Restaurant Brokers Explain Buyer Prequalification on Radio Show

Posted by Eric Gagnon on Sep 19, 2010 4:32:00 PM

Buyer pre-qualification is key when buying a restaurant.  Atlanta restaurant brokers share why they have a 90% closing rate when the industry average is 30%. Listen!

Why is buyer qualification so important when buying a restaurant?  Because both sellers and buyers are disappointed when deal fall through because the buyer can't meet the financial qualifications.  Atlanta Restaurant Brokers from We Sell Restaurants explains how they have a 90% closing ratio on all contract written because buyers must pre-qualify up front.  This saves time, money and effort for the seller and the buyer.  

Many buyers believe they can borrow funds on a restaurant and in fact, it’s very rare.  A buyer should be prepared with provide financial information up front for the landlord and the broker.  We have a 90% closing rate on contracts written while the industry average is only 30%.  It’s devastating to a seller to get a contract and then have it fall through because the broker hasn’t done his job up front.

We also discussed that we hired and trained three new brokers this week.  They went through We Sell Restaurants University and are hitting the streets next week to write deals and get listing.  Our new hires include talent from the real estate world that is transferring into commercial brokerage.  We also hired a Georgia State graduate with a degree in real estate.

There are brand new hot listings on the market in Atlanta.  Here are examples of two listings that we do not believe will last in this market.

One is a gourmet burger place right in Metro Atlanta.  It has a great lease and will be perfect to keep as is or convert to something else.  It’s $99,000.

Another is an Alpharetta restaurant for sale that is fully equipped  - this restaurant only 3 weeks new and on the market for just  is being marketed for just $29,000 for someone to take over assets

You can view details on all our listings live on wesellrestaurants.com.

Topics: Financing a Restaurant

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