Our company is on the verge of acquiring a total game changer mobile home park that I’ve been working on for over a year now...
We are meeting with the owners on Wednesday 7/17 who have three almost identical offers on the table. They’re giving each offering party the opportunity to sell to them as to why we should be the ones to acquire their park.
Any advise from anyone that’s been in the situation before would be greatly appreciated!
@Cody Godfrey here’s a few items to consider:
1. Be authentic. Don’t try to pretend to be somebody you’re not. If you’re a fairly likable guy, you’ll probably have a leg up on the competition. People tend to prefer to do business with people they like.
2. Ask the seller what will be important to them as they make their decision? And then Listen. I will say that again. Then Listen. Ask more questions, and listen with the intent to understand the seller. One of the nicest things you can do for someone is listen to them, without the need to respond, but rather to help them feel understood.
3. Be prepared to share your perspective as a relates to how you plan to care for the park, how are you will care for the tenants, and how you will carry on the legacy they have created at the park.
4. Be prepared to make your offer better if you think that will be necessary.
Best of luck!
@Jack Martin greatly appreciate the advise Jack!! Keep your fingers crossed for us!
@Cody Godfrey Separate yourself from the rest. Build a relationship with them and don't just be about the numbers. Usually, when people sell (especially if they've owned for years) they want to sell to the right person...someone who will take care of what they've built. Good luck!
@Rachel H. Thanks so much!! We’re crossing our fingers!
Why is it a game changer? For you or the Seller? Is there something unique about the park that makes it a game changer? Just curious as to what makes it so.
Several creative ways to separate yourself from the other offers and they all come down to really listening to what the Sellers want. Multiple offers and the fact that this is taking a long time mean they're just not after the best price. This park sounds like one of their kids and they want to know the new owners will not destroy it. They may be friends with several of the tenants or want a legacy for their own kids in terms of cashflow. They might understand that a cash buyer means getting a less than 2% on their profit once they put that money in the bank. Let them know the terms of your loan and that may sway them toward financing for you if you are offering a 7% return. Allow them to inspect the park several times a year to ensure their investment in you.