There is plenty of good business advice out there, but in this blog, we have compiled some of the best manufactured housing industry advice for manufactured housing dealerships.
We have been in the manufacturing business for over fifteen years now and our senior management has more than sixty years of industry experience. We wanted to pass along knowledge that might be useful to both new and established business owners.
As a manufacturer of mobile homes, we sell to a network of mobile home dealers and mobile home park owners. We have been creating a great deal of content with our end consumers in mind, but this blog is really meant for business owners, entrepreneurs, investors, and dealers in the industry.
“Buy or Die” Mentality Is Dead
Some salespeople have the mindset that if the customer, for whatever reason, could not buy a home that day, that the sale is dead. The mindset that if the salesperson could not close the sale when the customer was at the dealership is called the “buy or die” mentality. This mentality is outdated.
There is a multitude of reasons a customer cannot buy a home on a particular day.
Maybe the customer hasn’t picked out the land for the house to be set on, the customer doesn’t have enough down payment or the best credit to buy a home. What is important to remember is that a customer not buying on a given day does not mean that they aren’t interested in what you have to offer. The fact that they are at your dealership means that there is some level of interest in what you are selling.
The bottom line is your job as a salesperson doesn’t end when a potential customer leaves the lot.
A great way to follow up with your customers is to use social media to connect with them. Ask them if they are on Facebook, and if they say yes, then politely ask them to give your dealership Facebook page a like, and a review if they had a great experience at your dealership! If they like your Facebook page, then they can reach out to you at any time and see all your new home photos and videos you are posting on your page.
“Every Sale Is a Good Sale, But Not Every Sale Is a Good Loan.”
Financial institutions have procedures and protocols in place when it comes to accepting loan candidates for new homes. Manufactured home dealerships want to sell every customer a home; that’s their job. But when it comes down to the institution providing the customer with a home loan, they are going to have different criteria regarding eligibility for a loan.
So why is this buyer a good candidate for the home? As the dealer, you might think to yourself that your buyer is a good fit for examples such as…
- They have been saving up their money for a down payment
- They need to move closer to their family in the area
- They had an emergency with their last home and need a new home as quickly as possible
There are many reasons why that particular customer is at your dealership looking for a new home. But those reasons don’t always mean that the customer will be a good loan risk. In fact, a good credit score doesn’t always make for easy approval.
Now you might be asking why is a mobile home manufacturer talking about financing? For those of you who did not know, we here at Legacy offer our own in-house financing to our dealers, through floorplan financing, and to end-user customers.
If you are interested in our in-house financing options, click this link and see if you are approved! https://financeamobilehome.com/
Sell Yourself to the Customer
Some sage advice that applies to all industries is that you need to sell yourself to the customer. As the owner of your business, you want customers to know who you are. Sell the customers about you (as a dealership owner) and you have cleared one of the biggest hurdles in obtaining a sale. Be relatable, be authentic, be knowledgeable, be honest, and be you!
Secondly, if you have accomplished selling the customer on you as a person and by extension your business, then the rest will fall into place. After some one-on-one time with you, often the customer has already made up their minds on their future home purchasing decision. They will have already figured out whether they will want to buy from you or choose the dealership down the road. It might not be the right time for them to buy that day that they are sitting in your office, but they will have already made up their minds what home they want and from what dealership they want to purchase their next home.
Re-read the Fine Print
As a business owner, you are probably good at reading the fine print of contracts and legal documents since there is a lot of paperwork involved in owning your own business. Some simple advice, seek help if you don’t understand it all. We see it all the time being a manufacturer but also being a financial institution that dealership owners don’t always read the fine print in the financing packages.
It may sound trivial, but asking for help from someone you view as a mentor or even just a second set of eyes to look over financial documents can be helpful before signing anything you aren’t one-hundred percent sure of.
Time is of the Essence
Time is not always on your side. Especially not in the business of manufactured homes. Every month that home sits on your dealership lot, it is going down(slightly) in value. The longer that home sits on your dealership lot, the harder it is going to be to sell to customers.
Best recommendation? Start selling that home before it even lands at your dealership. You know what you’ve ordered from the manufacturer, so you can promote that floorplan and home with photos and resources from the manufacturer. Then when that home arrives at your dealership, you’ve already created interest with customers on your website and social media platforms such as Facebook.
In closing, if you or someone you know would like to start a dealership in your area and fill it with the most functional and affordable manufactured homes in the industry, email us at firstname.lastname@example.org.
If you have future aspirations of building a manufactured home park and will need homes to fill the lots, please email email@example.com.
Please leave your feedback in the comments section below if you think we missed some advice for business owners in the mobile home industry? We would love to hear from you.