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Cooperative Management
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Size. No matter what size community you
own, we have a plan that will suit your needs. We can custom a
management plan just for you and your residents. Productivity. With our state of the art software,
we design reports the way you need it, not the way management wants you to
receive it. Resident account management is our specialty, with real
time accounting. At cost Management. This may be the reason you give us a
try. As we grow and prosper, we review our financial ability to return
to our clients a dividend based on their portfolio. Ask us how this
works! Management Fees. Fees are based upon location,
size of the property, and services required. Experience. Over the past 30+ years, we have
managed all types and sizes of properties with the utmost professionalism,
always keeping the owners value and future objectives in mind. Experience in
the market is our greatest asset. What is a Cooperative?
A cooperative can be defined
as a business owned and controlled equally by the people who use its services
or who work at it. Cooperative members come
from all walks of life, are of all ages, and belong to all income groups.
Cooperatives are unique from other business entities in three ways: Member
Ownership, Member Control, and Member Benefit. Member Ownership When you join a co-op, you
invest some amount of money in the co-op. You become a member and an owner.
As a member-owner, you’re concerned about whether the business is meeting the
needs of its members. By contrast, in an investor-owned business, the owners
or investors are concerned mainly with making money. Member Control As resident-owners of a
co-op, each household casts one vote in any business decision. In an
investor-owned business, in contrast, investors cast votes in direct
proportion to the number of shares they own—that is, more shares equals more
votes equals more control. A co-op is led by a
member-elected board of directors. The directors are member-owners who have
agreed to serve the organization for a specific period of time, and are
empowered by members to make decisions on behalf of members. Member Benefits A manufactured home park
co-op’s main purpose is to provide affordable housing for its members, who
are charged only for the actual cost of running the co-op. The co-op
generally operates at-cost or on a not-for-profit basis. An investor-owned park, in
contrast, is in business to make money for the landlord, and not to benefit
residents. What is a
manufactured home park cooperative?
A manufactured home park
cooperative is a group of residents that have organized for the purpose of
purchasing, owning, and operating their park. The organization takes the form
of a cooperative corporation, owned by residents and run by residents for the
benefit of residents. The cooperative is a
corporate entity that owns all of the land, and the residents are members of
and shareholders in the cooperative corporation. Upon purchasing stock in the
cooperative, you become a member-owner and sign a perpetual lease, called a
proprietary lease or occupancy agreement, giving you a legal and exclusive
right to occupy a specific lot in the park, on condition that all obligations
to the cooperative are met. Only residents can own shares in the corporation
can be members of the co-op and have control over what happens in the park. The co-op is run just like
the business venture of your current landlord, except that the co-op’s sole
purpose is to maintain quality affordable housing for its residents. As the
legal owner of the property, the cooperative corporation is responsible for
meeting its financial obligations, including mortgage payments, property
taxes, and management and maintenance costs. The cooperative passes on these
costs to the member-owners, who pay a single monthly fee or “carrying charge”
to the cooperative. In a cooperative, your monthly payment is used only to
cover the park’s actual operating and maintenance costs, and not to make a
profit for the residents or an outside investor. How do Residents benefit
from living in a Co-op?
Lower and Stable
Monthly Charges A cooperative park operates
at cost, meaning that 100% of your monthly payment goes toward operation of
the park. In a traditional rental situation, some of your monthly payment
goes to profit the owner. In a co-op, rents are more likely to remain stable,
and increase only to cover increased costs of operating the park. You will sign a lease with
the co-op to occupy your site, and the lease is valid as long as you meet
your obligations to the co-op. No Risk of
Displacement As a resident of a
manufactured home park, you live under the threat of the park being sold to
another owner, or being sold for development. Because mobile homes are not
really mobile, increases in monthly charges or a park closure put you in a
difficult position. At best, you’re held captive to the owner’s wishes. At
worst, you could lose your home. A co-op removes the threat
of displacement because you and your fellow co-op members own the land and
control the monthly charges, providing stability for your family and your
investment. Improved Park
Maintenance Sometimes, park owners
neglect to make needed improvements to their parks, including sewer, water,
electric systems, roads, play areas, and common buildings. Quality of life in
any community depends on the regular maintenance and improvement of these
crucial systems. In a co-op, residents decide when and what to improve within
their park. Control Over Park
Rules Park owners make and enforce
park rules. Unfortunately, park rules are not always fair, and the rules are
not consistently enforced. In a cooperative, residents make the park rules,
change the rules, and empower the board of directors to enforce the rules. Equity Accumulation Unlike renting, cooperative
ownership offers the possibility of accumulating equity over time.
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Please contact us with any questions or to set up a presentation: info@cpmcoop.com
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