents' fees:
1. Fees for advertising and marketing
Under Victorian legislation fees for promotion and advertising of your business or property should reflect the actual cost involved. These costs are significant and and can involve expensive subscriptions by the agent to business and property websites. Agency advertising for selling a property and business can be very expensive so to avoid adding unnecessary extra costs when selling your B&B we have restricted our advertising and set-up costs to a maximum of $1,500 Plus GST). This is a one-off fee and it allows you to remain on the sites below for as long as it takes to sell your B&B.
This fee covers free *standard listings on the websites below, photography and copywriting, signage and preparation of draft Contract of Sale of Business and Property. Since a B&B is generally a business and also a commercial and residential property we are able to place listings on a larger number of real estate commercial and residential websites.
Marketing of your business and property is therefore provided on the following sites:
*Separate charge if you request an upgraded listing on some of these sites.
2. Agent's commission fees
Please note that, under Victorian government legislation, agent's commission fees are negotiable. Our standard commission on a successful sale is as follows:
Charge for sale of freehold property
2% + GST
Charge for business sale (B&B business component of the sale)
$8,900 + GST if sold for up to $150,000
OR
6% + GST if sold for over $150,000
Commission is paid at settlement and is usually taken from the purchaser's deposit, which is generally lodged in our Agency Trust Account.
There are two components to real estate agents' fees:
1. Fees for advertising and marketing
Under Victorian legislation fees for promotion and advertising of your business or property should reflect the actual cost involved. These costs are significant and and can involve expensive subscriptions by the agent to business and property websites. Agency advertising for selling a property and business can be very expensive so to avoid adding unnecessary extra costs when selling your B&B we have restricted our advertising and set-up costs to a maximum of $1,500 Plus GST). This is a one-off fee and it allows you to remain on the sites below for as long as it takes to sell your B&B.
This fee covers free *standard listings on the websites below, photography and copywriting, signage and preparation of draft Contract of Sale of Business and Property. Since a B&B is generally a business and also a commercial and residential property we are able to place listings on a larger number of real estate commercial and residential websites.
Marketing of your business and property is therefore provided on the following sites:
- www.maguiresrealestate.com (business, commercial and residential)
- www.businessesview.com.au (REIV)
- www.commercialrealestate.com.au
- www.realcommercial.com
- www.realestate.com.au
- www.realestateVIEW.com.au
- www.businessesforsale.com/australian
- www.anybusiness.com.au
*Separate charge if you request an upgraded listing on some of these sites.
2. Agent's commission fees
Please note that, under Victorian government legislation, agent's commission fees are negotiable. Our standard commission on a successful sale is as follows:
Charge for sale of freehold property
2% + GST
Charge for business sale (B&B business component of the sale)
$8,900 + GST if sold for up to $150,000
OR
6% + GST if sold for over $150,000
Commission is paid at settlement and is usually taken from the purchaser's deposit, which is generally lodged in our Agency Trust Account.