Managing a manufactured home community comes with its own unique set of challenges. Mitigating risk and protecting the community, your tenants, and your investment is one of those challenges. When it comes to risk management strategies for manufactured home community owners, it’s important to be proactive. To help protect your community, check out these tips below:
Stay Up To Date on Legal Regulations and Laws Affecting Manufactured Home Communities
Staying informed on local, state, and federal laws and regulations that affect manufactured home communities will ensure that you’re in compliance with the law. The laws can impact many areas of your business and can include:
- Zoning Laws
- Tenants’ Rights
- Safety Codes
- Tax Laws
- ADA Requirements
- and More
Set and Enforce Park Rules Consistently
Ensuring that tenants and employees are aware of the rules of the community, will help keep the community safe and peaceful. Tenants should also be given a clear outline of the consequences for violating the rules. The rules for certain common areas, such as a community pool or playground, should be posted on a sign in an easy-to-read area.
Examples of some good rules to set include:
- Quiet Hours
- Noise Disturbances
- Speed Limits
- Home Upkeep
- Pet Ownership and Control
Have a Professionally Drafted Lease for All Tenants
It is crucial to ensure clear communication between you and your tenants. Having a lease agreement that is clear and easy to understand will protect both parties’ rights. When creating the lease agreement, it is important to hire a real estate attorney who understands the laws that apply to manufactured home communities. This will ensure that the lease is legally sound and in compliance with the law.
Keep a Complaint and Maintenance Log
A complaint and maintenance log will give you a record and paper trail if needed. It also shows tenants that their concerns are being addressed and ensuring they are not overlooked. This log will help you keep track of progress and hold employees accountable. If there are any recurring issues, it will help you pinpoint underlying problems and be proactive.
Implement Community Safety and Security Measures
Most tenants just want a safe and secure place for themselves and their families. Implementing an effective safety and security strategy will provide a positive living environment and improve the overall well-being of the community.
Some safety and security measures to consider are:
- Security Cameras
- Lighting for Streets and Common Areas
- Gated Entry with Access Control
- Regular Community Maintenance
For More Tips on Risk Management Strategies for Manufactured Home Community Owners, Please Watch Our Informative 7 Minute Video on Community Managers’ Best Business Practices on Our Videos Page Here
If you have any questions about risk management strategies for manufactured home community owners, check out the resources page or contact us through our website here.