The Innkeeper's Resource

Social Media and Your Inn

"Social Media" is a popular buzzword today for that other popular buzzword, "Web 2.0." Like it or not, our world is different, and travelers are going to sites like Trip Advisor, My Space, Facebook, and others to hear what their peers are saying about the places they've been and stayed.

If you are an aspiring innkeeper, you may have done this, and you may well have left reviews behind for the benefit of others. If you're an innkeeper, you probably either love or hate this new reality. But, love it or hate it, it's out there! So, what to do? At The B&B Team, our advice is to use it to your advantage, whether you're thinking of buying an inn, or you are running one.

For aspiring innkeepers, when there's an inn that you think might be a good choice for you, in addition to all the other research and due diligence you must perform before making an offer to purchase, check out the social media to see what people are saying about this inn. You might be pleased to find that it does, in fact, enjoy a wonderful reputation. Or, GASP!, you might read that it is, shall we say, lacking in popular support.

As an innkeeper, it's important to know what others, your past guests, are saying about you. And, even if you don't like the whole idea of social media, you might follow up with your guests after their departure and ask them to visit Trip Advisor if they've had a good experience and post a review. You should also be monitoring this and other social media sites for your own protection and to see how you can boost guest traffic.

There's a new research report which you can buy from the Hospitality Sales & Marketing Association International (HSMAI), which was jointly produced by them and the Travel Industry Association (TIA) for $149.00 for non-members. You can purchase it at http://www.hsmaipublications.com . I think it's in our budget to pick up a copy. How about you?

Furor Over Mortgages Creates Opportunity

The past month has seen some pretty dramatic gyrations in the equity and mortgage markets evidenced by near panic on Wall Street and, no doubt, in some homes. If you're thinking about becoming an innkeeper, we always say that you need to take stock of your assets. They may be less today than a few months ago if the majority of your net worth is in your home, but those assets are still there and will recover.

In the meantime, the basic principles still apply: know what you have, save what you can, keep your total debt levels low and credit scores high, keep learning about the wonderful world of innkeeping, and keep looking for quality bed and breakfasts and inns that make money. That is, if you need to pay the mortgage from the business.

But why is this an opportunity? Well, even though some mortgage money is tighter today than even a month ago, there's another positive benefit for prospective buyers: with the flood of inns for sale and higher interest rates, prices should be coming down. If you find a good property but the price doesn't seem right, don't despair. Study it. Figure out what it's really worth based on what it can honestly support. And then make an appropriate, fair offer. You might be surprised that you'll be able to buy a bed & breakfast for less today than last year.

The truth is that markets always balance themselves out. And, for innkeepers wanting to sell now, you might need to reconsider your price. Our hope at The B&B Team is that this market correction will restore some balance to the country inn marketplace and open the door to even more people becoming innkeepers and more innkeepers exiting gracefully.

Have you had an experience buying or selling recently? Did the outside world affect your transaction? Please share you experience by commenting here.

Peter