Where can mobile home park investors find good property managers?
Great property management is key to unlocking the full potential of any real estate investment, and preserving the asset. So where and how can mobile home park investors secure good, affordable managers?
What to Look for in a Good Mobile Home Park Manager
Knowing what you want in a property manager can help narrow down where you look, and how.
Some of the factors that may be important or beneficial may include:
- Already know the area
- Known for quality and attention to detail
- Likable by tenants
- Easy to work with
- Affordable, offer good value
Your criteria for hiring a property management is unique to you, and perhaps even the specific mobile home park you need management for at the time. For example; if you live down the street, and have a full park with long term tenants who all pay online; then you may just need a handyman to be on call for the odd emergency. In contrast; if you are purchasing a park on the other side of the country and know there will be a lot of early turnover, intense management, door knocking for rents, and potential security needs; you may want an on-site manager with a lot of proven experience.
When to Hire Property Manager for Your Mobile Home Park
One of the most important factors here is to hire your local team before closing on your mobile home park acquisitions. Interviewing and talking with local professionals, including potential property managers can provide great insight during the due diligence process. Having a team in the dugout ready to hit the field immediately on closing (and even before), can ensure a smooth transition, better experience for tenants, and helps avoid any hiccups with income and maintenance.
Head Hunting Potential Property Managers
Great ways to start looking for help include:
- Looking for the best kept lots in this mobile home park
- Looking for the best maintained lots and parks in the area
- Strategic letters to residents asking for referrals
- Local newspaper and Craigslist ads
- Recruitment agencies
One of the great perks of hiring local onsite property managers can be the potential to bargain with free rent in exchange for management services provided. But there are other options too.
Hire a Professional Property Management Company
Some inexperienced investors may cringe at the idea of employing a professional third party property management firm to take care of their assets, just as some of these firms may first cringe at the idea of managing a ‘mobile home park’. Still; do the math for yourself before deciding. There may be more value there than you realize. The bottom line is all about the performance and net results, and ROI on what you invest in management. Ask for referrals from other local investors and real estate professionals and check Google for business listings.
While this may not yet be a common solution in the mobile home park space, remote property management has been working since at least 2005. It may not be right for every property, and investor, but it can certainly work. Between new smart home and real estate features, the internet, and outsourced professionals it is quite possible to handle 99% of property management needs from the cloud. It’s worth checking out those that offer it, and if it may be an affordable and efficient match for some of your mobile home park holdings.