How to Sell Your Trailer Park To The Right Buyer
It might be time to sell your trailer park if you’re facing one or more of these scenarios:
- You’re moving away from the area
- You’re tired of park ownership responsibilities
- You inherited the park and don’t want to keep it
- You’re losing money on the park
In this article, we’ll look at how to go about selling a park.
Three Ways to Find A Mobile Home Park Buyer
First, you must decide how you want to sell your manufactured home community. There are three main options for finding buyers.
- Hire a broker or real estate agent experienced in selling mobile home parks
- Find mobile home park buyers yourself
- Sell to a real estate investor who purchases parks
How to Find Mobile Home Park Brokers
Go local in your search for mobile home park brokers or agents. Start with real estate companies in town that you’re familiar with or get recommendations from friends. Call the company and find out which of their team members have experience selling trailer parks. Then make an in-person appointment to meet with that staff member. We recommend interviewing agents at several companies.
It may be helpful to visit the website of your state’s professional real estate association to look for someone in your area with experience in-park sales.
How to Find a Private Buyer
A retail or private buyer is an individual (as opposed to an investment company).
Find this kind of buyer by getting your information onto as many online venues as you can. Post the information on well-known sites and lesser-known sites. While many sites will gladly take your paid ad, consider the following free platforms:
Take the time to create an informative posting.
- Describe the park
- Give stats such as size and number of lots
- Describe the type of real estate that surrounds the park
- Publish good photos (not dark or blurry)
- rovide actual and projected income statements and expense statements
- List terms of sale including owner-financing options
Note: if you prefer that your residents don’t know the park is for sale, don’t provide the address in the listing. Simply give the state in which your park is located.
Sell Your Park to An Investor
Your third option for selling your park is to find a real estate investor who buys mobile home parks. Usually, involving investors greatly speeds the sale process for two reasons: 1) most investors only require one basic inspection to help them determine market value, and 2) most investors buy parks in their existing condition.
If you want to bypass the work and the amount of time it takes to sell your trailer park through standard channels, sell to an investor. This option also makes the most sense if you can’t afford to repair or improve your park, or if you need to get rid of it quickly.
Houston Capital Home Buyers (HCHB) is a Texas-based real estate investor. We buy mobile home parks as well as other kinds of real estate in Texas and across the United States.
We have 12 years and $26 million of investing experience under our belts, and we’re rated A+ with the Better Business Bureau.
Our resources enable us to purchase trailer parks smoothly and speedily. Our transactions are 100% legal. We use an established title company and enjoy a solid reputation in the investing community.
HCHB buys manufactured home communities as-is. We do a basic inspection to give us the information we need to make a fair offer, but no repairs or upgrades are necessary to complete a sale.
If you want to sell your park quickly, we recommend selling it to an investor, and we invite you to call us at 713-581-9075. This call will not obligate you to anything; it just starts our communication with you. We can answer all your questions and set up a day to visit your park and make you an offer. And, in the unlikely event that we can’t buy your park, we can find you a buyer who will, because we’re also mobile home park brokers.
Increase Your Park’s Value Before Trying to Sell
Still, prefer to go the traditional route to a sale (hiring a broker or finding a retail buyer yourself)? Consider taking some of the following actions to get top dollar for your property.
- Spiff up the appearance of the park entrance, common areas, and roads. You can achieve a lot with repainted signs, new plants, refreshed mulch, and filled-in potholes. Encourage residents to beautify their home spaces by running yard-of-the-month contests and the like.
- By offering new-resident incentives, fill all empty lots. Incentives can include paying for transporting a manufactured home, giving a break on rent for the first year, or installing free skirting or steps.
- Does the park contain any vacant land? Leverage it. Offer billboard rights; provide storage space for RVs and boats; build mini storage units for residents to rent.
- Raise the value of each lot with a small rent increase.
- Reduce water usage by installing water and sewage meters on each lot. When residents are paying for their usage, they will tend to use less water.
- Get rid of troublesome tenants.
Summing It Up
Sell your mobile home park by hiring a broker or finding a retail buyer yourself. Expect to make repairs and improvements as part of the sale process. For a speedier sale with no repairs, sell your park to an investor such as Houston Capital Home Buyers. (Call us at 713-581-9075.)