Hiring a property management company to handle your mobile home park investment property is a big decision. Having a great management company can remove a lot of stress from your life, and the best management companies will maximize the profitability of your investment. But on the other hand, making the wrong choice for a management company can lead to more stress and less profit, so it's vitally important to choose wisely. These tips will help you choose the right management company for your property.
Choose a company with extensive experience managing mobile home parks. Single family homes, apartment building, and mobile home parks each have unique challenges when it comes to property management. It's important to pick a management company that understands all the unique aspects of running a park, and is intimately familiar with the laws in your park's area. The number of units in a mobile home park can present certain challenges in management, but it can also provide opportunities. Your management company should understand the dynamics of lot rents, and know how to best maximize your cash flow.
Make sure the company you choose has a proven track record of maintaining high occupancy rates for mobile home parks. Keeping occupancy high is essential for maximizing the profitability of a park, and different parks may require different tactics to keep lots or units occupied. If you own all or some of the homes in your park, you'll need a management company experienced with finding tenants for rental units. If you don't own the homes, but lease out the lots to owners, you'll need a company that knows how to keep lots full and find new owners to fill vacant lots.
Choose a company that provides consistent, detailed, and transparent reporting of the park's expenses, profits, and occupancy. You should always know how your park is doing, and accessing that information should be simple and straightforward. Make sure your management company uses a high quality software to track and report all relevant information, and provides you easy access online.
Whether you own homes in your park, or simply own the land and lease to owners, you need a management company that can handle whatever maintenance and upkeep is required. A good management company will have access to a network of trustworthy, reliable contractors capable of handling any such needs, and will have experience ensuring work gets done promptly and correctly.
Contact us today to discuss if hiring a property management company for your mobile home park is right for you.