Mobile home parks are one of the fastest-growing industries globally. In simplest terms, a mobile home park is a prefabricated home or a manufactured home like a trailer. It is a perfect option for temporarily living in some place. According to recent statistics, about 22 million people reside in manufactured homes in the United States.
Also, manufactured homes are one of the most valuable assets to sell to generate a lucrative ROI. This is probably because 90% of mobile homeowners are satisfied with their lifestyle. About 71% of the residents claim that easy affordability of the home is one of the most influential driving factors to live in a manufactured home.
One can consider various ways to sell their mobile homes. However, mobile home park brokerage might be the best option, and it is because a brokerage company can efficiently aid in improving the home value, setting the right home price, doing proper marketing, and skillfully closing the deal with a potential buyer.
Check out the various tips for a quick sale at the best prices.
Start With Understanding The Manufactured Home Market
One of the most significant aspects of selling a mobile home park is getting a deeper knowledge of the market. Conducting extensive research about the various trends and patterns followed in the system can provide you with profitable insights. Such insights can help you in quoting the most appropriate price for your prefabricated home.
The various factors that have a substantial role in determining the price of the mobile home park are the economic, social, political, and environmental factors. Understanding the market can sometimes be strenuous. Hence, hiring a professional consultant might be the best option to align the statistics with your goals.
Gather The Essential Documents To Sell Your Mobile Home Park
One must understand that selling a mobile home is like selling personal property, like a car. This means that when selling, the property title would be changed for the new buyer, but the land will remain under the seller’s control. Here are a few documents one must keep handy when selling a mobile home park as personal property.
1. Transfer Of Title
The document, as mentioned above, requires the seller to sign the title of the property in the name of the new buyer. One must apply for a transfer of title document. If one accidentally lost or misplaced their document, they can contact the tax collector.
2. Bill Of Sale
To sell a mobile home park, the municipal corporation and the buyer’s lender require a bill of sale. Hence, one must acquire and provide the above-mentioned document.
3. Signed Up for Transfer Of Title
It is essential to provide a signed-up version of the transfer of title to the lender. Such a document requires the buyer and seller to be present simultaneously in a room to sign the transfer of title. One must keep up with the tax collecting department to understand the basic requirements of the document.
4. Tax Documents
Some states in the United States require documents confirming that the seller has fully paid all the taxes on the mobile home. One must note that some states charge a personal property tax on prefabricated homes, while others charge an annual registration fee for manufactured homes. Hence, the tax document required varies from state to state.
5. Certificate Of Occupancy
The certificate of occupancy is a legal confirmation that the property is equipped with the basic minimum facilities to meet the fundamental regulations. This document also requires a fire safety investigation. Such an investigation confirms if the electrical wiring in the home satisfies all the firing codes.
Enhance The Value Of The Mobile Home Park
If one wants to generate profitable ROI on selling their mobile home park, adding value to the manufactured home is the easiest and most effective way. Sometimes, deciding which assets are worth an addition to the home can be challenging. Many homeowners end up investing in worthless assets that do not add value to the manufactured home.
One must understand that to enhance the value, the asset must appeal to the potential buyer. Such assets include better signage, improved road sealing, an immaculate roof, and many more.
If one wants to make their home look more appealing, one of the cheapest options is to declutter the home. Buyers tend to notice the untidiness as the first thing they do when they enter the home. Hence, keeping the place clean and tidy can be an excellent way to add value to the home.
Advertise Your Property Correctly
As we live in a digital era now, one must understand the role of digital marketing. It can do wonders for someone looking to sell their mobile home park quickly and at great prices. Consider putting up an advertisement of their home in the various property listing services available on the internet. Such an advertisement is known to reach a wider audience than other marketing means.
Additionally, consider seeking assistance from a broker. Brokers are proficient in selling properties on time. Additionally, they can help connect with investors and potential customers in no time.
Make Use Of Traditional Marketing Plans
In addition to digital marketing, one must consider investing in traditional marketing strategies like newspapers, flyers, yard signs, handouts, printed ads, FSBO (For Sale By Owner) signs on windows, and many more. This can be a great opportunity to widen your reach to the audience.
One must remember to mention they’re essential contact details clearly on the handouts or printed ads to make it convenient for potential customers to reach out to you.
Selling one’s mobile home park is one of the best decisions in this era. People are extensively looking for places that are affordable, convenient, low-maintenance, and provide good security. With the help of the factors mentioned earlier, one can easily understand the basic concepts of the mobile home park market and sell their manufactured homes at the best prices.