An investment opportunity is only as good as the execution and management. Poor management can ruin even the best investments in the most prime locations. Great teams can unlock and add incredible value and performance in even mediocre properties. The big question for mobile home park investors today is where to find the best talent to help preserve and maximize their assets.
There are two main choices for property management of mobile home parks. The first is hiring a local professional management company. Be sure to carefully vet these firms, evaluate their fee structures, and ensure their motivations are in alignment with yours. The second option is to simply find your own independent property manager and hire them.
There are several ways to accomplish this…
This may include posting job listings on Craigslist, promoting the opportunity at local real estate investor groups and asking for referrals, posting the position on-site at your mobile home park, taking out ads in the local newspaper, and more.
Are there other mobile home parks in the area which are well maintained where you may find managers to come and handle your units as well? How about looking for the best maintained lots in your park, and asking if that person would like the management position? Other park residents may have good leads on great managers too. If needed this search can be extended beyond parks to other property types.
Finding great and reliable contractors can be one of the biggest challenges for all real estate investors. You’ve got to find contractors that can best deliver on-time, on budget, quality work, and get out fast when you need them. Unfortunately this industry is notoriously littered with contractors that appear to check all the wrong boxes. Taking the trial and error approach of running down the list in the Yellow Pages can be time consuming and costly. The key to success is finding those with a proven track record.
There can be great efficiency and savings to be found by utilizing virtual assistants for many tasks required of mobile home park investors. This may include bookkeepers, marketers, receptionists, etc. One of the best platforms for this is Upwork which is home to thousands of freelance remote workers.
All serious mobile home park investors can benefit from having professional advisors and asset managers in their corner. This will likely include a real estate attorney, accountant and tax professional, and even a real estate investment advisor. Look for those with experience specifically in the mobile home park arena.