There are some who are under the mistaken impression that there are 'no new sites' being developed in the manufactured housing communities world. While the numbers are certainly not what they could or should be, anecdotal evidence from callers, email and in person conversations tells me that new sites are being brought on line. Nor are these limited to 'energy boom' areas such as the Eagle Ford, Bakken or Marcellus Shale areas in Texas, North Dakota and OH/PA respectively.
Admittedly, the results being generated in filling newly opened (re-opened) or expansion sites in MHC are mixed. But the fact that some are doing well suggests that others can too, by modifying their marketing and sales approaches.
What we have seen in those areas that are struggling is interesting. Some examples:
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Where expansion sites are being used, often current community managers are asked to do the job of selling as well as managing.
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In new communities or those locations where significant numbers of new sites are developed, often dedicated sales people are used. This tends to have better results than trying to teach a community manager the art of selling, especially when those sales involve new homes.
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The budgets for marketing such expansions range from very modest to amazingly robust.
While bigger budgets naturally tends to drive more traffic, what is all too often evident is that the messages are targeting those who may have 'credit challenges.' These are at locations where the owner/operator of the community has made arrangements for 'captive financing,' third party serviced loans or resourced financing through a financial institution.
Another direction being taken by sizable MHC operations include the liberal use of rental homes. The rentals tend to go faster, in part because they require no long term commitment by the buyer. This is a path of least resistance method. Does it work? Yes. Does it help sales of homes in those communities? Often, not so much, if at all.
A common denominator in many of these programs is mentioning 'second chance financing' or 'less than perfect' credit' OK in one of a variety of ways. Is it any surprise then that such locations see such large numbers of sub 600 credit scores?
Our industry can and should do a more robust outreach to credit worthy buyers. When we do, the results are quite amazing and profitable.
At the upcoming Tunica Manufactured Housing Show in March, we will be doing a free seminar on how to Attract More Customers with Cash or Good Credit. This presentation has been met with enthusiastic reviews at state and regional association meetings and is the basis for much of the work that we do with our client companies in manufactured home communities and retailing.
While many of our clients have been in the land lease communities world, the process can work as well (or better…) for MH Retailers and Developers.
The event is free, but seating will be limited to about 80 attendees. Don't miss it. ##
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L. A. "Tony" Kovach
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Whether you think you can or whether you think you can't, you're right. – Henry Ford