You’ve just purchased a brand-new (or ‘new to you’) mobile home park (MHP) or RV park. Congratulations! This is a huge undertaking, but it’s one that has the potential to generate a lot of passive income over the years. But before you sit back and relax, there’s one more important decision that you need to make: should you hire a property manager? Every situation is different, of course, but if you ask me (and you did, because you’re reading this blog post), the answer is always going to be “yes.” Here’s why.
Let’s face it: most of us are not full-time property managers. We have day jobs, families, and other commitments that take up our time. Hiring a property manager frees up your time so that you can focus on the things that are important to you.
At the same time, it’s important to remember that your mobile home park or RV park is a business, and businesses require time and attention to thrive. A well-trained property manager can give your business the time and attention it needs to grow and succeed.
Maintenance and Repairs
Another benefit of hiring a property manager is that they will take care of all of the maintenance and repairs for you. This includes everything from making sure the landscaping is being done properly to fixing broken pipes. This is extremely important, because as we all know, things have a tendency to break at the most inopportune times. When something does break, you want somebody on hand to insure it is is fixed quickly and efficiently so that your tenants are not left without heat or running water.
Bear in mind, your property manager may not be the person doing the repair work, but will be instrumental in making sure the work gets done. There is just no substitute for having an on-site manager to take the maintenance requests and coordinate with local vendors (sewer clean-out specialists, electricians, plumbers, etc.).
Legal Compliance Issues
Property managers should also well-versed in local laws and regulations regarding mobile home parks and RV parks. This is important because if you don’t comply with these laws, you could end up getting hit with expensive fines. A good property manager will make sure that your park is in compliance with all local, state, and federal laws so that you can avoid any costly legal problems down the road.
Inside of Mobile Home Park Classroom, the A to Z training platform for RV park and mobile home park property managers, we link to a number of resources to help familiarize your manager with local laws and regulations.
Finally, property managers can also help you with financial matters such as bookkeeping, insurance, etc. This is important because keeping track of all of these things can be very time-consuming and confusing if you’re not used to it. A good property manager will take care of all of these things for you so that you can avoid any stressful surprises come tax season.
Of course, access to financial information can open the door to bad actors. Inside of the Owner’s Edition of Mobile Home Park Classroom, we have a number of resources and strategies to reduce the likelihood that your property manager will take advantage.
As you can see, there are many good reasons why hiring a property manager is a no-brainer for new mobile home park or RV park owners. If you’re looking for a quick and convenient way to find, hire, and train your property manager, check out Mobile Home Park Classroom today!