We rarely lack for topics of industry interest to blog about and today is no exception. Sometimes I focus on just one subject, but at times, we simply need to cover a number of items. Today, hang in for a smorgasbord of insights, topics and updates that follows, starting with financing but moving beyond that issue too.
Perks
There are many perks to being in the manufactured housing trade media and in industry consulting. Among them are picking up on facts that some, or even many, don't know. Some of what I hear is naturally fluff stuff, but some is really meaty. With financing being a routinely hot industry topic, learning about 'new' lenders and more programs is always of keen interest to readers, clients and thus to me.
Odds are, there are a good half a dozen manufactured housing lenders we know about – maybe more – that you do not. More on that later.
Then there are lenders like CU Factory Built Lending, Mountainside Financial or First Guarantee Mortgage Corporation that you may know, but haven't used. Why not?
2 Examples of Under-used, but really ought to be used more, available financing
Since we started bringing up the zero money down, USDA finance program to the industry's attention at industry events, and then in this column by Mary Beth Jergens, who presented it to the members of the Iowa Manufactured Housing Association last November, her article has consistently been in the top fraction of 1% of the thousands of article accessed on our site every month. That's good news for those retailers who use it.
One retailer I spoke with said they are closing 20 contracts a month, about 12 monthly using the USDA loan program. Why not you? Learn some more, to earn some more!
When Dave Shanklin brought us the One Step program column that we shared with you, it too has also been one hot read. Again, learn some, to earn some!
The first program above is fee simple financing only, but could be worth a 150,000 more shipments a year to the industry if it were being fully put to work by manufactured housing retailers. Imagine creating150,000 new jobs, plus some 7.5 billion in added new sales.
The second program mentioned above can be used in land lease communities, by street retailers or developers. As finance expert Dick Ernst told attendees at the Louisville Show and at TMHA's annual meeting in Houston last year, "there is no lack of capacity" by our industry's lenders for how many loans could be made to credit worthy buyers, including using the program mentioned.
The point is, there are more financing options you ought to be tapping! There is also a crying need to improve marketing that attracts more credit worthy buyers.
We routinely hear from communities and many street retailers that they see mostly prospects in the 500s FICO score range. When they see a 600 credit score or better, they think they are in tall cotton. Yet the average credit score in the U.S. is about 692, according to a report we published last year.
Why not reach out to those who have the credit or can write a check for those extra homes you want to sell?
Don't just think, hope or wish, do.
Too many in our industry keep running essentially the same path day after day, or year after year. Some adapt only when they are cornered.
It isn't enough to know something is out there, one must dig in and do something about that knowledge. Remember what the late, great Zig Ziglar said? "A rut is an open ended grave."
Don't let a rut become a grave for your career, location or business. As Ross Kinzler noted in his new Industry Voices guest column, others are doing new approaches with success. That means you can too.
Promote Profits, Educating and Protecting Assets
The Wisconsin Housing Alliance's Executive Director, Ross Kinzler, just shared a thought provoking read with us.
Are you Ready to Grow? Are you ready to Do What it Takes?
As you may guess, I couldn't agree more.
Please check Ross' column out! My hunch is, you will agree too. But the key is to do something about it!
Promoting profits through education and new marketing, sales and financing approaches that attract more customers with cash or good credit is important for growth at your location and for the Industry at large.
But so is protecting your ass-ets.
When a respected exec told me that some 30% of Fair Housing complaints are from the manufactured housing industry, I was shocked.
We carried the Fair Housing Lady attorney Nadeen Green's refresher on Fair Housing basics linked here, and this month attorney and loss mitigation pro Kurt Kelly and Nadeen Green have new columns as linked on their names on a topic that could be ever so important to the 50,000 manufactured housing communities in the U.S..
Then there is William Dahlin, of HK&C Law fame, sharing must read insights on filling a job, does and don’ts. Looking to fill a job or apply? Better read his column…
In our law suit happy times, staying in tune with legal advice and sound, related association updates are a must to protect yourself.
All of our June issue featured articles on marketing, sales, management, inspiration and more are found on the home page, just under the Daily Business News module. All are there to protect, educate and promote your business!
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Thanks in part to the increased readership that has been sparked by ELS's CEO Marguerite Nader and Cavco Chairman Joe Stegmayer, our 'regular' featured writers are getting more read too. In fact, we see that not only are the numbers of our readers growing, but the amount you and your peers are reading is growing some 30% over this time last year too. It seems the 15 minutes a day reading advice is taking hold with thousands of you, and that is good for you and your business.
Other duties call, so I simply have to draw this post to a close, and will do so by saying, if you are tired of waiting for the MH Image campaign, be tired no longer! Here is a column on the Cutting Edge of Marketing and Sales blog that kicks off the renewed start of that effort.
Remember, we have the products, the financing, the resources to advance YOUR career, YOUR location and Our Industry. Working together, 'yes we can.' ##
PS: Check our many Exclusive and Red Hot Featured Articles for June and see the
other new stories at MHLivingNews.com too.
L. A. "Tony" Kovach
MHLivingNews.com=Re-Discovering and Spotlighting the MHLifeStyle
MHProNews.com = MHMSM.com = Industry News, Tips and Views Pros can Use
Services:B2BandB2CAds, Proven MH Marketing & Sales Systems, Websites other Industry Solutions.
Office –815-270-0500
latonyk@gmail.com or tony@mhmsm.com
http://www.linkedin.com/in/latonykovach= connect with me on Linkedin.
http://pinterest.com/latonyk/manufactured-home-lifestyle/
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Whether you think you can or whether you think you can't, you're right. – Henry Ford
