[fa icon="calendar"] 11.01.2016 / by Rory Williams
Everybody wants to increase the value of their mobile home park investment, but where do you start? The obvious answer is to attract higher quality residents. However, doing so is easier said than done. The right residents aren’t going to just come to you, you need to find them and keep them interested. But how?
Here are five ways to get the right residents for your mobile home park:
1. Clean Up the Park
Before you can get the right residents for your park, you need to show them that your park is the right park for them. This means making sure the park is in good condition and looks like a pleasant place to live. You can start by:
- Keeping the common areas clean and tidy
- Making sure the streets and curbs are cleared of vegetation
- Fixing any rusted or unsightly structures (fencing, etc.)
- Trimming and removing dead branches
- Repairing potholes
- Installing a new entrance sign
These small actions will show your residents that you are an attentive landlord who takes pride in your community.
2. Establish Rules and Regulations
Having a set of rules and regulations is extremely important to creating a sense of community in your park. These will be the guiding principles that all your residents must follow and will also show any prospective residents what kind of behavior they can expect from their neighbors and what will be expected of them.
3. Create a Resident Pride Ownership Program
After you have cleaned up the park’s common areas and established a set of rules and regulations, it is time to hold your current residents responsible. You can start by sending a letter to all residents whose properties are not up to you standards and giving them 30 days to comply.
You can also establish incentives for residents to keep their yards clean, such as:
- All-community trash day - Once a year, you rent a commercial dumpster and allow your residents to throw out anything that has become an eyesore free of charge.
- Yard of the month contest - Winners get discounts on rent or some other type of reward.
These types of incentives will go a long way in keeping your park in top condition and making it appeal to high quality residents.
4. Screen Residents
Screening residents is an absolute necessity that you should already be doing. You might want to tighten up this process, though, if you want to protect your investment. In addition to looking at things like employment history and criminal background, make sure to look honesty, down payment ability and exceptions to credit.
5. Don’t Undervalue
Giving a proper valuation of your mobile home park is vital to attracting the right residents. It can be tempting to offer “competitive” pricing to try and compete with other parks in the area, but keep in mind that your park is unique and you don’t want just anybody to move in. This doesn’t mean you can set your rates sky high, just don’t be afraid to ask for what they property is worth and the right residents will come to you.
Getting the Right Residents
Attracting the right residents for your mobile home park is a two-way street. You have to clean up your act before you can ask the same of your residents. You have to remember, though, that the right residents aren’t always the highest paying. Your park has a unique culture that you need to maintain thorough resident screening and community cleanup events as well as park rules and regulations.