Maguires Real Estate | Mornington | South Eastern Suburbs
Maguires Real Estate | Mornington | South Eastern Suburbs
Maguires Real Estate | Mornington | South Eastern Suburbs

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.
  • 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.
  • 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 government legislation Real Estate Agents are not permitted to charge more than what it costs them to pay for advertising and marketing. These days a key acronym in real estate circles is VPA (Vendor Paid Advertising). This means that almost all the costs of advertising that an agent occurs are charges back to the vendor, either at the time of signing the Authority, 30 days later or at settlement.

    Maguires Real Estate sees it differently. Many of the business and commercial websites are free for agents to insert standard listings and others are subject to an annual subscription. Our view is that the agent gets added benefits on top of his commission when the Vendor is expected to cover all the costs of advertising. Therefore we have decided to take the old fashioned approach of providing free standard listings on a number of websites and only charging for when you want to upgrade for added exposure. Standard photography is also free of charge as well as basic signage.

    Selling a B&B normally involves considerable costs and time. Our approach is to avoid adding unnecessary extra costs and to simplify the process. 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 free on the following sites:

  • (business, commercial and residential)
  • (REIV)
  • (Domain)
  • (Domain)
  • (residential)
  • (REIV)
  • 2. Agent's commission fees

    Please note that, under Victorian government legislation, agent's commission fees are negotiable. There is no charge payable to our agency if we are unsuccessful in selling your business or property. 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)

    $7,900 + GST if sold for up to $160,000

    5% + GST if sold for over $160,000

    Commission is paid at settlement and is usually taken from the purchaser's deposit, which is generally lodged in our Agency Trust Fund.

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