5 Key Signs It’s Time to Sell Your Mobile Home Park: Maximizing Profits for Park Owners
Why should you consider selling your mobile home park? Owning a mobile home park can be expensive. It may be time to consider selling your property to put some much-needed cash in your pocket.
There are many financial incentives to sell. After all, running a park isn’t easy. You have to deal with a lot of moving parts to ensure continuous profit. From low occupancy rates to expensive repairs, finding the cash to deal with these financial issues may be challenging.
However, knowing when to sell your mobile home park can also be difficult. We’ll go over five signs that show it’s time to sell your mobile home park. But most importantly, we’ll also discuss the best solution to save you time and money–fast cash offers.
Low Occupancy Rates
One of the biggest factors in determining whether a mobile home park is profitable or not is the occupancy rate. For parks with low occupancy rates, owners will have trouble making a profit. In order to keep a steady cash flow, you’ll want to have low turnover rates.
One of the best ways to do this is to keep long-term tenants happy with public amenities and to have tenant-owned homes. However, if you’re having trouble keeping long-term tenants and occupancy rates high, it may be time to consider selling. If you’re not making enough money, the best option is to sell the mobile home park.
Depending on location, the state of the park, demand, and other factors, charging low rents may be a necessity. However, if you charge low rents, you’re unlikely to make much money. Two of the biggest factors when determining the rental price of a mobile home are the location and the state of the property.
If your mobile home park is far away from cities and towns, you’ll have a hard time finding tenants. The mobile home parks that make the most money are close to stores and common work locations. If your park is in the middle of nowhere, people will not want to commute to work every day. A bad location can be hard to overcome and may leave you feeling the financial stress of keeping ownership of the park.