We have a number of MH & RV properties under contract and are looking to hire 3rd party property management to handle the day-to-day (financial reporting, managing the onsite managers, etc.).
What’s the group’s opinion on hiring a local property management company vs. a national company?
In terms of national companies, MHI highly recommended Newport Pacific Capital, M. Shapiro, and Blank Family Communities.
I’ve spoken with all of these groups and came away impressed with their teams. I’d be curious to hear from others what their experiences have been with these companies if you’re willing to share with the group or privately via DM. Thanks!
We have seen some owners have great success with the nation MHC management companies and others that have had nothing but issues. I have even seen owners who love the job the management company is doing at one property and loathe the job they do at another. I think the stability of a property and the regional manager play a large part in that. Because of this, I wouldn’t just interview the company I would interview their clients who own properties local to yours and clients with properties similar in quality to yours.
I would shy away from local property management companies unless they have experience in the MHC space, you don’t want them learning on your property.
Agreed. So much comes down to how the on site manager (A) performs (B) is trained (C) is held responsible and (D) just how is the management company going to pick your next manager when this one leaves? Those are some pretty important unknowns.
I’ve used a few of the mgmt companies you listed and can tell you that Blank Family Communities is amazing. We currently have all our parks under management with them. I hesitate to recommend them because I don’t want them to get too big, but it’s hard not to say something nice when they’ve been nothing but wonderful to work with.
Thanks for the feedback, Jim!
@brendanmhula did you end up hiring a third party? How has it gone?
I had M Shapiro manage one of my parks. They were great all the way through the sale, but none of my other parks are big enough to justify their minimum fee.
What is their minimum monthly fee?