Finding the right mobile home park broker for the purchase or sale of a mobile home park will increase your chances of obtaining the best sale price and terms. An active park specialist will have current and intimate knowledge of the wide range of issues and negotiations that arise through the due diligence process. This article will go over the right questions you should ask potential park brokers to find the best mobile home park brokers for the job.
How many mobile home parks have you (not your company) sold?
Many agents claim to be mobile home park brokers because someone else in their company has experience in park sales. Your park broker should have personally sold 5 or more parks. Parks are very different from apartments, houses, retail, office and industrial income properties. Remember this person is representing your best interest, and if their personal experience is limited, so will their ability to represent your interest.
How are you going to establish the sales price of a park?
If the only focus is “How much do you want?” be cautious that the agent only wants to lock you into to representation for their best interest, not yours. A knowledgeable park broker should be able to illustrate in depth market information about mobile home parks on the spot with insight for your consideration. A mobile home park broker should be a rich source of information to you, not the other way around.
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Do you cooperate with other brokers?
The answer is always yes. The question is to what degree of cooperation do they actually provide. Ask around the industry and you will quickly find that some companies have a habit of only working with principles and brokers after their in house sources have been exhausted. Even then they limit cooperation. Whose best interest does that serve? There is a theory that somehow this gives people in the “Circle” an advantage, but the truth is that it almost never does. In fact, it breaches the fiduciary responsibility of that agent or brokerage firm.
Better to use a Team of Brokers or Individual?
Of course a team of brokers is better, but sometimes that team is an illusion of individual brokers working in a temporary “Group” coalition. This group claims to be a team but they often represent clients individually, or in mix match fashion that best benefits them. Only a full time 100% permanent brokerage team yields true teamwork that works for your benefit.
How do you Find the Best Mobile Home Park Brokers?
It’s as easy as searching for “Mobile Home Park Brokers in California”, “Arizona” or the county your are in, such as “San Bernardino.” You may find listing directories by the internet search engines are very smart and single out specific individual brokerage firms in the search results that match all the criteria above, based on their relevancy to the mobile home park brokers. Sometimes you may get a residential agent that may be selling a mobile home vs. a park, but a quick search should give you a better idea of the most qualified park brokers out there.
Good luck in your investment endeavors and efforts to find the best representation for your investment or sales needs.