ILNRE: Thinking About Getting Into The B & B Industry? Barbara Grumme Talks About How To Make It Work
September 12, 2016 | Posted by: Steve Dainard
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.
- [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.