Welcome back to the second installment of our MHP Owner do’s and don’ts. As always, The MHP Expert is here to help guide your experience through the manufactured housing space. Read on for an even closer look at best practices for maximizing your efforts going forward.
Do Not Let Your Park Deteriorate
Here is an example of what not to do. Neglecting the maintenance of your mobile home park can negatively impact your reputation and branding efforts. For starters, residents may start to notice the park’s declining conditions and become unhappy with their living situation. Some may even choose to leave in search of a better environment. This can harm your park’s reputation, making it more difficult to operate smoothly, and can even hinder future park sale attempts. The high turnover rate will cause many headaches and heavier management expenses for you in the long run.
In addition to impacting resident happiness, neglecting the maintenance of your park can also reduce the park’s value. A poorly-maintained park can be less appealing to potential buyers, and as a result, you may have to sell it for a lower price than if you had kept it in good condition. Additionally, neglecting the park can lead to building code violations and other legal issues, which can be costly to resolve and further lower the park’s value. To avoid these issues, it’s important to prioritize regular maintenance and upkeep, so that you can keep your park looking great and attract happy, satisfied residents.
It Pays to Be a Vigilant Park Owner
Keeping up with your mobile home park is easier than you might think. Regular monthly checks can help you stay on top of maintenance and catch any problems before they grow. Simple tasks like collecting the garbage, mowing the lawns, repaving roads, fixing any street lights, and proper landscaping can go a long way in keeping the park looking great and keeping your resident’s experience positive.
Happy residents who live in a clean, well-maintained community are more likely to stay as well as recommend the park to friends and family. This gets you new residents and keeps the park thriving. So if you’re an owner of a mobile home park, don’t neglect these simple tasks; you’ll thank yourself in the long term!
Subleasing is something else to avoid in your mobile home park. This can cause a lot of issues in terms of the future sale of the park. First, it makes it more difficult to enforce park rules and regulations. When you allow residents to sublease their homes, you’re also allowing them to bring in new residents who may not be familiar with your park rules; some may even choose to simply not follow them. This makes it harder to maintain order in the park, and can possibly lead to an increase in problems like crime. Thus making the park less attractive to potential buyers and can reduce its overall value. This is why subleasing is an example of what not to do.
Furthermore, it can complicate the sale process. For example, if you are selling a park and a portion of the homes are being subleased, it can make it more difficult for a potential buyer to determine the viability of that sub-leased tenant. As such, it is best to avoid allowing subletting in your mobile home park altogether.
All that being said, there is no one size fits all. There are occasional times when subleasing can be effective. Including when using the appropriate type of partner, such as a reputable Lonnie dealer.