Have you ever noticed that vending machines often come in pairs? You’ll see a Coca-Cola machine right beside a Pepsi machine, and it’s not by accident. This strategic placement is a classic example of how competition can drive consumer behavior. If you see just a Coca-Cola machine, your thought process might be, “Am I going to buy a Coke or not?” However, when both a Coke and Pepsi machine are side by side, your thinking shifts to, “Which one should I get?” This change in thought process is critical—it moves you from a ‘maybe’ to a ‘definitely,’ thus ensuring a sale. This isn’t just speculation; it’s real marketing science. Both companies benefit significantly from this setup, seeing increased sales because the presence of a choice leads consumers to make a purchase.
Standing Beside Your Competition: A Leadership Lesson
In my life, I have always competed with one person: myself. However, I also understand the value of standing next to my competition. This approach keeps both of us on our toes and drives us to continuously improve. This lesson is particularly relevant in the affordable housing industry, especially for those of us investing in mobile home parks.
Embracing Competition in Mobile Home Park Investing
As the Director of Acquisitions for Third IV Properties and an advocate for affordable housing through the RHINO BUSINESS Affordable Housing Talk blog, I see competition as an opportunity rather than a threat. Just as Coke and Pepsi benefit from being placed side by side, we in the mobile home park industry can leverage competition to enhance our services and better meet the needs of our residents.
- Improving Standards: When multiple mobile home parks operate in close proximity, there is a natural incentive to maintain high standards. This includes ensuring clean, safe, and affordable living conditions. By striving to outdo one another, we collectively raise the bar for what residents can expect.
- Innovation: Competition fosters innovation. Park owners are motivated to find new ways to add value, whether through amenities, community events, or efficient maintenance practices. This innovation benefits residents, who enjoy better services and an improved quality of life.
- Community Building: When we focus on creating better living environments, we build stronger communities. Residents feel a sense of pride and belonging, which contributes to the overall success of the park. A well-maintained, vibrant community attracts more residents, benefiting both the park owner and the community as a whole.
- Transparency and Trust: Healthy competition encourages transparency and builds trust with residents. When residents see that their park management is responsive and committed to continuous improvement, it fosters a positive relationship. This trust is crucial for long-term success in the industry.
Leading with Purpose
As leaders in the affordable housing industry, our goal should not only be to provide housing but to create communities where residents feel valued and respected. Embracing competition can help us achieve this. By continuously improving our offerings and maintaining high standards, we can ensure that our residents always have the best possible living conditions.
In conclusion, just as vending machines strategically placed side by side drive consumer behavior, competition in the mobile home park industry can drive us to be better leaders and service providers. Let’s embrace this competition, use it to our advantage, and continue to provide clean, affordable, and safe communities for all. After all, standing next to our competition keeps us sharp and ultimately benefits those we serve.
Until next time MHP world.
MOBILE HOME PARK INVESTING: The Rhino’s Perspective is dedicated to sharing insights and strategies for creating thriving mobile home park communities. Stay tuned for more perspectives on investing in affordable housing and making a positive impact in our industry.
