So you’re looking to sell a mobile home park and you’re not sure where to start. Follow along in today’s quick start guide on how to sell a mobile home park. You’ll find some helpful tips to get well on your way to see the old place go into some new hands.
Whatever your reasons for selling, we wish you a speedy sale and the best as you take on new business ventures and opportunities.
Your quick start guide on how to sell a mobile home park
Before we move forward, let’s take a brief moment to ensure you’re doing the right things.
Are you certain that selling your mobile home park is the right decision? Before you get the ball rolling on getting your mobile home park up on the market, you need to be sure this is the best thing for you.
Sure, we get it. Sometimes it’s just time to say goodbye. Not everyone is meant to do the same thing. Some are meant to make a living through mobile home park rent, others are meant to find other means of income. If we were all doing the same thing, nothing else would get done. Right?
Right. But are you one of the people who is meant to make their income through mobile home parks? You have an investment in your hands that could bring significant monthly income to your bank account if you know what you’re doing. Weigh the pros and cons before you take that leap.
Asssess the cost of rent in your mobile home park
Now this may seem silly to pause and reassess the way you do rent — especially if you’re on your way out of the business. But bear with us. There’s a big point to this as we discuss how to sell a mobile home park.
First of all, many mobile home park owners haven’t kept up with inflation in charging rent. They’re afraid of raising the prices or they simply haven’t thought about it. And that can definitely pose a big problem if you’re collecting only just enough rent to get by.
What you need to do is take on your own research. Find out what similar parks are charging in your area.
Second, if you find out your charges are well below the average cost of rent and you’re still hesitating to raise the cost, you’re probably asking why bother? Why bother if you’re on your way out of owning the park?
Well, if your rent is indeed below the average cost of rent, it’s inevitable that the new owner will raise it. So shouldn’t you benefit from that too?
Maybe you feel daunted by making a significant increase to catch up with inflation. Fine. But raise it some — you might as well reap the benefits of raised rent too. Plus, having higher rents already implemented will be attractive to your potential buyers!
Fill every lot in your mobile home park
This is a biggie when looking at how to sell a mobile home park. Fill every single vacant lot in your park and you’ll give your mobile home park more valuer to the buyer.
Now, who doesn’t want to increase purchase value? And who doesn’t want a more valuable mobile home park?
Do what you need to do in an effort to fill these lots. Buy mobile homes you can remodel and then remodel them. Invite people to bring their own mobile home and then rent the lot. If it’s not outside your policy, consider using those vacant lots for RV campers.
Give your park a facelift
As you prepare to get your mobile home park on the market, you need to carve out time to give your park a facelift. By painting those grimy walls in that house over there or hauling off the old cars in the yard, you’ll increase appraisal value and increase the aesthetic appeal of your park.
Go above and beyond in ensuring your park is far from the mobile home stigma. Just because your tenants looked for a bargain doesn’t mean they want trashy.
Raise the bar. No matter who you are in life, you have a right to a clean neighborhood. Boost that curb appeal and watch that park sell.
Advertise your mobile home park
So where do you begin in getting your mobile home park on the market? Well, you can get the word out to real estate agents. Feel free to post on social media and online real estate pages.
Another worthy place to share your park is MobileHomeParkStore.com — they have a special area dedicated to selling mobile home parks. You can advertise there — they pride themselves in receiving over 300,000 visitors each month.
In plotting out how to sell a mobile home park, you may consider this community inspection checklist a handy resource.