If you were selling park would you do yourself or get help from broker? What are you looking at for broker fees/commissions?
Personally, I wouldn’t. Brokers will have a large buyers list, but it’s a seller’s market and there are plenty of buyers on this forum and shoppers reviewing the mobile home park store website. If I was selling I’d have all my data ready to share on drop-box or in a file ready to be sent along with a detailed description of the park, etc that would address most questions that a buyer will have.
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A lot of owners struggle with this question. Why spend money on a broker when you can just put it out there and sell it. I would argue there are a few reasons:
- An established broker’s buyer pool is going to be very large, while you posting it on a website such as this is not. They will also provide a polished package maximizing the interest generated from that pool.
- A good broker is more in tune with the market and will give you a honest opinion of the park’s value. When you are self-marketing a property, how do you really know what it is worth. People on forums such as this are trying to get the best number for themselves, a broker is trying to get the best number for you. I will caution you that I have noticed a number of brokers out there who inflate valuations significantly in an effort to get a listing knowing that they will need to do a price reduction afterwards so make sure you have a good broker.
- A good broker will make the listing process much easier. Potential buyers ask A LOT of questions and it can get very frustrating for sellers. I’ve worked with a number of clients who have tried to sell their properties on their own only turning to us once they have had enough. The number of new buyers entering the space over the last 5 years has been significant and it can be taxing on a seller when dealing with them directly. A good broker will have 99% of the questions answered on the front end so you will typically only see offers and marketing updates during the listing process
- A good broker makes the sale process much easier. The sale process many times involves the seller, buyer, 2+ sets of attorneys, escrow agent, title agent, environmental, financing, due diligence documents, due diligence visits, etc. Our job is to coordinate all of this and keep all parties feet to the fire with the goal of closing as quickly as possible and at the contracted price.
A good broker is your advocate. They give you the best guidance possible to maximize your profits while working to keep your effort at a minimum. We don’t get paid if you don’t sell and our profit is highest if we do it as quickly and efficiently as possible.
Feel free to reach out to me to discuss further or get a free valuation on your park. You are under no obligation to list it with me, but I’m confident you will see the value in our services once you have seen the results.
Jim
I second what Jim has mentioned. Brokers will maximize your profits and take care of the headaches for you. I’ve lost count of how many times I’ve seen sellers give away a significant amount of value by selling themselves. And don’t just hire a broker, hire an MHP expert.
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