Property Management - Maximize your Investment.
Updated: Aug 25, 2019
If you've been involved in the California Mobile Home Property Management industry for a long time, or you're new and beginning to strike an interest into this field. Here will be some helpful tips on how to best maximize your investment.
Mobile home property management is a great field to get into. It of course has its pros and cons, but running a successful mobile home park can grant you a lot of great opportunities later down the line. Keep in mind, this industry is tough and there are always problems that you will need to figure out. Learning how to best deal with them will help you stay ahead of the curve and focusing on the future, rather than the past or present.
UNDERSTANDING THE BASICS
First thing to know about mobile homes is that you usually dont own the actual mobile homes, but you typically will own the space or land they sit on. This is different from traditional real estate deals where you buy and flip a house. Instead, you are investing into the park and keeping the entire operation functioning while setting a positive environment for your tenants.
If you do need to do some reconstruction to the mobile homes themselves, then this process will usually go by much quicker than a traditional home. Mobile homes tend to be smaller in size, therefore allowing much more work to get done faster.
PERCEPTION OF MOBILE HOME PARKS
Mobile homes get a bad rap. They're looked at as low quality places to live. This is known and common, however it can be untrue. The better reputation your mobile home park has, then the higher the value will be. Some simple practices involve being active in the community, fixing all problems that come across your lap, landscaping, and upkeep on the properties.
If you actively pursue creating an environment where your tenants want to live, then you should have no problem gaining new tenants and keeping the community happy. Keep your landscape and park looking like somewhere where you would want to live.
BE BETTER THAN YOUR COMPETITORS
Most people will try and offer the lowest prices in town, which can be good, but this also sets you up for a lot more work. The main focus is to keep rent at a reasonable rate, ensure the community is active, and constantly make upgrades and investments to your community. A large majority of mobile home management companies do a poor job at managing the mobile home park. This is frustrating for everyone.
Be creative and throw ideas out to your team and community. Find out more about them, what they like, and who they are so you know exactly what kind of residents you will attract. Take a vested interest into your community and mobile home park. If you don't know what to do, then study up on property managers. If you're interested in becoming a property manger or learning more about them, then this blog should suffice: https://lacountymobilehomeparks.com/mobile-home-management-information/
WRAPPING IT UP
Good Mobile Home Property Management is the difference between a good or bad park. Hiring the best team possible to ensure these tasks get done will increase your opportunity to profit from your investment. There is absolutely no reason why you can't make a great living in this industry unless you are lacking the basic necessities for increasing your park value. We wish you the best and hope to look for your mobile home park around town.