It comes as no surprise that you’re vying to score a steal of a deal at a mobile home park auction. There is plenty of opportunity in the mobile home park venture. More and more people are seeing the value in choosing a mobile home over a stick built home. These homes bring significant savings for homeowners and affordable, safe housing for families. With the growing popularity of these homes, investing to become a mobile home park owner is a great option for the business savvy.
As you prepare to visit a mobile home park auction in hopes of winning a new business venture, we wish to provide you with several tips that’ll help you notice a good deal when you see one. And we don’t want you to just notice a deal, we want to help you get it too.
Preview the mobile home park auction
In the days or weeks leading up to the auction, some auctions will let you get a sneak peek at the property that’s up for bid. This is great if you can arrange for an appointment.
Getting a good look at the property that’s up for bid will allow you time to consider whether the mobile home park is worth your time and money. This is a great thing so you can make sensible decisions without being under the pressure of a live auction. Before auction day, you’ll know if the trip out to the property is something you should bother with at all.
Get there early
If you’ve been to an auction before, you’ll know you’re not the only one who’s interested in a good deal.
The first reason to get there early is so that you can get registration done and out of the way. If there’s a line, you’ll be glad you got there in advance. You don’t want to fight for the auctioneer’s attention if you’re in a sea of bidding people vying for the mobile home park. Position yourself where you can see him and he can see you.
You know what they say. The early worm gets the bird.
And don’t forget about the little details so you can be the early bird! For example, double checking your directions the night before is a good idea.
Research the going price for similar mobile homes
Getting a preview of the mobile home park will get you a chance to research the going price for what this mobile home park would run at. You may get online and search out previous auctions in your region. If you can call up a real estate agent for advice on a good deal, that’s another route you can take too.
However, should previewing the mobile home park not be an option, you can always get ideas of what other parks have gone for based on the age of the mobile home homes on the park. Get various quotes so you have a ballpark idea of what you should expect for a good deal.
Bring a trusted friend
You know the excitement of the bidding process can affect your mental clarity. If you think some extra support would be beneficial to helping you make sensible bids, bring a friend you can trust. The kind that won’t get carried away by all the excitement.
If you have a friend who’s a real estate agent, that’s always a plus. They’ll be familiar with mobile home pricing and keep you in check from going beyond a good deal in your bidding.
Know the terms and conditions of the auction
Additionally, prior to bidding, make sure you’ve gone over the terms and conditions of the auction. You don’t want to win the mobile home park auction just to find out later that you’ve gotten yourself way in over your head.
You’ll want to be informed of any additional fees or rules that may affect your win.
Don’t let yourself get distracted. Stay focused and alert. You don’t want to pay more than you should. And on the other hand, you don’t want to lose out on a good deal.
Unfortunately, the fast pace of the auction may feel daunting. If you can attend some other auctions before the one you’re vying to win, that’ll help you from feeling overwhelmed at the newness of the auction setup, especially if you’ve never been to one before.
Make eye contact
Next to paying attention, making eye contact is another key point to winning. Making eye contact with the auctioneer will help them identify you and they’ll be more aware of your presence. They won’t doubt that you’re bidding.
So don’t be shy!
No dilly-dallying or lollygagging if you want to win a good deal. Be alert and be quick.
For speed purposes, be clear in your mind on what you’re willing to spend on the auction and stick to your parameters. If you’ve made things clear to yourself, you won’t hesitate in bidding at the right moment.
Good luck at the auction!
In summary, a keen eye, clear mind, and proper research will provide you with the know-how to score a great deal at a mobile home park auction. We wish you a profitable business as a new mobile home park owner.