Will You Sell Your RV Park By Owner or List It?
As a Seller, you have a choice to make when offering your RV Park or Campground for sale. You can study all available information, build a profile for your park and advertise it By Owner, understanding that this gives you the total control for marketing, advertising, showing and closing the sale. Many Sellers prefer to be very 'hands on' and feel that no one could do a better job, or could know their park better than themselves. Many Sellers will opt to sell By Owner, motivated by maintaining control and the potential for savings of commissions.
Why Some Sellers are Successful:
Certain Sellers, who are very outgoing and have no issue handing incoming buyer inquiries may do well in selling their park, especially in a Seller's market, where RV Parks and Campgrounds fly off the shelf. These Sellers will need to handle the buyers' questions and coordinate showings, while continuing to manage the day-to-day operations of the park. These same Sellers will need to be highly organized, and armed with materials to hand or email to the buyers who inquire. These materials include a park profile and disclosure forms to make sure the buyer is 'real' and willing to maintain confidentiality with their park's financial information.
Many For Sale By Owner RV Park and Campground Sellers make it through with flying colors. The problems, when there are problems, usually surface during the Buyer's Due Diligence period, and can take time to deal with or answer satisfactorily. Problems can occur with an appraisal, the banks lending guidelines, survey issues, environmental issues, etc. The Seller needs to be prepared ahead of time with answers and needs to devote time to handling items that come up during this time to satisfy the Buyer and Banker.
When it is time to hire a Broker/Agent?
Sometimes, the best time to hire a Broker/Agent is the first time around, instead of offering your park By Owner. The Real Estate Broker / Agent who is experienced in selling RV Parks and Campgrounds already has a leg up on knowing what the Buyers will ask and how to handle all the inquiries and the paperwork. Experienced Brokers and Agents can usually distinguish an experienced motivated buyer from a casual looker (the ones that waste a Park owner's time with lots of questions).
An experienced, licensed Broker / Agent should be able to discuss with the Seller such items as:
Proper Pricing to make sure it sells without leaving money on the table
The information that should go into the Property Profile (or Offering Memorandum)
Showing protocol...arranging showings through you to minimize exposure to employees or guests interactions
Your documents folder (includes the most recent 2-3 years tax returns, rental rolls, Inventory lists, and a breakdown of expenses and per lot income annualized)
What may arise during Due Diligence and how the Broker / Agent will handle these issues?
What are the Broker / Agents credentials? Always ask if they are experienced in Selling RV Parks and Campgrounds and always ask to make sure they are Licensed in the same state as your park. The last thing you need as a Seller is any problems (should they arise) from working with an inexperienced salesperson or an unlicensed individual.
We are here to answer your questions at RVParkSales.com
For a list of tips emailed to you to prepare you before you put your park on the market, email: Marie@RVParkSales.com