Hi everyone, I’m wondering what management companies do and if they expect you to have an on-site manager in addition to the work they perform?
Do they do the accounting too or just billing, rent collection, maintenance, etc.
Also, if you have used a management company in the past, what was your experience and what did you wish the company did better, if anything?
Management companies are roughly supposed to handle billing, rent collection, invoices, maintenance, etc. I think that you will hear all sorts of experiences with management companies and a lot is dependent on your park. I will tell you that if you have a turn around, I would work with someone who is in the park and lives there. If you have a more seasoned and established park you can possibly work with a management company. However, there is just something that is a little different with mobile home parks that neither banks and management companies quite don’t understand so I would tell you to try to find someone who has experience in working in that niche.
As the owner of a management company that manages mobile home parks, the responsibilities can vary, it ultimately depends on what you as the owner and the management company decide contractually. We can do everything for the client or simply do billing for the park.
It all depends on the work load the owner would want to carry, if it’s something the owners can’t be apart of everyday, as management, we cover that.
What do you charge for full management? 5% of the gross? Plus expenses of course…
Do you need management services?
No, I was simply curious.