What do I do if

mobile home university
1

What do I do if there are realtors that have taken over all opportunities in a park? Is there a way to get around them?

2

What do you mean by “taking over all opportunities”?

Corey

3

What do you mean by “taking over all opportunities”?

I went to a park and all “For Sale” MH’s had realtor signs posted on the window.

4

Post Edited (04-14-11 22:17)

5

Dale

Great questions however I don’t have the answers. There is some miscommunication on my end.

I just started looking for MH’s and beginning to do the due diligence (as this is my first time!).

How should I apprach the MHP manager? As an employee of a company?

6

Yes, California licensed real estate agents can broker mobile homes (not including land). I don’t know about other states.

7

How do I get around real estate agents when it comes to MH’s?

8

I would look at the tax rolls and find out who owns the mobile home. I would then contact the owner directly.

I would also become good friends with the park manager and let them know you are interested in buying homes in their park and offer them a bird dog fee.

Corey

9

Corey

Thanks for the info. Once I get some results, I will post what I found out - and perhaps some pictures once I get a digital camera.

Jon

10

Sounds great! :slight_smile:

11

Be careful if by “getting around” real estate agents you mean going directly to an owner who has listed with an agent. There might be an “exclusive right to sell” contract in place, which means the seller has to pay the agent a fee even if the agent is bypassed.

Now if by “'getting around” you mean getting there before the real estate agent, then you just have to work harder then the agents do. Talk to the managers, walk the parks talking to people, advertise, put up fliers. You know, all the stuff of classic Lonnie deals.

12

Be careful if by “getting around” real estate agents you mean going directly to an owner who has listed with an agent. There might be an “exclusive right to sell” contract in place, which means the seller has to pay the agent a fee even if the agent is bypassed.

Alright, I will be on the look out for those contracts.

Do you know how much these fees costs?

13

The commission that an agent gets is negotiable, at the time the listing agreement is signed. A common amount for a stick built house is 6%. If there is a seller’s agent and a buyer’s agent involved, each gets half of that 6%. Or more precisely, the listing agent and the office he/she is associated with will split half of the 6% commission, the buyer’s agent and the office he/she is associated with will split half of the 6% commission.

I don’t know what kinds of commission agents are getting on mobile homes, but assume it’s 6%, on a mobile home that sells for $20,000 the agents involved will get $1200 and the seller will get $18,800. If the listing agent does have an exclusive right to sell (and most agents won’t work without such an agreement or they could do all the work and get stiffed) the seller will have to pay the $1200 even if you try to bypass the agent and buy the home directly from the seller.

So once an agent has the listing you probably shouldn’t be wasting your time on that mobile home. Find the people who want to sell who haven’t listed with an agent yet.

14

I agree with what is said by everyone else but one thought comes to mind. If you are seeing a lot of realtor signs in the park you are looking in then you may not be in the right park.

I occasionally run into realtor signs but they are never on the homes that would work for me anyway. You are looking for motivated sellers and most anyone that is going to hire a realtor to sell a mobile home (that doesn’t come with land) is not going to be that motivated.

With that in mind however there is a idea in this… I would watch the realtor signs and when comes down it is probably worth the effort to see if the home sold, or if they just stopped using a realtor and might be getting desparate to sell.

Otherwise I would look to other areas for deals. My personal favorites are the ones where the 50 cent for sale sign is really faded and barely able to be read. Usually a good sign that someone is coming to reality on what I am about to offer them.

Jad

15

"I occasionally run into realtor signs but they are never on the homes that would work for me anyway. You are looking for motivated sellers and most anyone that is going to hire a realtor to sell a mobile home (that doesn’t come with land) is not going to be that motivated. "

Here is what I’m going to execute after I’m done with college finals…

Two ad campaigns

  1. Finding Motivated Sellers

  2. Finding Motivated Buyers

Also talking with the MHP manager as Corey suggested.