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I'm Dr. Jeannie Gudith, Founder and CEO of JAG Consulting. We help you develop, improve, buy or sell your private school.
In this modern world of online marketing, there are many ways you can market and sell your school. However, having the right approach and some smart planning will make it easier and faster to sell your school. It’s also important to remember that each situation is different and will require a unique approach. So keep these tips in mind when selling your school:
As a seller, it’s essential, to be honest about your school’s strengths. Create a school improvement plan and take the time to think about what makes your school unique and stand out from the competition. Then boldly showcase these strengths in your listing. Give examples of why people should choose your school over another one. It will put you on edge compared to other schools that don’t display something special going for them.
The photos and videos you include with your listing are essential to a buyer’s decision. They can be your best selling point, so don’t skimp on the quality. The photos should be clear, well-lit, and show your school in its best light. You want to show that this is a great place to spend time.
Make sure you have good pictures from multiple angles. This includes the front of the building, side view, inside classrooms, etc. Also, look for great shots of students at work or play, adding interest to your listing. Take video footage for potential buyers to visualize how it would feel about going there every day.
It’s easy to get caught up in the details of your school, but you should consider including more general information that could help prospective buyers.
For instance, a buyer might be interested in knowing about the school’s history, its location (schools are often located near parks or other recreational areas), and any amenities, such as an indoor pool available for students.
These details are helpful if you’re selling a piece of property that has multiple buildings on it. In this case, it can be helpful for prospective buyers to know what exactly is included in the sale.
You want to sell a school, so you need to negotiate right. Ensure everything is aligned with your vision for your school and how it fits within its goals. This includes not taking control of the conversation and letting them tell you more about who they are and what they need.
A great way to do this is by asking questions about what the buyer wants in terms of outcomes, then figuring out how your school can provide those outcomes. Most importantly, though, don’t talk too much. Let them lay all their cards on the table.
An appraisal is a must for school sales. The appraisal is an assessment of your school’s value that will help determine the price you should sell. The appraisal will also be useful for negotiating with potential buyers and setting a sales price.
It’s important to get appraisals done early if your school has large facilities or large pieces of land. With that, you can list the property at an accurate price and avoid any unnecessary headaches during negotiations with prospective buyers.
It’s important to ensure that your school’s value is accurately recognized, and you can do this by hiring a professional valuer not affiliated with the school. An independent valuation service will provide a more objective view of the property and its value.
You should make sure that your chosen valuer has experience working in the school sector, as they are likely to be aware of any recent changes in law or regulation that directly affect your business.
Ensure that any professional valuers you use are qualified and insured. This will help protect yourself and them from potential legal troubles if things go wrong or there are complications during construction work.
The best way to sell your school is to be patient with the buyer. It takes time for buyers to come up or agree with an offer, so take your time. Allow them to take their time knowing that another opportunity will arise later down the road when they are ready.
You are the expert. Selling a school is not like selling a business. You’re selling an opportunity for change and growth for your students and the instructors who teach them. So be yourself and be honest about what’s important to your school. Feel free to talk about your values or say no if it’s in the best interest of your students. Doing so will help build trust with prospective buyers and secure more money in the long run.
Keep it professional, and don’t compromise on quality standards for any reason, including cost. Whether that means offering freebies or using cheaper materials than usual when crafting products such as instructional supplies or promotional items like uniforms that are integral parts of your curriculum program.
Don’t overlook the importance of this group. Parents are a great source of referrals and can help you get more students in your door, which means more money for your business. They’re also a great source of information about who else might be looking for tutoring services in the area. And finally, if you aren’t already doing so, ask parents if they’d be interested in providing materials for marketing purposes. After all, they know their kids best.
Preparing an attractive, comprehensive marketing package is the best way to ensure that your school is sold quickly. If you want help with that or want to learn more about selling a school, our team at Jag Consulting Services will be glad to take you through it.
With decades of experience, we’ve helped numerous private institutions and their administrators with their school sales process. We’ve had great success in doing so, and we’d love to do the same for you. For more information on the school sales process, visit our website or contact us for a consultation.