We just purchased a park that wasn’t managed well. All of the leases the previous owner had were outdated and many times didn’t even have the correct tenant listed. What has been people’s experience getting people to sign new leases? Any advice? Anything to stay away from? We are remotely managing this property so we were planning on mailing new leases to the tenants with a return address envelope provided. Thanks in advance for your suggestions!
First of all you will need an onsite community manager (we have one in all parks) and notice distributed to all the tenants that they will need to sign the new leases and community rules.
Make sure the leases and the community rules are specific to that State the park is in.
If you try to do this remotely, it may backfire and you may not receive the attention from the tenants.
In one park we took over, it has been 2 months since we did the leases. Since any resident who lives in the park is already mandated by law to follow the standard state tenant-resident leases; we did evict the non-paying tenants. We hired an onsite community manager and a maintenance person and will do the leases in the 3rd or 4th month. I am not in a hurry as we are not thinking of raising rents in this park as it is already at market.