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Are You Ready to Grow?  Ready to Do What it Takes?

June 7th, 2013 No comments

It’s been a tough decade and more for manufactured housing. Before the residential housing meltdown of 2007-08, manufactured housing had it tough already. Half of the homes the industry produced in 1999 to 2000 have since been repossessed. That devastated those customers but also the flood of repos tanked new home production and the number of factories and retailers plunged.

The challenges we face today are in stark contrast to the assets the industry still possesses—excellent products, land zoned for use by MH and market hardened professionals.

So, how do we take those assets and turn the industry around?

Veteran retailer Mike Evans of Centennial Homes of Aberdeen, SD recently laid out his vision to LA Tony Kovach of MHProNews:

  • Identify opportunities that no one else will pursue or they don’t see. (Are you a general contractor or are you giving your margins away to others?)
  • Set your goals within your values.
  • Determine the strategic and tactical plans needed to capture that opportunity.
  • Develop a business plan that uses the 3 resources business owners and managers have to accomplish the task: Capital, Technology and Human Resources.

My only addition to his list is to expand your resources by identifying others that can be your strategic partners. You don’t need to do it all yourself, but you have to be able to fill in the gap between your capabilities and what is needed.

In talking to members, they have product and customers but lack financing. Yes, Dodd-Frank was a blow to installment sales, but there are other ways to finance purchasers. This is an example of where there is need for networking for new finance sources. Successful members are expanding their business by relentlessly talking to bankers, credit unions, and mortgage brokers. One member said, he finally broke through by just being a pest regarding the opportunity that MH finance can be for a local lender.

The days of faxing a loan application and getting an answer by noon are over and are not coming back. If we have all of the elements to rebound, then we need to do what it takes to make it happen. ##

ross-kinzler-wisconsin-housing-alliance-executive-director-posted-industry-voices-manufactured-housing-professional-news-mhpronews-com-75x75.pngRoss Kinzler
Executive Director
Wisconsin Housing Alliance
608.255.3131 voice
608.255.5595 fax