Time is Money When Involved in the Rehab of a Community Home
Industry veteran Michael Power provided a wealth of information midday Thursday on how to rehab a community home with efficiency and profit in mind.
Power has been a partner in ownership of 25 manufactured home communities during his career. He also has rehabbed more than 2,000 homes and purchased 1,000 new homes in the operation of communities in North Carolina.
“If you have home rehab needs, get in there right now… the clock is ticking,” he told more than 100 attendees during a presentation at the 26th Annual George Allen International Networking Roundtable in Indianapolis.
His tips ranged from how to shop and clean to how to hire help and finalize the staging.
On buying products — such as paint brushes, gloves and cleaning solvents — he advised owners and manager to avoid time spent going from place to place.
“Pick one place and stick with it. Buy the best stuff, and stick to a brand,” Power said.
When it comes to repairs and updates, be reasonable about how “perfect” you want to make the home. Home shoppers make decisions based on location in the park, the color of siding and skirting or the tree in the yard before they’re going to base it the most current color or stylish design.
And remodeling, he said, really is about patching holes, painting and laying new carpet.
“It’s really not that difficult,” Power said. “You don’t have to hire a giant company. If you’re hiring, get the person who has their name on the side of the truck and comes with two workers. It’s the best value option.”
Power also suggests taking out old, solid doors.
“Get doors that have a pane of glass,” he said. “Let a little light in.”
After the rehab, lightly scent each room with a pleasant aroma that will allow a shopper’s olfactory system to say “Oh, this is a nice place.”
Finally, make the place functional — put up shower curtains, lay down mats, provide tissue and paper towels and make sure every fixture has a fresh light bulb of the proper wattage.
“Rehabbing properly can really optimize your occupancy and tee you up to be able to buy new homes to replace the older ones in your community when that time comes,” he said.