Real Estate Agents or Soon to be Agents! Let’s discuss how to sell mobile homes in parks. This is your chance to learn about the unique dynamics of this niche and how to corner your local market and become an expert in the field. Let’s explore the ins and outs of selling mobile homes in parks!
The Special World of In Park Sales
To sell mobile homes in parks involves a different set of rules. Parks have a mix of homes, a close-knit community, and specific regulations that set them apart from regular homes. As a real estate agent, understanding these dynamics is crucial for successful sales.
Navigating Legal Waters
Selling mobile homes in parks involves dealing with some legal details. From park-specific regulations to lease agreements, you should be well versed in these matters. This ensures that your sales process stays compliant and avoids any unnecessary hiccups. Here are few legal things to know if you’re listing mobile homes in parks in Michigan:
- To act as an a agent or broker for mobile homes (in parks or unaffixed to land) you must obtain a Mobile Home Dealer license through the Bureau of Construction Codes. Many parks will require you have this to list/sell in their park.
- A mobile home in a park must have a title to be sold – the seller of a mobile home should have this in their files – if they can’t find it they’ll have to order a replacement through Secretary of State.
- When buyers purchase a mobile home in a park – the park will require the buyer to either sign a lease agreement (to rent the lot/land) which usually last 12 months or rent the lot on a month to month basis (which usually means higher lot rent). Buyers will usually also have move in costs when buying a home in park (these costs generally include a security deposit and 1st and last month’s lot rent).
- A mobile home can’t be moved while under a lease – and a mobile cannot be moved if it currently has a lien on title (ie. Owner has a mortgage on the home).
Building Strong Park Connections
In this field, building good relationships with park management is key. They hold the keys to important information about park rules, policies, and any restrictions. A harmonious partnership with park management can make your sales process much smoother. After you have your Mobile Home Dealer license – if you’re a listing agent – contact the park and introduce yourself, let park management know which home you’re selling, confirm lot rent, park approval process and rules for in park sales. If you’re a buyer’s agent – make sure you confirm lot rent for your client (as many parks increase lot rent on a new buyer when a home exchanges hands) and their park approval process so you can share this with your client.
Valuing Mobile Homes with Precision
To successfully sell mobile homes in parks requires putting the right price on the home using an unique approach. While traditional real estate comparisons are important to highlight neighborhood value, you also need to consider park amenities, location within the park, and the overall park condition. This detailed understanding helps you set accurate prices for maximum impact. If you can’t find any comparable home sales in the park you’re working in – try MHVillage.com – to find list/sold prices in the park or area. Do NOT use single family home comps in your mobile home valuations (that’s an apples to oranges comparison!). BTW Datacomp is an appraisal company for mobile homes – you can and should encourage your sellers to purchase a listing appraisal if you’re in doubt about value.
The Power of Community
Understanding the value of the park community is crucial. Buyers aren’t just purchasing a home – they’re joining a unique community. Highlighting the benefits and amenities of park living and fostering a sense of belonging can greatly influence buyers’ decisions.
Market Like a Pro
Promoting mobile homes in parks requires a tailored approach. Utilize online platforms (like Facebook Marketplace and Buy/Sell Group and Mhvillage.com, local events, and park-specific marketing to reach potential buyers effectively. Building strong connections within the park community can also lead to valuable referrals. Some mobile home parks have their own Facebook groups – search for these and ask if you (or your seller) can post homes for sale there.
Embracing Uniqueness for Success
Selling mobile homes in parks is a niche within a niche, and mastering it can set you apart as the go to agent for selling mobile homes in your market. By diving into the unique dynamics, you can open doors to new opportunities and excel in this specialized segment of the real estate market.
As a real estate agent, your journey into selling mobile homes within park communities can be a rewarding and profitable one. Let Midwest Mobile Home Loans be your financing partner as you take that journey!
