The bane of the manufactured home community owner is vacant units. Unless you’re laundering money for a drug cartel on the side, the secret to running a profitable business in this industry is to keep your tenancy high. Since it’s not socially acceptable to force families to rent from you at gunpoint, you’re going to have to get more creative about getting the word out about how great it is to live in your community.
It is great to live in your community, isn’t it? Although with good enough marketing, it doesn’t really matter whether you’re offering quarters in the Hilton or the next great urban ghetto. Everything else being equal, what it comes down to for most folks choosing a new place to live is money and how little it’s going to cost them upfront to move in. You might be surprised exactly what sort of squalor will be tolerated
for a free first month’s rent.
We’re being a bit facetious here because it doesn’t make good business sense to fill your manufactured home community with freeloaders who have to be evicted for non-payment the second month. But the point is still a legitimate one. People like freebies and if you can come up with a creative approach that makes it financially appealing to choose one of your units, there’s a good chance they will.
Think like a renter for a few minutes and try to come up with a few deals that would be appealing if you were standing in their shoes. Yes, you still have to make a living but would it kill you to give a little in return for a lower vacancy rate? How about offer every twelfth month free to encourage long time rentals? Or a $100 shopping monthly spree (tax deductible of course) at the local grocery store given to whichever
renter’s name is pulled out of a hat? There’s a million ideas like these. Pick something of real value that won’t bust your wallet and get busy filling your manufactured home community with swell tenants.
The MHP Listings Team
Flickr / boetter