THE MAGAZINE FOR MANUFACTURED HOUSING PROFESSIONALS
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contents
30
When I started thinking about design trends and where the world is going, I thought a great place to start would be to ask the artificial intelligence source ChatGPT what it saw in its crystal ball.
The national manufactured housing sector has been on an upswing for the past several years, and properties in the Northeast have posted similarly strong performance.
50
VOLUME 6, EDITION 6 | NOVEMBER / DECEMBER 2023 | MHInsider.com PUBLISHER Patrick Revere | patrick@mhvillage.com SENIOR GRAPHIC DESIGNER Merit Kathan | merit@mhvillage.com CONTRIBUTING EDITOR George Allen | gfa7156@aol.com EDITORS Sean Vichinsky | sean@mhvillage.com, Dawn Highhouse | dawn@mhvillage.com CONTRIBUTORS Nick Bertino, James Cook, Suzanne Felber, Matt Hershowitz, Andrew Keel, Darren Krolewski, Tony Petosa, Anthony Pino, Rachel Reid, Kellie Speed, COVER PHOTO Courtesy of Beko ADVERTISING SALES (877) 406-0232 advertise@mhvillage.com EDITORIAL & GENERAL INQUIRIES Patrick Revere | 2600 Five Mile Road NE Grand Rapids, MI, 49525 (616) 888-6994 patrick@mhvillage.com
HAPPENINGS 8 Industry Happenings INDUSTRY NEWS 12 Designing Your Debt Portfolio EVENTS 16 Events & Tradeshows 18 Louisville Show Preview COMMUNITY 22 Why Selling Now is So Much Better Than in 2020 26 Key KPIs For Community Operators
BUILDER / RETAILER 38 Dick Grymonprez: A Career Spent Overseeing the Development of Park Model RVs 41 Cavco Launches A National Community Sales Team MARKETING 44 It’s All About The Numbers: The Essential Metrics Every Marketer Should Know SERVICE / SUPPLIER 55 Manufacturing a Better Community; Sustainable Utilities Managed ALLEN LEGACY 60 Manufactured Housing Consultants Past and Present
MHInsider™ is published by: Although we make every effort to ensure that the information in this issue was correct before publication, MHVillage, Inc. and the publisher do not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause. Opinions expressed are those of the author or persons quoted and not necessarily those of MHInsider or the publisher MHVillage, Inc. Copyright ©2023 MHVillage, Inc. All rights reserved. Reproduction of MHInsider content, MHI or other contributor content, in part or in whole, is prohibited without written authorization from MHVillage, Inc.
2600 Five Mile Road NE Grand Rapids, MI 49525 (800) 397-2158 www.MHVillage.com
MHINSIDER.COM | 3
from the
PUBLISHER Fall is an Invitation Closing out ’23, the feeling that
“The problem is that really what you’re
resonates most deeply with me is that
shipping is a bunch of air.” We then began
return to “normalcy” we all considered
to visualize the homes, fully equipped
so often throughout the pandemic.
and ready to live in, as containers for the
Often, the most productive ingredient
purpose of that overseas voyage. What
in getting back to “business as usual” is
could you safely fill a home with that’s
the impromptu, organic interaction with
needed in, say, South America or Indone-
vice president of
colleagues. In just the last few weeks,
sia? In a single five-minute conversation,
communications
we’ve seen and heard from manufac-
we turned the idea of shipping container
tured housing professionals in Atlanta,
homes on its head. Silly as it may be, it
Nashville, Palm Springs, Reno, Dallas,
was a good exercise.
Patrick Revere is
at MHVillage and publisher for the MHInsider magazine and blog for industry
and now Chicago.
Without getting too neuro-dramatic…
The value of attending so many great
the key is to maintain an open mind and
industry gatherings, including the NCC
to see problems as challenges. It’s some-
Fall Leadership Forum provided by MHI,
thing like seeing constructive criticism
language, and
is that you get to see and feel the change.
for what it is and being willing to level
communication.
You get to BE a part of the change. There’s
it with two or three potential solutions.
nothing like walking a home, feeling the
The manufactured housing industry is
weight of that much-needed new hard-
very nicely poised to build and capitalize
ware, or being personally introduced to
on that positive interaction.
professionals. His background is in print news,
the latest tech interface.
Likewise, MHInsider is your industry
And, of course, there are the face-to-
partner, and if you have concerns, a par-
face conversations. You never know what
ticular challenge, or just want a place to
will come up!
talk through your next big idea, please,
At a meeting not too long ago, in a conversation with a colleague and friend, we wound our way through a silly concept about how to ship homes overseas.
4 | NOVEMBER / DECEMBER 2023 EDITION
flag me down or give us a call.
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Industry Awards 2023MHINSIDER
IN RECOGNITION OF THE HIGHEST ACHIEVEMENTS IN MANUFACTURED HOUSING
The 2023 winners for MHInsider’s annual industry
Our MHInsider editorial board selected among
awards have been chosen and will be announced
more than 80 candidates for the MHInsider Industry
in the January/February edition of the maga-
Awards. Deliberations continued among our inter-
zine, circulated at the Louisville Manufactured
nal team and external advisors until there were 22
Housing Show.
nominees for awards. Regional and state associa-
The fourth annual MHInsider Industry Awards tell a decades-long story of hard work, ingenuity,
tion directors from across the country chimed in to decide winners.
perseverance and a passion for innovative thought and business leadership.
The Advocacy Award honors efforts toward outreach and education that reach beyond professional position or title. The Influencer Award honors individuals who by their presence and authentic implementation of ideas have created widely held business practices and wholesale improvement for the industry.
The Leadership Award honors individuals who have earned the highest levels of industry achievement through their corporate or organizational leadership approach. The Visionary Award honors those who have brought to market the coolest concept or product, the idea that makes the job easier, the offering better, the customer experience more meaningful.
HAPPENINGS
industry HAPPENINGS Transactions Lender, Brokerage Arranges Fannie Mae Credit Facility Yale Capital Advisors arranged a $150 million Fannie Mae Credit Facility for an unnamed national man-
plant will employ more than 260 workers who will supply regional building efforts.
Vermont Approves Funding for Water Improvements
ufactured home community operator. The portfolio
Gov. Phil Scott and the Agency of Natural Resources
of 15 properties was primarily of 4-star quality and
in Vermont have announced the availability of $10
had an occupancy of 70 percent with on-going lease
million for manufactured home communities in
up. The facility will provide the borrower with the
need of water infrastructure improvements. “This
flexibility to add, subtract, and substitute properties,
historic funding will help ensure residents in these
as well as to borrow additional funds.
communities have access to functional and resilient drinking water, wastewater, stormwater, and drainage
Flagship Buys Indiana, Ohio Communities
systems,” Gov. Scott said.
Flagship Communities, a real estate investment trust, has acquired a manufactured housing commu-
San Diego-area Property Sells for $4.4 Million
nity in Evansville, Ind., for $23 million. “Evansville
Shady Lane Mobile Home & RV Park in El Cajon,
has become a strategic component of Flagship’s
Calif., recently sold for $4.4 million. The 41-home-
MHC portfolio since we began operating there in
site property was purchased by an unnamed local
2015,” Kurt Keeney, Flagship president and CEO, said.
investor. Marcus & Millichap brokered the deal,
“We are excited to add our 11th community in this
reporting it had taken 10 offers on the property in
market, in what will be a best-in-class offering for
three days on the market.
Evansville and the surrounding metro area.” The comOhio for $3 million.
Personnel Skyline Champion Names Board Chairman
Clayton Opens New NC Facility
Capel as board chair to work with the board and ex-
pany also has purchased a community in Lakeview,
Skyline Champion Corporation has named Eddie Clayton, the Knoxville-area based builder, is opening
ecutive team to drive company growth. “I am thrilled
a factory in Stanly County, N.C., east of Charlotte. The
to have Eddie as our new chair and am confident that
8 | NOVEMBER / DECEMBER 2023 EDITION
his strategic insights and commitment to excellence
reviews and online search activity to generate a list
will be invaluable as we take our next steps on this
of market leaders.
exciting journey,” Skyline Champion Corporation President and CEO Mark Yost said. Capel had been with Manhattan Associates and joined the Skyline Champion board in 2019.
Washington Home Seller Extends Awards Streak Valley Quality Homes, a Yakima, Wash., manufactured home retailer, for the 30th consecutive year
Kidder Mathews Names New VP
has been named the top dealer by Statistical Surveys
Kidder Mathews has added Rand Hoffman to its
Inc. The award-winning formula for Valley Quality
Portland office in the roll of vice president. He spe-
Homes centers around its commitment to delivering
cializes in sales and acquisitions of manufactured
exceptional quality homes and customer service.
housing and RV parks across the Pacific Northwest and California with a transaction volume exceeding $120 million. Hoffman holds licenses in Washington, Oregon, Idaho, and Nevada, and previously worked with CPX and Marcus & Millichap.
In Memoriam Lending Professional Laid to Rest Ward Whitfield, who worked with 21st Mortgage, passed away Aug. 23 at the age of 63. Born in Monahans, Texas, he moved with his wife Karla to Knoxville
Legacy Housing Names New CFO
in 1998 for the new opportunity. Those who worked
Bedford, Texas-based Legacy Housing Corporation
closely with Mr. Whitfield were drawn to his leader-
has named Jeff Fiedelman as its new chief financial
ship, intellect, courage, and determination. The work
officer. Fiedelman previously has worked in finance
role he cherished most was that of mentor, and he
with Pioneer Wine & Spirits, Oryon Technologies,
was known to readily share a word of encouragement.
and Substrate Technologies. “Jeff is a proven CFO
Services were held at Sequoyah Hills Presbyterian
and brings a wealth of experience in the areas of
Church with the Rev. Mark Lampley officiating.
finance, accounting, and operations to Legacy. He has held senior leadership positions at public and private companies, and his experience, background, and education will be a great addition to our leadership team,” Legacy Housing President and CEO Duncan Bates said.
Awards Rent Manager Named Top Performer London Computer Systems, the developer of Rent Manager property management software, has been named a top property management software product by Capterra, a free online service that helps organizations find the right software. Capterra Shortlist is an independent assessment that evaluates user
HAVE INDUSTRY NEWS YOU'D LIKE LISTED HERE? Contact our Publisher, Patrick Revere, at (616) 888-6994, or patrick@mhvillage.com
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INDUSTRY NEWS
Designing Your Debt Portfolio by Nick Bertino, Tony Petosa, and Matt Herskowitz
For over a decade, commercial
taking on more interest-rate
real estate investors had the wind
risk to boost their returns and
at their backs when it came time
execute cash-out refinances in
to refinance their properties.
intervals as short as two to five
In most cases, due to declining
years. While variable rate loans
interest rates and increasing
typically require borrowers to
property values, borrowers were
purchase interest protection,
typically able to refinance into
such as an interest rate cap or
lower interest rates and pull out
swap, these hedging instruments
additional cash beyond their ma-
remained relatively cheap to pur-
turing loan balances. Additionally,
chase during a low interest rate
shorter-term variable rates with
environment. Variable-rate loan
flexible prepayment structures
options also served as a backstop
offered even lower rates than
for borrowers whenever a sporadic
fixed-rate loans, allowing those
short-term increase in fixed-rate
borrowers who were comfortable
Treasury yields occurred.
12 | NOVEMBER / DECEMBER 2023 EDITION
For many investors who had only experienced a
rate borrowers whose initial rate caps are nearing the
low inflation, declining interest rate environment
expiration date would be wise to reach out to their
there was no reason to expect a change in long-term
loan servicer to see if a shorter-term, and therefore
trends. The 10-year Treasury yield reached nearly 16
less expensive, interest rate cap might be an option.
percent in 1981 but persistent tightening from the Fed
As mentioned above, in prior years variable-rate
ultimately tamed inflation and led to a prolonged
debt was often viewed favorably by borrowers seeking
decline in Treasury yields with the 10-year index
shorter-term loans with low interest rates and prepay-
dropping to 0.52 percent in 2020. Removing the recent
ment flexibility. And for other borrowers, variable-rate
pandemic lows, the 10-year Treasury yield hovered in
loans served as viable backup option during times
the 2 percent range for most of the previous decade.
when fixed interest rates spiked. But in today’s market,
But today, things are different. After pandemic-relat-
SOFR has risen to a level where the starting rates
ed conditions and government stimulus resulted in inflation spiking to double-digit levels in some categories, the Fed ultimately made a dramatic shift in policy. Over the past two years, we have seen a drastic increase not only in U.S. Treasury yields (the index tied to most fixed rate loans), but also SOFR (which has replaced LIBOR as the index tied to most floating rate loans) after the Fed increased
on variable rate loans can be as
Given we are experiencing a unique period in our economic history where we saw reignited inflation cause a dramatic shift in monetary policy, we believe this to be an optimal time to revisit your short and long-term assumptions on the economy and future interest rates.
much as 2 percent higher than longer-term fixed-rate loans. As a result of these high rates combined with the now higher costs of interest rate caps, demand for variable-rate loans has declined substantially. As a way to fill this void, the Agencies are now offering more aggressive underwriting and pricing on their 5-year fixed-rate structures; essentially providing this
rates eleven times. Faced with
option as a proxy to variable-rate
the headwinds of higher fixed
loans. For most transactions,
and variable interest rates, it is
they will underwrite to as low
now more critical than ever for
as a 1.25 times minimum debt
borrowers to evaluate how they
coverage ratio on 5-year loans
plan to build and design their
and also provide flexible prepay
real estate debt portfolios.
options, such as 3 years of yield maintenance followed
Borrowers who are currently holding variable rate
by a 1 percent prepayment penalty or 3 years of yield
loans in their portfolios are not only paying higher
maintenance with the last two years of the loan term
interest rates than they originally started with, but are
open to prepayment without penalty. Additionally,
also saddled with higher costs related to purchasing
since these are fixed-rate loan structures, no interest
interest rate caps, which are required by most lenders,
rate caps are required, providing further cost savings
including Fannie Mae and Freddie Mac (the Agencies).
versus variable-rate loan executions. A shorter fixed-
As it relates specifically to the agencies’ variable
rate term may also be a viable option for traditional
rate loans, at the time of loan origination borrowers
fixed-rate borrowers who need to refinance into new
were often required to purchase either a 3-year or
debt but are forecasting that interest rates will be
4-year renewable interest rate cap. Recognizing the
lower in five years as compared to where they are
increased cost of interest rate caps as required by
now and are therefore hesitant to lock in longer-term
their programs, today both agencies provide flexibility
fixed-rate debt.
related to reducing the required term on renewal
So, what about borrowers with properties
caps to as short as one year. Given the higher costs
currently encumbered by fixed-rate loans that »
of interest rate caps in today’s environment, variable MHINSIDER.COM | 13
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INDUSTRY NEWS
are still a couple of years from maturity and
rates around your maturity dates and then designing
have prepayment penalties?
your debt portfolio accordingly. MHV
Question Conventional Wisdom
Herskowitz are loan originators at Wells
Tony Petosa, Nick Bertino, and Matt Conventional wisdom would say it probably makes
Fargo Multifamily Capital, specializing
sense to hold fixed-rate loans to maturity since the
in providing financing for manufac-
existing interest rates on those loans are likely lower
tured home communities through their
than what can be obtained in today’s market. But,
direct Fannie Mae and Freddie Mac
perhaps this is when you might want to question
lending programs and correspondent
conventional wisdom. As a first step, borrowers
lending relationships.
analyzing their existing debt portfolios need to ask
If you would like to receive future
themselves whether they believe interest rates will be
newsletters from them, or a copy of their
higher at the time their loans mature. It is important
Manufactured Home Community Market
to note that fixed-rate loans are typically subject
Update and Financing Handbook, they
to yield maintenance or defeasance prepayment
can be reached at 760.505.9001 (Tony),
penalties, and these prepayment penalties diminish
858.336.0782 (Nick), or 760.840.3608
over time assuming a steady or increasing interest
(Matt); and email: tpetosa@wellsfargo.
rate environment. Given how drastically Treasury
com, nick.bertino@wellsfargo.com, or
yields have increased, fixed-rate loans maturing over
matthew.herskowitz@wellsfargo.com.
the next two to three years with a standard yield maintenance prepayment structure may be able to be paid off with as little as a 1 percent prepayment penalty (the minimum penalty typically associated with yield maintenance) while loans subject to defeasance may actually be able to be paid off at a discount. For borrowers who are of the opinion that interest rates will be higher two to three years from now, it likely makes sense to refinance early if they can pay their loan off with a minimal prepayment penalty while at the same time locking in a new long-term fixed rate prior to rates increasing further. Given we are experiencing a unique period in our economic history where we saw reignited inflation cause a dramatic shift in monetary policy, we believe this to be an optimal time to revisit your short and long-term assumptions on the economy and future interest rates. While the Fed is determined to battle inflation, there are some structural challenges that lay ahead such as a declining workforce and the risk of wage price increases that may result in rates remaining higher for longer. We also suggest reviewing the terms of your existing loans for key prepayment provisions and dates and confirming that your real estate schedule is up to date. Developing a financial business plan is now more challenging, but we recommend starting by forming future assumptions on MHINSIDER.COM | 15
EVENTS
Events
& Tradeshows
Louisville Manufactured Housing Show
MHI Winter Meeting
Wednesday, Jan. 17 — Friday, Jan. 19, 2024
Monday, Feb. 19 — Wednesday, Feb. 21, 2024
Louisville, Ky. | Kentucky Exposition Center
Amelia Island, Fla. | Omni Amelia Island
The Louisville Manufactured Housing Show is the
Hosted each February, the MHI Winter Leadership
nation’s largest indoor show for manufactured home
Roundtable is the first MHI members-only event of
professionals. The annual gathering is organized
the year. This program brings together MHI members
by the Midwest Manufactured Housing Federation,
to hear from industry experts on topics relevant to a
supported by the state associations of Illinois,
broad group of manufactured housing professionals.
Ohio, Michigan, Indiana, and Kentucky. The show
Event sessions are followed by an open discussion.
brings out an array of new manufactured home designs, the latest in technology, the best in supplier offerings, and a look at all the newest amenities and offsite-built options.
International Builders’ Show Tuesday, Feb. 27 — Thursday, Feb. 29, 2024 Las Vegas. | Las Vegas Convention Center The NAHB International Builders’ Show® (IBS) is the premier global annual event to connect, educate, and improve the residential construction industry. It is a hub for new product launches, construction demonstrations, industry thought-leader sessions, home tours, workshops, and panel discussions. Manufactured home and modular home professionals will showcase their products and services in the convention center and in the outdoor village.
16 | NOVEMBER / DECEMBER 2023 EDITION
IF YOU HAVE AN EVENT OR GATHERING YOU WOULD LIKE TO HAVE LISTED WITH MHINSIDER, PLEASE CONTACT US AT: www.mhvillage.com/pro/manufacturedhousing-industry-trade-shows/
Join Us at the Midwest’s Premier Event for Manufactured Housing Professionals
Registration is NOW OPEN! KENTUCKY EXPOSITION CENTER January 17-19, 2024 Louisville, Kentucky
Join over 3,000 attendees at the 2024 Louisville Show, where you can: Explore the latest home trends and innovations from the industry’s leading manufacturers by touring dozens of model homes on display Discover products and services from more than 100 exhibitors, and network with industry professionals from over 1,000 companies
THE YEAR’S FIRST MAJOR EVENT FOR MANUFACTURED HOME PROFESSIONALS
Learn from industry leaders as they share their expertise and insights for 2024 and beyond
REGISTER ONLINE AT
TheLouisvilleShow.com
Produced by the Midwest Manufactured Housing Federation and Its Five Member States: Illinois Manufactured Housing Association Indiana Manufactured Housing Association Kentucky Manufactured Housing Institute Michigan Manufactured Housing Association Ohio Manufactured Homes Association
SHOW MANAGED BY:
EVENTS
The 2024 Louisville Manufactured Housing Show Sets Up the Spring Selling Season
While manufactured housing professionals enjoy the holiday season, they’re also planning for the start of 2024, and that means The Louisville Show, being held Jan. 17-19 at the Kentucky Exposition Center. The show, held by the Midwest Manufactured Housing Federation — a consortium of state executives and other professionals from Illinois, Indiana, Kentucky, Michigan and Ohio — is held each year to showcase the latest in home designs as well as vital products and services. This year organizers anticipate a major boost in participation from industry builders, with about 40 homes on display. There are more than 100 exhibitors registered to attend. Visit www.thelouisvilleshow.com to register.
Educational Seminars at The Louisville Show The educational seminars at The Louisville Show will be hosted by Ken Corbin, a manufactured home sales veteran. Presentations and panels will be on topics to include How to Manage Community Infill, Industry Risk, New Building Techniques, The Lending Environment, and How to Market Homes.
New Headquarters Hotel for Louisville ‘24 Accommodations for manufactured housing professionals attending The Louisville Show in 2024 will include Hyatt Regency Louisville as the Headquarters Hotel. Attendees at the downtown hotel will have the option to use a shuttle that will run between the Kentucky Exposition Center and the host hotels. The 2024 show will be the first the MMHF has partnered with MHVillage as the show director, organizing all aspects of the show. MHV
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Brokerage & Ownership Mgmt
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Bill Haldane
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COMMUNITY
Why Selling Now is So Much Better Than in 2020 by James Cook
At first glance, this title may sound crazy, but there is a new paradigm that I have been observing, and watching clients enjoy for the last nine months or so. When you get a good appraisal or broker’s opinion of value today, it will almost certainly come in 15 to 25 percent below the peak of 2021 or early 2022, and in most of our client’s cases, this translates to a significant amount of money, millions usually. So how can I say this is a good thing for you, the seller? Well, let’s first discuss why commercial real estate values are down, before you move on and
To do so, the buyer would have to withdraw $3.5
assume I am crazy.
million, plus transactional costs from their treasury
Interest rates have increased from a 3 or 4 percent to 6 or even 8 percent within the last 18 months. Believe it or not, this has a pretty big impact on
or savings account, and then lose $80,000 a year after debt service or make a negative rate of return of roughly 2 percent.
MHC values. Why is that when all the buyers are
This scenario is very simplified, but you get the
using cash? Well, there are a couple of things to
idea. No buyer with millions in equity today is
note. While buyers may close all-cash sometimes,
likely to make that choice. Then you ask, why not
almost every major buyer eventually finances their
just pay all cash?
purchase. So, the cost of debt doubling, on let’s say
Well, equity today is making 8-plus percent, typi-
a $10 million purchase, is huge. When we used to
cally with additional upside, while the deal you are
sell great properties at a 4 or 5 percent cap rate, a
offering only pays a 4 percent rate of return, with
$400,000 net income could translate to a $10 million
work and risk. The buyer can buy a 5-year, or 10-year
in value (i.e., a 4 percent cap rate). Today, a loan for 65
treasury note and make a state tax-free income
percent of that purchase price, or $6.5 million, will
of 4 to 4.5 percent (as of mid September). Therein
cost $390,000 in just interest, assuming a 6 percent
lies the problem, to which there are only two solu-
rate. Now, if you want to amortize the loan, the all-in
tions; lower your price and/or have TONS of upside
payment would be closer to $480,000 on a 30-year
remaining in your property.
amortization schedule. So, as the seller of a property
Sorry to go into a wonky math lesson, but I like
producing $400,000 in net income, you ask the $10
to use examples instead of generalizations. Here’s a
million price tag you were offered two years ago,
little proof I may be right. The fact that ACROSS ALL
or even a year ago, by the laggards in the market. 22 | NOVEMBER / DECEMBER 2023 EDITION
SECTORS of commercial real estate sales have fallen by 70 to 80 percent in 2023.
The Good News and Why Now Is the Time to Act
That is the worst slowdown in almost two decades.
With all that perspective, let’s accept one thing
The market is screaming that values are down, even
— 2020, 2021, and early 2022 were a major bubble.
though no seller wants to hear it. To add insult to
The Fed created this bubble and burst it, and I can’t
injury, $2 to $3 trillion in commercial loans balloon
figure out why they don’t just take a long pause on
by 2025, and the debt markets are the tightest they
rate hikes. The speed and magnitude of the hikes
have been since 2008.
are damaging the banking industry and, in turn,
Roughly half of those loans will default and either end up in an “extend and pretend” situation or fore-
commercial real estate, and will eventually cause a wave of stress across the entire economy.
closure. This has lenders reeling and very nervous
OK, let’s get to the good news. If you get real, right
about putting new money on the street. Add that to
now, accept the current market pricing, hire the right
the fact that every treasury they bought and every
broker, run a process, and get bids from all the real
loan they made in the last 4 to 5 years has had to take
buyers at once. There is still cash in the transaction,
a write-down, which is the kind of thing that caused
many times more than 80 percent. The main reason
SVB, Signature, and then First Republic to fail.
this makes sense is that today your cash actually has
While no owner is happy to hear their property
value. That is the good news. Two years ago, you would
is down by 20 percent, or more in some cases,
have sold, paid your taxes, and probably netted $7 mil-
I will try to layout below why they are in a much
lion post-tax (using our $10 million deal and assuming
better spot selling that same community today for
you are a long-time holder, fully depreciated, no debt,
$8 million than they could have been in two years
etc.). The treasury markets were yielding an average
ago for $10 million.
of 1.5 percent, so on your $7 million, you would have » MHINSIDER.COM | 23
COMMUNITY
netted a whopping $105,000 a year. Here is the fun part. When treasuries went to 4-plus percent your
How You Can Take Advantage So, how are we getting deals done?
cash value of those treasuries would be decimated.
Volume is down and listings are down, so funds
Compare that with an owner selling the same deal
and buyers still in cash that must be deployed are
today for $8 million, netting $5.6 million in post cap
jumping on the best properties and the ones with
gains, recapture, the Affordable Care Act, and then
a lot of upside. Then, in “market deals”, where the
purchasing 4 percent treasuries. Their net income is
seller doesn’t want to take as big of a discount, we
$224,000, or two times higher than before.
are seeing them agree to owner financing. We are
Here is the clincher… many people almost expect
seeing as many seller-financed deals this year as we
the Fed to tear at the economy like they have the
have seen in the last 10 years. This can be a win-win
banking system. Then, they expect the Fed to reverse
since the seller gets their price and surety of closing
and lower rates. Now, that could take 12 or even
since there is a guaranteed lender, and buyers are
24 months, but your treasuries at 4 percent yield
often willing to put up non-refundable money much
will go up nicely in value.
faster with the lender-risk removed. The seller also
The take-home is this: You can’t time the market,
gets a pre-capital gains-tax return that is above the
top or bottom (as Buffet has always said), but a seller
treasury yield, and the buyer gets a rate that is lower
getting 80 percent of their highwater-mark price
than the market rate. Spreads between treasury rates
today is a better deal for seller than the buyer. Almost
and borrowing rates are pretty high, mostly 200-300
anywhere sellers put their money in 2020-2022 it
basis points, in some cases 400 basis points, which
would be down, and in many cases, more than 20
is why financing is so hard on returns.
percent. So, you made the right move to hold past the peak, but don’t stay too long at the party.
This makes for a perfect opportunity to carry paper and take advantage of that delta while solving both
I think we are in the perfect spot in the market
the buyer’s and seller’s challenges. MHV
where an owner can still sell for a good number, buy
James Cook is the national director of
some treasuries, and sit back and relax. There could be
brokerage for Yale Realty and Capital
some bargains coming soon or your value could take
Advisors. He entered the manufactured
a much bigger hit depending on what the Fed does
housing and RV property asset class in
on hikes in the next few months. Banking is really
2005 as a licensed agent listing homes
in a tough spot and while we are still getting loans
for a local investor. In 2012, he founded
done, it is not easy, and debt is way more expensive.
the fully integrated finance and brokerage shop and has accumulated transaction exceeding $1 billion in value. He offers perspective at a national level, providing insight into the niche industry.
For industry-leading structural coverage for manufactured & modular homes, contact National Manufactured Modular Program Manager Ron D’Ambra from 2-10 Home Buyers Warranty.
Ron D’Ambra 803.917.1946 | rodambra@2-10.com 24 | NOVEMBER / DECEMBER 2023 EDITION
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COMMUNITY
Key KPIs For Community Operators by Andrew Keel
Managing manufactured housing communities can be tough work. Creating accurate key performance
to feel confident about your manufactured housing community management.
indicators (KPIs) can streamline your management processes and give you peace of mind as your portfolio
Occupancy
grows. When growing my portfolio of nearly 3,000
Occupancy metrics are our most important, we
lots, at times it felt like I was building the boat as I was
instill this to our entire team daily in every meeting.
sailing it. If I had implemented these KPIs sooner, I
If my staff have multiple “to-do’s” that pop up and
could have saved myself some significant headaches.
they don’t know what to tackle first, we always want
This article will share with you what I think are the
them to prioritize the “occupancy’’ related tasks first.
most important metrics you should monitor in order
When evaluating occupancy, our metrics can be broken down into these five KPIs:
26 | NOVEMBER / DECEMBER 2023 EDITION
• Heads in beds - total number of occupied units vs. total number of lots in the park • N umber of days vacant – on home s for s a le a nd home s under renovation • Number of showings completed • Number of applications received • Number of homes sold vs. number of homes available We dive deep into each failing or “red” metric on our dashboard to discover the root issue with our operations. For example, a high number of showings and a low number of applications received could indicate condition issues with the home we are trying to sell.
Collections We know that no matter what occupancy looks like, we will likely collect 90-95 percent of our anticipated revenue each month with relative ease. 95 percent is a great start, but that still means that we are chasing 5-10 percent of our tenants each month. To address our tenants with overdue rent, we use a “full-court press” approach, this includes reaching out via most methods possible. Our top KPIs for evaluating collections include: • P ercentage of amount billed we’ve collected • Number of tenants that paid vs. the total number of tenants in the park • Total “cash-for-keys” offers made We compare each of these metrics with the numbers from previous years during this same time of the month in order to track trends and ensure we are moving in the right direction. We also track the total collection attempts, and the forms of these attempted communications to more effectively strategize future scenarios. » MHINSIDER.COM | 27
COMMUNITY
Water and Sewer Recapture I’ve learned the hard way not to mess around when it comes to your water/sewer expense recapture. We
Why? Here are a few KPIs we track for every project to help us stay on track with the returns we’ve projected before purchase:
monitor ‘slippage’ by daily tracking of Metron farnier master meters and Metron submeters under each
Pro forma projections vs. the operational
home. We aim for a 90 percent utility recapture
realities on each:
rate, however some months are worse than others,
• Revenue
usually based on the weather. In order to avoid pour-
• Expenses
ing money down the drain, we track utility slippage
• Net Operating Income (NOI)
constantly via these KPIs:
• CAPEX (capital improvements)
• Daily meter readings (Master meters
• Investor distribution amounts
and submeters)
Tracking our budget vs. actual differences is like-
• M onth ly f inancial rev iew of the utilit y
ly a large part in why our underwriting today for
income and expenses
new projects is usually more accurate than it was
• Number of water leaks per year
when we first started buying mobile home parks
We watch the usage numbers and compare them to
over 7 years ago. Experience compounds and what
the averages month over month to ensure large spikes
gets measured, gets done.
don’t throw us off budget. When a spike occurs, we
I hope these KPIs give you a starting point to devel-
are usually notified within minutes so the leak can
oping your own dashboard with your most important
be identified quickly to avoid large slippage costs.
metrics. Knowing is the first step towards fixing. Red metrics are present in every organization, the key is
Property Condition
being able to identify them and resolve them in a
Property conditions are extremely important for the
timely manner. Accountability is critical, we spend
tenant experience. Poorly maintained manufactured
80 percent of our time on the failing red metrics and
housing communities will not only drive good tenants
20 percent of our time on what’s green. KPIs allow
out, they will also make the property less valuable.
you to track your team and create accountability
Identifying, tracking, and resolving rule violations can
standards based on results rather than ‘to-do’ lists.
be a daunting task for a part time on site manager.
Peace of mind is invaluable and having the right KPIs
Monthly drive-through videos are a great approach so
in place can get you one step closer. MHV
off site personnel can escalate action items as they see
Andrew Keel is the CEO of Keel Team
fit. Our KPIs for maintaining property condition are:
Mobile Home Park Investments. He
• Number of new violations per lot
currently owns and self-manages just
• Number of violations fixed from the prior
under 40 mobile home parks across 16
month, per lot
states. His business model includes buying
• Annual number of violations per lot
value-add mobile home communities,
We have found that the constant offenders are
fixing the deferred maintenance and holding them long-
better off living somewhere else. Keeping track of
term with agency financing. Please visit KeelTeam.com
these above metrics tells our operations manager the
for more information.
story of who is a good fit for our community and who is not. We also randomly inspect each property every 2-3 months as this has been the best way to hold our onsite management accountable.
Budget and Actual How do your projected values compare to your operating realities? Are your numbers different? 28 | NOVEMBER / DECEMBER 2023 EDITION
REACH OVER 30,000 MANUFACTURED HOUSING PROFESSIONALS IN PRINT AND ONLINE
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BUILDER / RETAILER
What Are We In For? 2024 Home Design Trends Someone said to me the other
To stay up-to-date with the latest
day that they were excited to have
interior design trends for 2024, I
the housing market “get back to
recommend consulting interior
normal.” I didn’t have the heart
design magazines, websites, and
to tell them that that those days
experts who regularly track and
are long gone. With the rapid
report on emerging trends in the
advances in technology, artificial
field. You can also follow interior
intelligence, and how we receive
design influencers and profession-
information daily, those days are
als on social media platforms like
a memory. Reviews.org found
Instagram and Pinterest to get a
that most people reach for their
sense of what’s currently popular
phones to check emails, TikTok
in the world of interior design.
and texts over 144 times a day for
Additionally, visiting design
over 4 hours and 25 minutes. It
shows and exhibitions can provide
sounds like a lot, but that is less
insights into upcoming trends in
than 2 minutes per phone check.
the industry.”
So, when I started thinking
As a design inf luencer and
about design trends and where the
professional who has visited
world is going, I thought a great
quite a few design, building, and
place to start would be to ask the
lifestyle focused conferences
artificial intelligence source Chat
this year, I have a lot to share. It
GPT what it saw in its crystal ball.
has also been a great learning
This was the response…
experience to have LifeStyled
“Interior design trends are con-
over 100 manufactured housing
stantly evolving, and new trends
model homes this year. Being in
emerge each year based on various
homes hearing (eavesdropping)
factors, including societal chang-
about what consumers think of
es, technological advancements,
our homes, and what their likes
and evolving design aesthetics.
and dislikes are has been a huge »
30 | NOVEMBER / DECEMBER 2023 EDITION
Lisa Stewart Photography, The Let It Be, Oakwood Homes of Amarillo
by Suzanne Felber
Lisa Stewart Photography, The Sterling XL Clayton Homes Austin Texas
Lisa Stewart Photography, The El Sueno Oakwood Homes of Austin
Lisa Stewart Photography
Photo Courtesy of: Beko
As a design influencer and professional who has visited quite a few design, building, and lifestyle focused conferences this year, I have a lot to share.
MHINSIDER.COM | 31
BUILDER / RETAILER
advantage. Here are the trends I see being important
design. This will continue to be one of the top trends
as we move into 2024.
throughout the next decade.
Artificial Intelligence vs Practical Knowledge
ing real needs and improving people’s lives. It
In meaningful design, the focus is on addressThe design world is buzzing about artificial intelli-
involves understanding the context, values, and
gence, and how it will impact the design community.
aspirations of the users or stakeholders and incor-
As we found when we used Chat GPT to find design
porating those insights into the design process.
trends in the future, artificial intelligence can share
By doing so, designers aim to create solutions that
what has been out there in the past, but can’t predict
resonate with people on a deeper level and evoke
the future. There will still be a need for professionals
positive emotions or experiences.
who have had hands-on experiences with consumers
Overall, meaningful design goes beyond sur-
and products to accu-
face-level aesthetics
rately predict where
and functionality to
we will be heading
create experiences
into 2024 and beyond.
that connect with peo-
W here ar tif icial
ple’s emotions, values,
intelligence can be
and aspirations, while
useful is in designing
addressing real needs
new products. It is all
and making a positive
about giving the right
impact in the world.
prompts and informa-
Curated Collections
tion to the service to be able to get some-
Maximalism is
thing useful in return,
replacing that stark,
and sometimes that
minimalist look that
doesn’t even work.
we have been seeing
MidJourney and other
the past few years. A
AI applications are a great way to try out
word of caution — this Lisa Stewart Photography, The Sterling XL, Clayton Homes of Austin Texas
is not an easy look to
new ideas or make mood boards without having the
execute. More isn’t always better. What we see are
expense of designing a physical product.
carefully chosen objects that all relate and make a collection that is easy on the eyes. A mass of items
Meaningful Design The days of disposable incomes are long gone. Even if people are in the enviable position of having
that are pulled out of your warehouse just because they are paid for aren’t necessarily a collection, and is likely to turn off buyers.
won the lottery, or otherwise having more cash than they need, consumers are thinking twice about how
Modern vs. Contemporary
they spend. Are they likely to use that extra cash
Cold, contemporary spaces with white walls, ab-
to buy a second home they can share with family
stract designs, and everything new are being replaced
and friends or to take that European vacation they
with modern spaces that can still have clean lines, but
have always dreamed about?
mix in warmer colors. Green, like living plants and
Meaningful design refers to the creation of prod-
similar warmth in the artwork, rugs, and accessories is
ucts, services, or experiences that have a deep and
bringing the natural world inside. The black and white
significant impact on individuals and society. It goes
farmhouse that we have seen for years is being re-
beyond aesthetics and functionality to consider
placed with a “Modern Farmhouse” that has warmer »
the emotional, cultural, and ethical dimensions of 32 | NOVEMBER / DECEMBER 2023 EDITION
Nationwide Third Party Property Management, With an Owner's Perspective
OPERATIONS �� � � � � �� � �� � �� , , Curb Appeal and Occupancy
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Schedule a call today for a free community evaluation 248-885-9832 sblank@blankfamilycommunities.com Blankfamilycommunities.com
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UMH PROPERTIES, INC.
A PIONEER IN MANUFACTURED HOUSING As a publicly traded REIT (NYSE:UMH), we have been providing quality affordable housing since 1968. Our portfolio provides high profit margins, recession resistant qualities, reliable income streams and the potential for long-term value appreciation. • • • •
$2.0 billion in total enterprise value 135 communities, 25,700 homesites, 2 joint venture communities containing 363 homesites, 11 states Housing approximately 22,000 families 7,700 total acres, 3,800 acres in Marcellus and Utica Shale regions
UMH Awarded 2021 Manufactured Home Community Operator of the Year and 2021 Retail Sales Center of the Year by the Manufactured Housing Institute For more information, visit www.umh.reit or contact ir@umh.com
BUILDER / RETAILER
wood tones on floors and cabinets, adding texture,
renting the lot. Which sounds like a better value and
as well as furniture that you aren’t afraid to use.
quality of life to you?
Kitchen Colors
Precision Cooking
Color is back! In 2024, you will see a lot more colorful
Consumers no longer settle for appliances that
cabinets, countertops, and even appliances coming to
just turn on or off. They are looking for energy ef-
a kitchen near you. An affordable way to use this trend
ficient ways to cook that will extend the shelf life
in your homes is to add the color with countertop
of their food. Consumers demand appliances that
appliances, pots, and linens. These are easily replaced,
affordable and functional. Appliance manufacturers
but make your home on-trend.
are phasing out coil burners, and replacing them with glass top ranges that have come down in
Living Large in Small Spaces
price, and are more efficient. As we deal with global
Consumers are learning how to live in a smaller
warming, having refrigeration that will keep the
space without sacrificing their lifestyle of choice. The
right temperature and humidity in them is critical.
scale of furniture and accessories is critical to make
Beko Appliances just introduced HarvestFresh, which
a smaller space function well and not look crowded.
uses three-color technology to stimulate the daily
The use of area rugs add color and anchor a space.
sun cycle, preserving vitamins in fruits and vege-
Open armed chairs, and sofas that show some leg
tables, for a greater nutritional benefit and to keep
are great ways to make a room more inviting. “Drink
produce fresh for up to 30 days.
Tables” are replacing full size end tables. Think about traffic flow when you are designing a room.
Go Organic We are reaching a tipping point where organic foods
Separation of Space
and products are the first choice of most consumers,
With all of us working more at home, we have
and they aren’t shy about asking. People want to know
started to value our privacy more than ever. We create
what is in their food, and where it came from. Building
“Zoom Rooms” where the entire household doesn’t
products that are used in and outside our homes need
have to hear an online conversation, and where we
to be eco-friendly, and we need to let consumers know
can avoid the dog wanting to go out. We are seeing
that up front. Low VOC (Volatile Organic Compounds)
more study halls, too, that actually use a hallway to
products are becoming a standard, and off-gassing is
create a place for kids to do their homework or for a
something that consumers have become increasing
parent to create new Pinterest ideas.
aware of and worried about. The manufactured housing industry has a huge
Community Living
opportunity in front of it in 2024 and beyond.
This is a huge growth area that our industry has
Consumers are looking for better solutions,
owned for years, but site-built buyers and consumers
and we are poised to be their first choice for
are just now discovering the value of community
well-designed, affordable housing. MHV
living. There is an explosion in site-built “Build to
Lifestylist Suzanne Felber has been active
Rent” communities where the homes most often
in the housing industry for more than 30
are styled like townhomes with a narrow floorplan
years. Felber realized that factory-built
and at least three stories. There is little or no yard. A
housing was the housing of the future, and
new community on a busy, noisy interstate highway
has been actively working to promote the
in Dallas has four to six attached homes in each
lifestyle ever since. She started American Housing Advocates
building and start at more than $3,000 a month. Our
as a way to share the great news about manufactured
industry offers well designed homes on a lot with no
housing. To learn more about her work, visit www.lifestylist.
shared walls, no wasted spaces for stairs inside the
com and www.americanhousingadvocates.com, or read her
homes, and a chance to own your own home while
@lifestylist social media posts. MHINSIDER.COM | 37
BUILDER / RETAILER
DICK GRYMONPREZ
A Career Spent Overseeing the Development of Park Model RVs by Kellie Speed
After more than four decades in the industry,
each year in the U.S., so it’s not a big business. It is
Dick Grymonprez has decided to retire as director of
competitive and there are things to learn, but it’s a
park model sales for Skyline Champion.
good business to be in.”
“I’m turning 65 and am ready to step down and turn it over to someone else,” Grymonprez said about his decision to retire this summer.
‘I never wanted to get into the business’ Grymonprez never actually wanted to get into the factory-built housing industry.
Playing an Active Role
“I grew up in Michigan and my father was in the
He is well known as someone who has helped
business,” he said. “He was the general manager of
expand the company’s park model offerings
the Redman plant. I never wanted to get into the
while also play ing a prominent role as an
business, so I went to college and got a job selling
advocate for the industry.
insurance. It didn’t go so well, so I decided to get
“I have always been active in associations through-
into this industry and joined Redman, which is now
out my career,” he said. “I think it’s important when
part of Skyline Champion. They asked me where
you are in the industry to find out the inner workings
I wanted to go and being from Michigan, I said
of it and how to help it succeed. It’s an interesting
Arizona, Texas, or Florida.”
business. As park model manufacturers, we can sell
Grymonprez got his start in Texas, later working
to resorts and communities, and RV and park model
as a sales manager in Arizona before moving back
dealers. There are only about 5,000 park models sold
to Texas where he currently lives.
38 | NOVEMBER / DECEMBER 2023 EDITION
“I have been in the industry since 1981 when I first
“Tiny homes talk about downsizing. They promote
worked with Redman Homes until 2004,” he said.”
250 square feet of home as actual homes. Ours are
At that time, he, along with a group of inves-
bigger. When HUD came down on our industry, tiny
tors, decided to purchase a closed manufactured
homes weren’t available. America has a housing
housing plant in Athens. A noncompete clause
shortage and people will live in anything they want
prevented them for two years from building
to,” he said. “But the ones we build are a little more
homes so they changed their business model to
upscale. We build more like a manufactured home
manufacturing park model RVs.
than a park model. They have high pitches and lofts.
He worked at Athens Park Homes as vice president of sales and marketing for nearly eight years until
They really set the upper echelon for park models, and I think that’s what the industry wants.”
Champion bought the plant in 2012. “When Champion bought us in 2012, we became the largest producer of park models in the country and have stayed that way ever since,”Grymonprez said. “I joke that I have worked for Champion twice and they never hired me.
A Growing Industry Half of Skyline Champion’s supply of park models goes to campgrounds. “We continue to see growth with the campground industry booming,” he said. “The growth of our com-
“I have been in the business for 42 years and it has
pany has been as a major supplier for campgrounds.
been a blast,” he added. “The company has been 100
As we grow resorts, park models work perfectly as
percent supportive, and I have enjoyed all of it.”
rentals because they are built to last, they are energy
Over the years, Grymonprez served as pres-
efficient, low maintenance and affordable. The cost
ident of the Arizona Manufactured Housing
of park models has doubled in the last few years,
Association and played a major role for a decade
but they are still affordable. What’s different now
serving on the RV Industry Association (RVIA) before
is that some of the resorts are unbelievable. Sun
ending his tenure last year.
Resorts, for example, has water parks, yoga studios, video arcades, tennis and pickleball courts. It’s like
Unexpected HUD Challenges
going to a fun weekend resort.”
During his time, Grymonprez said, the U.S. Depart-
With the cost of park models more than dou-
ment of Housing and Urban Development began to ask
bling since COVID, Grymonprez believes the
questions of park model RV manufacturers for selling
industry is only going to keep getting stronger
the models that looked more like homes, increasing
despite higher interest rates.
their size to over 399 square feet, for instance.
“Our park model business is consistent every year,
“We don’t sell our models as homes,” he said. “We
which has been very good for the company,” he said.
build RVs. At Athens Park, we don’t talk about it being
“Florida is the only state that allows HUD-code man-
a home. It’s a weekend getaway cottage. We do that so
ufactured homes under 500 square-feet in an RV
we don’t mess with HUD. Park model manufacturers
park,” he said. “Between the ANSI park model RVs
don’t encourage enclosed porches. We don’t insulate
and the Florida HUD park models at 499 square feet,
above or below the porch. I would say one of my
we have averaged between 1,500 and 1,800 per year
biggest accomplishments was being part of a team
and this year we should have our best year ever. I love
that was able to convince HUD to allow us to keep
the industry. I get to talk with competitors, lenders,
our porches. The challenge is to keep it as an RV but
suppliers. It’s one big happy family.” MHV
make it attractive.”
Kellie Speed has more than 20 years’
Gr y monprez adm it s he cr inges when he
experience writing for a variety of publica-
hears talk about tiny homes. Park models, he
tions, including Realtor.com, Haute Living,
emphasized, are for weekend getaways, vacation
U.S. Veterans magazine, DiverseAbility,
rentals, or seasonal dwellings.
and Forbes Global Properties. She can be reached at kkspeed@aol.com. MHINSIDER.COM | 39
No One Else Comes Close Reach Over 39,000 Manufactured Housing Professionals with the MHInsider™ Magazine! In today’s evolving market, it is more important than ever to get your products and services in front of potential buyers to keep your sales pipeline full. As the premier news source for manufactured housing professionals, the MHInsider™ is the perfect vehicle to carry your advertising message to industry decision makers at communities, retailers, manufacturers, suppliers and service companies nationwide.
™
Call (877) 406-0232 to Advertise
or visit mhinsider.com/media-kit to request a media kit.
BUILDER / RETAILER
CAVCO L AUNCHES A NATIONAL COMMUNITY SALES TEAM Cavco Industries, one of the nation’s largest off-
Sun Communities is one of the largest operators of
site builders, has doubled down on its commitment
manufactured home communities in the country,
to serving developers, community managers, and
and as a Cavco customer, the development of the new
community operators through the formation of the
department came as welcomed news.
Cavco Communities Group. “Cavco Communities is our national effort to
“Cavco implementing the community support team has introduced enhanced communication
refocus and renew our level of commitment to com-
between the Cavco
munity partners,” Cavco’s Ross Mueller said. “From
plants and Sun Com-
each individual community manager we sever, to
munities nationwide
the largest of the national account, we will be the
strengthening our
preferred home provider.”
relationship,” Sun
The new Cavco Communities branding was
Communities Vice
launched at the SECO conference Sept. 11 in Atlanta.
President of Asset
Largely through acquisition, Cavco has grown to
M a n a gement Jo e
31 production facilities spread from coast to coast.
Deaunee said. “There
Cavco’s 2022 acquisition of Solitaire Homes included
is now an immediate
two facilities located in Ojinaga, Mexico.
response on sales and
“Cavco Communities brings continuity across our family of brands,” Mueller said.
“Cavco Communities is a commitment to people at the community level and the regional managers in that area,” –Cavco’s Ross Mueller
service concerns.” As the nation’s third largest manufactured home
It is the continued consolidation among com-
builder, Cavco has an under-represented share of the
munity ownership groups that requires a new
communities business. Mueller said the company’s
national focus for Cavco.
assembling the national team through the end of
“Our family of brands has local and regional im-
2023 and likely into 2024. MHV
portance to our customers. Once a customer gets to a certain size, buying across all of our brands can become a little cumbersome.” Mueller said. “Our national customers requested a centralized resource with access to all of our brands.” While creating additional support for our com mu n it y pa r tner s , Cavco i s not lo si ng sight of what’s important. “Allowing the plants to maintain their individual identities, while leveraging a unified approach to our communities sales structure, is a key component of Cavco Communities,” Mueller said. “Our lean, top-down approach, alongside plant-centric mentality, allows us to be both proactive and reactive when necessary.”
MHINSIDER.COM | 41
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MARKETING
It’s All About the Numbers: The Essential Metrics Every Marketer Should Know by Darren Krolewski
44 | NOVEMBER / DECEMBER 2023 EDITION
If you’ve watched any Food Network at all, you’re likely familiar with celebrity chef Robert Irvine and his show “Restaurant: Impossible”. Each episode profiles a struggling restaurant where Irvine and his crew swoops in to rehab the floundering enterprise with an updated menu, fresh decor and a crash course in operations. It’s a great show. Unsurprisingly, many of the turnarounds are about the owners not having a good sense of their numbers. As is true in many industries, if you’re losing money on every customer, you shouldn’t plan on being in business very long. The reality is, if you don’t understand the key metrics for your business, and know them well, you can’t possibly make good business decisions. This is especially true of marketing, where an endless array of advertising and promotional choices vie for our limited marketing dollars. For the purposes of this article, we’ll focus not on how to analyze campaign performance but on what happens after an advertising campaign generates a lead. That’s where the serious numbers begin. As the final months of the year traditionally herald the beginning of a new budgeting cycle for most marketers in our industry, there’s no better time to brush up on some essential metrics and focus on the most important marketing channels in the year ahead.
Cost Per Lead (CPL) Quite simply, Cost Per Lead, or CPL, is the cost of generating a prospect. To calculate your CPL, divide your marketing spend by the number of leads acquired during the same period. You can calculate CPL at the campaign level, which is valuable for benchmarking campaign performance, or across all of your marketing channels as an overall benchmark. Of the two, analyzing CPL at the campaign level makes the most sense as it enables comparisons between marketing campaigns or channels. This enables you to identify the most cost-effective campaigns and make more effective budgeting decisions. »
MHINSIDER.COM | 45
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MARKETING
Lead Conversion Rate (LCR)
given point of time, such as over
is a component of calculating the
Your Lead Conversion Rate, or
the course of a year or the term
lifetime value of each customer,
LCR, measures how successful you
of a lease. If you’re a retailer, you
either individually or in aggregate
are in turning a prospect into a
typically have a large, one-time
among all customers. Second, it
customer, whatever a customer
sale to a customer, so you need
provides important insights into
represents to your particular part
to calculate your average home
customer turnover, or churn,
of the industry. In the case of a
selling price. If you’re a supplier,
which is the portion of customers
retailer, it would be a sold home.
you would calculate your average
that cease to be customers over
For a community, it would be a
customer value by adding up the
a specific time period. To deter-
new resident. It is calculated by
average value of each transaction,
mine your ACL, first calculate
dividing the total number of con-
multiplied by the frequency of
the number of days between
version activities divided by the
orders over that time interval. For
the first activity that created a
total number of leads, multiplied
a community, you would calculate
customer and the last activity of
by 100. At the individual campaign
the value of the monthly lease
that customer to determine an
level, it allows you to determine
multiplied by the lease term.
individual customer lifespan for
the ultimate effectiveness of specific ad campaigns or channels. At the organizational level, it reflects the effectiveness of your entire customer acquisition process.
each customer. Then total all the
Average Customer Lifespan (ACL) Average Customer Lifespan
customer lifespans and divide by your total number of customers to arrive at the ACL. »
measures how long a customer stays a customer. This metric is
Customer Acquisition Cost (CAC) Customer Acquisition Cost, or CAC, measures all the expenses associated with bringing in a customer. This includes everything from advertising media costs, to labor, production, sales commissions, and overhead. It is important to understand CAC to enable you to focus on the methods of customer acquisition that are most cost effective. Using this approach, it might make sense to pay a higher cost per lead from one lead source if the total acquisition cost is lower, compared to a lower
important for two reasons. First, it
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priced lead that incurs higher overall acquisition costs.
Average Customer Value (ACV) This is an easy one. It’s how much a customer spends on average per transaction during a
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MARKETING
Lifetime Value (LTV)
get the most accurate number
MHVillage, the number one website
Not to be confused with Cus-
however, you will also want to
for manufactured homes, retailers
tomer Lifetime Value (CLV), which
multiply the final number by your
and communities. Prior to joining
measures the lifetime value of an
gross margin. To illustrate, if you
MHVillage in 2014, Darren held
individual customer, Lifetime Val-
determine that the lifetime value
senior marketing positions in the
ue, or LTV, measures the average
of a customer is $15,000 with a 30
telecommunications, advertising,
lifetime value of all customers
percent gross margin, then your
and financial services industries —
in aggregate. Arguably, it is the
LTV is $5,000.
and was a partner in a marketing
most critical metric of all because
There are many enviable goals
it shows how much you can afford
in marketing, visibility and aware-
to spend on customer acquisition
ness among them. In the end it
and retention. LTV helps you
comes down to one thing: what
make informed decisions about
makes the cash register ring. By
marketing initiatives as well as
understanding these key metrics,
evaluate investments that improve
you too can make better market-
customer value. That said, there
ing decisions to make that register
are several ways to calculate LTV.
ring louder and more often. Oh,
In its most straightforward form,
sweet music. MHV
the calculation is to take your
Darren Krolewski
Average Customer Value (ACV)
is co-president and
and multiply it by your Average
chief business de-
Customer Lifespan (ACL). To
velopment officer of
consulting firm serving the housing industry.
REACH OVER 30,000 MANUFACTURED HOUSING PROFESSIONALS IN PRINT AND ONLINE
To Advertise, call:
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Prove Your Industry Expertise with an MHEI Certification Accredited Community Manager (ACM®) The preferred designation for community managers Two courses available in person or online that cover MH community management topics including: n Management and Resident Policies n Community Maintenance n Leasing and Sales Techniques n Marketing Communities n Financial Management n Physical Asset Management n Federal and Fair Housing Law
Professional Housing Consultant (PHC®) A complete study of retail from the history of construction to closing the sale Topics covered include: n Retailer Responsibilities n Placement Options n Finance Overview n Fair Housing n Land Home Finance n Personal Property Finance n Credit Applications n Selling Skills n Comparing Manufactured Homes to Other Forms of Housing and Communication
Visit www.ManufacturedHousing.org/Education for more information 48 | NOVEMBER / DECEMBER 2023 EDITION
Manufactured Home Community Financing
Wells Fargo Commercial Real Estate understands that making business decisions in the current environment is more challenging than ever. Our experienced bankers can provide the financial guidance you need to help navigate your company’s most pressing issues. With our industry knowledge, products, and services, we’re confident we can help keep your business moving forward. Learn more at wellsfargo.com/mhc. Tony Petosa 760-505-9001 tpetosa@wellsfargo.com
Nick Bertino 858-336-0782 nick.bertino@wellsfargo.com
© 2023 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. PDS-3925417
Matthew Herskowitz 760-840-3608 matthew.herskowitz@wellsfargo.com
BROKERAGE
Northeast Year in Review and 2024 Outlook by Anthony Pino
The national manufactured housing sector has been on an upswing for the past several years, and properties in the Northeast
Elevated Occupancy Levels Highlight Strength of Demand, Stability of Operations
second quarter at 94.3 percent, and the rate has held steady between 94 percent and 95 percent for the past five years.
have posted similarly strong
The first measurement of
Top states for occupancy in
performance. While the bulk of
property performance that most
the Northeast region include
the supply growth for the industry
operators and investors look at is
Maryland and Virginia, where
occurs in rapidly growing popula-
the occupancy rate, and current
occupancy levels are 98.7 percent
tion centers in the South and the
totals showcase a very strong
and 97.7 percent, respectively.
Southwest, the sector continues
market. The national occupancy
Pennsylvania has the largest
to expand in the Northeast, and
rate ended the first half of 2023
inventory of units in the North-
the region is posting healthy
at 94.4 percent, ten basis points
east, and the current occupancy
operations performance.
higher than one year earlier. The
rate in the state is 93.7 percent.
There are some signs of slowing
rate has been trending higher
Our team worked on the sale of
at the national level that emerged
for the past several years, first
three communities in Pennsyl-
during the first half of this year,
breaking through the 90 percent
vania during 2023 that were all
which should set the stage for
threshold in 2017. Occupancy at
95 percent occupied or higher.
relative outperformance in the
the national level has increased in
These communities ranged in size
Northeast region, which has been
ten of the past eleven years, rising
from 75-202 pads and were owned
less reliant on rapid growth than
from about 85 percent from 2010-
by long term operators. During
in other parts of the country.
2012 to nearly 95 percent today.
the tenure of their ownership
In the Northeast region, long-
occupancy did not dip below 90
term occupancy trends have been
percent, and always had a wait list
far more stable. The rate ended the
of prospective tenants. In all three
50 | NOVEMBER / DECEMBER 2023 EDITION
cases the buyers were looking to
housing units were shipped within
There are many different fac-
expand and add additional density
the United States, up more than 80
tors to consider when looking to
to the communities as the afford-
percent from one decade earlier.
invest in a manufactured housing
able housing need in Pennsylvania
To this point in 2023, shipment
community. There are great
is dire. This trend is set to continue
volumes have come down from
opportunities across the Untied
as occupancy in Pennsylvania has
their cyclical peak. During the
States that will appeal to investors
increased by 30 basis points in
first half of this year, 44,000
for different reasons. The Mid-At-
the past 12 months, setting the
manufactured housing units were
lantic through the Northeast
stage for additional increases in
shipped, 29 percent lower than
remains an excellent opportunity
the year to come.
the total during the same period
to explore investments in the man-
in the previous year.
ufactured housing space. MHV
Shipments of New Units Down, Following Rapid Increases In Recent Years
The Northeast region typically
Anthony Pino is
accounts for some of the lowest
a m a n u fa c t u re d
inventory growth in the country.
housing specialist
The cost of all forms of housing
During the first half, shipments
for Northmarq. He
has pushed higher over the past
to the Northeast region reached
covers the Midwest
several years, increasing demand
approximately 4,000 units, down
and eastern states,
for less costly alternatives, in-
from 4,900 units one year earli-
with a predominant focus on the
cluding manufactured housing
er. Pennsylvania and New York
mid-Atlantic region. Pino has forged
communities. One result of
combined to total more than 1,700
strong, long-term relationships with
these trends has been a surge in
units, followed by Virginia (525
investors and partners across these
the shipment volume of manu-
units), West Virginia and Maine
areas and has worked with private
factured housing units. In 2022,
(375 units each).
client groups, equity partners,
more than 112,000 manufactured
institutional owners, and REITs. MHINSIDER.COM | 51
Manage Your Subscription Online Want MHInsider news in print and online, or just digital? Need to add or remove a colleague? Place a hold? Change an address? Use the subscriber number on your mailing label to manage your subscription or create your online account.
Go to http://subscriber.mhinsider.com on your computer, tablet or phone.
Thank You for Reading! park owners have a powerful opportunity ff
Leave a lasting legacy of community investment by selling to your residents.
We can help. www.rocusa.org • 603.513.2791 52 | NOVEMBER / DECEMBER 2023 EDITION
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SERVICE / SUPPLIER
MANUFACTURING A BETTER COMMUNITY; Sustainable Utilities Managed by Rachael Reid
Every community has its charm — the one thing that sets it apart from the rest. The manufactured housing
to make better decisions for your
consumers – and that Gen Z’ers
industry plays the vital role of
communities. Conservice has
(people born after 1997) are the
providing attainable housing
been doing just that for over 20
generation that places the highest
options to thousands of people
years and has learned a thing or
value on sustainability. As more
across the United States. With
two about building better com-
of these younger people enter
economical pressures at an all
munities as a result.
the real estate and rental market,
time high, the need for growth
Making a sustainable communi-
sustainable features and ameni-
and evolution in sustainable busi-
ty is good for everyone. But in case
ties are becoming vital selling
ness practices becomes even more
you need another reason, we’re
points. But it’s not just younger
essential amongst those providing
giving you 5 ESG considerations
potential residents; the data indi-
and needing attainable housing.
that significantly impact the man-
cates that 61 percent of all renters
By design, communities must
ufactured housing industry in
are willing to pay a premium
be built with key considerations
building stronger, more resilient
for sustainability.
taken into account. And any good
futures for your communities.
community’s success hinges on two major environmental, social,
Manufactured housing companies that prioritize environmental
1. Energy Efficiencies
sustainability also reduce oper-
and governance (ESG) factors: risk
Lower Costs and Risks
ational risks by lowering energy
mitigation and resilience.
Manu factu red homes are
costs and ensuring compliance
Conservice — a utilities man-
inherently more sustainable
with increasingly stringent envi-
agement firm that supports the
due to carefully engineered
ronmental regulations.
manufactured housing indus-
designs with less waste in mind.
We call that a win-win.
try — has built a community of
We know that by adopting ener-
Thanks to emerging ENERGY
owners and operators (as well as
gy-efficient building practices and
STAR Benchmarking, Building
their residents/tenants) along with
materials, our homes can reduce
Performance Standards, and
partnerships with local utility
energy consumption, lower over-
other local/state regulations,
providers and government entities
all utility costs, and minimize c
monitoring and tracking those
to manage utilities for their prop-
arbon footprints.
requirements for all of your
erties. From Bill-to-Boardroom™,
Research also shows that
properties is slowly becoming a
it’s important to use the utility
environmental responsibility
requirement, so we handle all of
data you already track each month
is important to 81 percent of
that on behalf of our customers. » MHINSIDER.COM | 55
SERVICE / SUPPLIER
2. I nvesting in People
4. C ommunity Planning and
correct payment for utilities is
and Community
Disaster Preparedness
sent to local utility providers.
Increases Resiliency
IS Resiliency Planning
That data then carries through
Building a community is no
Better communities care about
seamlessly to all of our other ser-
small task. Building a better
the sustainability and longevity of
vice offerings, including feeding
community involves people.
their investments. Companies that
into our ESG platform for clients
Better communities ensure well
wish to build better communities
to monitor their ESG goals and
maintained and safe communi-
prioritize resilient community
make better decisions on behalf
ties, fair and transparent pricing,
planning and disaster prepared-
of those communities.
and consistent opportunities for
ness by designing communities
We partner with local util-
residents to participate in making
that are less vulnerable to natural
ity providers, regulators, and
the community a better place.
disasters, such as hurricanes or
communities to best serve local
By investing in the people of
flooding, and implementing emer-
needs. We even partner with
a community with amenities
gency response plans to protect
our competitors! Integrating
such as playgrounds, green
residents in times of crisis.
with other software platforms
spaces, community gardens, and
Investing in resilient infrastruc-
community centers, a shared
ture, such as elevated foundations,
sense of belonging is created
stormwater management systems,
The strategic move for man-
that improves the overall qual-
and backup power sources can
ufactured housing is also the
ity of life for a stronger, more
help manufactured home commu-
move that just makes sense for
resilient resident base.
nities withstand adverse events
long-term success. By focusing
and ensure the safety and well-be-
on energy efficiency; investing in
3. Governance and
helps make the communities we support better places.
ing of residents. Proactive disaster
amenities; enhancing governance
financial Reporting
preparedness not only mitigates
and financial reporting transpar-
Drive Transparency and
risks but also demonstrates a
ency; building up resilience; and
Risk Management
commitment to the welfare
building partnerships in unlikely
Managing governance practices,
of the community.
places, companies in manufac-
including relationships in what may seem like unlikely places,
tured housing can truly build 5. Find Partners in Seemingly Unlikely Places
drives transparency and risk mit-
resilient, prosperous, and better communities for the future. MHV
igation. Regulatory requirements
Better communities are built
Rachael Reid is
and ethical sourcing of materials
by involving everyone. It’s been
the senior marketing
better positions the manufac-
said that when you take care of
manager leading
tured housing market to address
your people, they take care of
the ESG P roduct
disruptions in supply chains
your investment. What better
Marketing team at
and helps communities adapt
way to take care of your com-
Conservice. Her pas-
to changing markets.
munities than by connecting
sion lies in storytelling, and she uses
With the right governance
them? By building a bridge
her platform to craft compelling
structures in place, companies
between your communities and
narratives for owners and operators
are better prepared for, well,
different perspectives, enhanced
in the real estate industry. Reid’s
any crises that comes their way.
relationships with regulators,
knack for weaving impactful tales
Whether economical or natural,
and diversity in staffing you get
makes her a driving force in pro-
companies can weather the storm
innovation and adaptability.
moting good utility management
by sharing their goals and involv-
For decades, Conservice has
ing their communities in the goal
partnered with their customers
of making and keeping processes.
to receive, audit, and ensure that
56 | NOVEMBER / DECEMBER 2023 EDITION
and risk reduction for a more sustainable future.
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MHINSIDER.COM | 57
We're not just a community lending source, we're your strategic ally. Achieve your goals today!
58 | NOVEMBER / DECEMBER 2023 EDITION
THE TIME IS
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ALLEN LEGACY
MANUFACTURED HOUSING CONSULTANTS PAST AND PRESENT
Independent, freelance management consultants come and go. Consulting is often one’s next, albeit brief, career stop after losing a management or executive job, before finding a new one. But consulting can also be something one prepares for by dint of specialized education, on-the-job experience, having a willingness to take financial risk, along with the ability and wherewithal to create helpful and billable proprietary material. There have been many independent, freelance management consultants throughout the manufactured by George Allen,
housing industry (e.g., manufacturing, marketing, sales,
CPM Emeritus, MHM-Master
and service) and among land-lease communities (manufactured home communities, “mobile home parks”) during the past 75 years. The following paragraphs profile nearly two dozen individuals who have been active during the 1980s and some through present day. But first; what does it take to be a successful — in terms of income and reputation — independent freelance consultant? While that is certainly a matter of opinion, there are some in-common principles. First, don’t leave a job to become a consultant without having work lined-up ahead of time, and or have identified an underserved niche, usually via personal relationships. Have the ability to fill that tangible need. Second, risk-taking is a given, as is the need to “hustle” at all times until supported by established clients. And, never forget… consultants are rarely really or fully appreciated, especially in their home locale, until after they fail, retire, or die, whichever comes first!
60 | NOVEMBER / DECEMBER 2023 EDITION
Adams, Joe (N.C.) — Headquartered in Asheville, he launched The Housing Marketplace, to assist
improving curb appeal and maximizing occupancy. Also recently featured in MHInsider magazine.
HUD-Code housing manufacturers and land lease
Carr, Bill (Iowa) and his late wife Judy, along
community portfolio folk with his proprietary
with son Chad, — Via Judy Carr & Associates, ad-
Net Referral Score survey program, relative to
vised RV and manufactured housing retail sales
consumer response to product and service. This
enterprises how to maximize operating income
has been a mainstay tool among several of the
and control expenses. Their proprietary services,
largest property portfolio firms.
in recent years, went by the new name Rainmaker
Allen, George CPM® — A professional property
Software. And Bill is credited with creating the
management consultant for 40 years. Used his experi-
apropos industry trade term ‘independent (street)
ence as a community owner to unite peers to launch
MHRetailer’, replacing ‘dealer’.
MHI’s National Communities Council, authored 20
Corbin, Ken (Ga.) — Well known and respected
texts (e.g. Community Management in the Manufac-
as a manufactured housing training specialist. His
tured Housing Industry), and published the ALLEN
consulting adage? ‘Sell more homes, Fill more rental
REPORT for 30 years. Texts are available for purchase
homesites, and Generate more revenue!’ Today, a fre-
from www.educatemhc.com.
quent presenter at state and national manufactured
Alley, David (Fla.) — Now deceased, for decades
housing trade gatherings - like the popular SECO
David well-served the site planning and engineering
Conference. Ken is also a frequent contributor to
needs of land lease community developers through-
various trade publications.
out the U.S. In 1994 he co-authored the J. Wiley &
Ernst, Richard “Dick”, (Texas) of FinmarkUSA, is
Sons published, now classic text, Development,
a chattel capital (‘home only’) and real estate mort-
Marketing & Operation of Manufactured Home Com-
gage financing expert relative to state and national
munities. This was the first book published on this
trade associations, as well as consultant of choice
critical topic in two decades.
for government-sponsored enterprises (‘GSE’). Also
Blank, Steven & David, (Mich.) of Blank Family Communities — In recent years, this team moved
contributing author to the Manufactured Housing $ Primer, published in 2010.
from multi-community ownership to fee manage-
Fannon, Brian, CPM® (Mich.) — Longtime pro-
ment and consulting, as specialists in rent collection,
fessional property management specialist and; of late, developer and community infill consultant at » MHINSIDER.COM | 61
ALLEN LEGACY
the Oaks of Rockford in MI.
Hicks, Edward (Fla.) — Land
Standard Operating Procedures
A l s o fo r m e r p r e s i d e nt o f
lease community feasibility study
(‘SOP’) for land lease communities.
SUN Communities.
specialist, loan originator, and real
Nicely, Chris (Texas) — President
Felb er, Su z a n ne ( Tex a s)
estate broker. Also Co-author of
of ManufacturedHomes.com,
— Lifestylist consultant to HUD-
Development, Marketing & Op-
applying his senior leadership
Code housing manufacturers,
eration of Manufactured Home
experiences as former VP of
independent (street) MHRetailers,
Communities. Semi-retired.
marketing for Clayton Homes,
‘company stores’, and many land
Penned the ‘Ask Eddie’ column
and CEO of Next Step Network, is
lease community owners/opera-
in the Journal, and created the
a featured speaker on economic
tors. Co-founder and host, with the
unique Interlok Homes design
trends, marketplace changes, and
late Bruce Savage, of the website:
for factory-built housing. Heads
strategic planning. Also assists
American Housing Advocates, a
Consultants Resource Group.
municipalities in discovering how
Jackson, Chrissy, ACM (Fla.)
factory-built housing can be an
— Former on-site and regional
affordable housing solution in urban environments.
virtual advocacy group promoting factory-built housing. Gilchrist, Martin (Pa.) — Land
property manager of land lease
lease community design engineer
communities. Best known for
Knoll, Roderick (Colo.) — Due
since 1962. Now semi-retired.
teaching Accredited Community
diligence specialist and property
Founded Urban Research & De-
Manager (‘ACM’) classes for the
acquisition consultant. Succeeded
velopment to prepare master plan
Manufactured Housing Institute
Craig White, ACM, as head of
and zoning ordinances for towns,
(‘MHI’), FMHA and other state
Manufactured Housing Resources
land lease communities and other
trade associations. Also co-au-
Group. And with Don Westphal,
property types.
thor of the first comprehensive
taught many land development seminars for MHI. Lavin, Marty, esquire (Vt.)
SpecialINSURANCE PROGRAMS with Industry Leading Value
— Chattel capital (‘home only’)
Manufactured Home Retailers & Community Owners
legal advisor. Also wrote critically,
financing consultant, as well as in manufactured housing trade publications, about manufactured housing’s recurring lending blunders. Accepting plaintiff Expert Witness assignments involving land lease communities. Porter, George (Del.) — Near legendary land lease community installation visionary, consultant and author. Advisor to HUD and
MOBILE INSURANCE 800-458-4320 Call or email today for a free consultation 62 | NOVEMBER / DECEMBER 2023 EDITION
Kurt Kelley President
numerous companies and state
Protect your Investments
larized the Frost Free Foundation
• Retailers • Communities • Developers • Transporters • Installers
800-458-4320 ser vice@mobileagency.com
associations nationwide. Popu(‘FFF’) system. Now semi-retired. Roane, Spencer (Ga.) — While first and foremost a land lease community portfolio owner/ operator, Spencer researched, implemented, and widely shared
his firm’s concept of lease option-
menting automated marketing
tired, Don continues to serve the
ing new HUD-Code manufactured
and sales processes designed to
consulting needs of various firms
housing being sited on rental
deliver elevated customer expe-
and state MH associations. MHV
homesites within communities.
rience and more sales in the land
George Allen is a nonfiction au-
Also the co-creator, with David
lease community environment.
thor, internet blogger, and magazine
Roden, of the popular annual
Underwood, John Ace (U.K.)
columnist with expertise in man-
SECO Conference in Atlanta, GA.
— The executive director of
ufactured housing and land-lease
Robinson, Rick, esquire. (Ky.)
LearnMH, Underwood applies his
communities. He also is a retired
— Former general counsel/senior
successful 35-year career in man-
lieutenant colonel of U.S. Marines,
VP of state & local affairs at MHI.
ufactured and modular housing.
with a combat tour in the Republic
Today, Rick is the executive VP
Works primarily as a sales develop-
of Vietnam and service during Des-
of industry relations for Manu-
ment consultant for independent
ert Storm. Read his autobiography,
facturedHomes.com. Here he
(street) MHRetailers, land lease
“FromSmittyAlpha6 to MHMaven”
uses contemporary technology
communities, and HUD-Code
available via www.educatemhc.
to elevate industry brands via
housing manufacturers through-
com, and also his “Chapbook of
state association websites. As an
out the U.S. and Canada.
Prayer” and “Chapbook of Business
aside, Rick is the author of several
Westphal, Donald (Mich.) — The
Management & Wisdom” as well as
popular novels, e.g. Opposition
guru of land lease community
other interesting titles. Allen can be
Research. (amazon.com)
landscape design and consulting!
reached at gfa7156@aol.com, (317)
Stroud, Scott (Ky.) — As direc-
Also taught many of MHI’s land
881-3815 & GFA c/o Box # 47024,
tor of development for MhCRM,
development seminars during the
Indianapolis, IN. 46247.
Stroud uses his passion for imple-
mid to late 1990s.While semi-re-
MHINSIDER.COM | 63
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