Mobile home park investors that are serious about succeeding need a team. Where do you start with building a great one?
In order to go big, win the long game, and enjoy maximum freedom along the journey it takes a team. The truth is that it takes a small army of professionals just to tackle a single family home deal. The benefits that team provides only grows the bigger your aspirations are for investing in and profiting from mobile home parks. Who should be on that team? How do you pick them? How do you forge a team that will really maximize your success and asset performance?
Every investor ought to have these professionals in their corner:
- Real estate attorney
Most will find it helpful to round out their core team with a:
- Mortgage-finance expert
- General manager
- Marketing expert
- Customer service rep
- Property scout
- Real estate advisor
Note that these are not all mandatory, and some will only apply to those acquiring multiple parks. In most cases they do not need to be in-house staff who are on the payroll full time. Think of most of these team players as flexible and on-demand professional assistants.
Market Specific Teams
Investors will also need market specific teams to aid them in their quest. These professionals have assist with one or multiple properties in a given area.
- Insurance agents
- Property managers
Each role may have specific priorities. In different cases speed, efficiency, or personality may play a more important role. But whatever role you are interviewing or recruiting for quality will be almost invariably be more important than price.
Even more importantly it is crucial to ensure synergy in vision and values.
Do not underestimate this. No matter how large or small you plan to go; your success will rely on having alignment among your team. This first requires you as the leader to have clarity on your goals and values. Then ensure this is a part of the hiring process. Make sure that all hires and professional partners and vendors are genuinely onboard with where you want to go, and how you want to get there. Savvy leaders and organizations don’t just have a stale and lifeless mission statement. They have a condensed, clear, and energizing document that is highly visible, actionable, and acts as a guide for regular decision making. Airbnb has its ‘one sheet’ and author John M. Bernard promotes the ‘Now Fundamentals Map’ and ‘Now Breakthrough Map’ as examples of simplifying, unifying, and driving traction toward the vision.
Putting the right people in the right place creates a great foundation. Yet, all fluffiness aside there is a lot of value in building a strong community within your organization. Facilitate this with great communication, connectedness, occasional on-site visits, and rewards. Remind them what you are working to create, building unity as a team, and reward traction towards goals.
A part of this will certainly be creating systems, crafting a brand and generating business value as investments are scaled. The returns of this can go well beyond what the average real estate investor could expect to achieve.
There are many individuals and professionals that can help mobile home park investors in their ventures. Success lays in not only intelligent recruiting, but in fostering a collaboration that remains focused on your mission.