How Do Mobile Home Park Brokerages Work?
A mobile home park brokerage is a business that specializes in buying, selling, and leasing properties that are designated for mobile homes. These brokers act as intermediaries between the buyers or sellers of mobile home parks and provide various services such as property valuation, market analysis, transaction negotiation, and closing coordination. They typically earn a commission for their services, which is a percentage of the sale price of the property. Mobile home park brokerages play an important role in the mobile home park industry, helping to connect buyers and sellers of properties and ensuring smooth and efficient transactions. Mobile Home Park Instant Offer is a brokerage that helps current owners come up with an exit strategy for their property and transitions that property to an interested investor.
Why do people sell their mobile home parks?
There are several reasons why people want to sell their mobile home parks. Owners may want to retire, as they no longer want to spend a day-to-day role managing the property. They may want to split the value of the estate among their children or family members, therefore selling the property is an extremely enticing opportunity to generate cash. The owner may need access to fast capital to pay off debts. Many older mobile home parks don’t generate significant cash because of low rents. No matter the reason, a brokerage like Mobile Home Park Instant Offer helps the owner walk away with cash in hand.
Why are mobile home parks a challenge for their owners?
Owning a mobile home park can be a challenging experience due to a variety of reasons. One common issue is the difficulty in raising rents, which can make it difficult to cover the costs of maintaining and improving the property. Additionally, many mobile home parks were built in the 1970s and 1980s and may require significant investment to bring them up to modern standards, including updating infrastructure, improving security, and ensuring that the homes are safe and habitable. Even though tenants tend to stay in a park for longer than other types of rental properties, there are always challenging tenants. The cost of maintaining the common areas, such as the roads, sidewalks, and utilities, can be substantial, requiring careful financial planning and budgeting. These problems often require a substantial investment to solve. Mobile Home Park Instant Offer can help park owners walk away from these issues with a lucrative cash offer in hand.
How does a mobile home park brokerage help owners?
Mobile home parks are a specialized type of real estate; finding a realtor who understands this niche real estate market can pose a challenge. A relatively limited pool of buyers are interested in acquiring mobile home parks, which can make it challenging to find the right buyer for a particular property. Other challenges include the varying regulations that exist in different areas (some cities no longer actively zone new mobile home park development). Lastly, the traditional buyer of mobile home parks, individuals and families, have been replaced by larger corporations.
What does a mobile home park brokerage like Mobile Home Park Instant Offer do with properties?
Mobile Home Park Instant Offer works with the existing park owner to make sure that they get a good cash offer so they can walk away from their property with something in hand. As a brokerage, Mobile Home Park Instant Offer will improve the overall state of the property. They will:
- Invest some money into the park to make needed improvements.
- Raise rent sustainably over the coming years so that residents have improvements made to the property year over year.
- Work with stakeholders in the community to make sure that the park can expand comfortably and have access to utility updates in the future.