ILNRE: Thinking About Getting Into The B & B Industry? Barbara Grumme Talks About How To Make It Work

September 12, 2016 | Posted by: The Mortgage Guy Niagara

Steve Dainard speaks with Barbara Grumme about all things bed & breakfast.

Introduction

Barbara Grumme is a realtor with Century 21 Today, and the owner/operator of Greystone Manor Bed Breakfast in Niagara Falls. Barbara has been in the real estate industry for over 15 years and specializes in bed & breakfast real estate. She explains the ins-and-outs of the b&b industry and what you need to do to succeed. She also talks about how technology has changed since she started in real estate, and what she has done to adapt.

 

 

shutterstock_148831565

 

Key points

  • [2:40] Technical change has been one of the biggest challenges.
  • [3:35] Bringing in professionals have helped with the challenges of constantly changing technology.
  • [4:15] Computers can’t replace on the hands-on approach that a person can supply.
  • [6:00] Barbara tells the story of why she got into the b&b industry.
  • [8:15] Choosing the right location is the key to a successful b&b.
  • [8:40] B&b is a great idea for a retirement project.
  • [9:40] You have to decide if income or lifestyle is more important.
  • [10:10] It’s important to work with a realtor who has experience in the b&b industry.
  • [10:15] B&b licenses are not transferable, but it’s easier to buy an existing license. Every city has a different license. In Niagara Falls a B&B has 3 rooms and a lodge has 4 rooms.
  • [10:55] Buying an existing b&b is a turn-key business.
  • [10:50] There are only 66 b&bs in the Niagara area.
  • [11:50] You can own multiple b&bs, but you must have a live-in manager.
  • [15:00] The b&b industry can cover many niches you’re no longer bound to the traditional setting. If you want a modern setting or a rustic setting, you can have it.
  • [16:00] Unlike a restaurant, you can choose when your business is open.
  • [16:30] You don’t have to sit at home waiting for business anymore. Most customers, regardless of age, use the internet to book appointments months in advance.
  • [16:50] Airbnb is controversial because many of the listings are not licensed.
  • [19:10] You get to meet people from all around the world.
  • [23:45] If you’re looking to buy a b&b, find an experienced realtor and mortgage broker. The realtor will help you with all the regulations and licenses, and the mortgage broker will help get that tricky mortgage.

shutterstock_55012744

Contact Barbara Grumme

Back to Main Blog Page