If you’re in the manufactured housing industry, you may be wondering how we are going to attract new buyers, both now and in the future. The Manufactured Housing Insitute (MHI) has been hard at work on that question.
They recently rolled out a new user-friendly website to help attract people of all ages. Plus, MHI announced a research initiative that will help reach underserved areas that will be vital to the industry: millenials, immigrants, and step-down baby boomers.
These groups often find it difficult to qualify for traditional site-built housing, but will consider manufactured housing if it meets their needs.
The goal is to gather information on the wants, needs, perceptions, and preferences of these groups. From there, MHI will work to create strategies to offer housing that will convert these groups to manufactured home buyers.
“This initiative will help us develop a robust, fact-based analysis to drive strategy and serve as a basis for change,” said MHI President and CEO Dick Jennison. “The initiative is about significant long-term growth and defining a more expansive market for the manufactured housing industry, and what changes may be required for the industry to successfully appeal to the underserved entry-level homebuyer.”
MHI reports the study will address the following:
- Identifying the needs, preferences and emotional trigger points for different housing alternatives, including conceptual features and benefits of homes.
- Obtaining in-depth insights regarding the image, position, and feasibility for manufactured housing solutions to solve or create value for consumers and their homeownership challenges.
- Determining the critical success factors and key elements needed for consumers to consider and ultimately purchase a manufactured home.
- Analyzing the needs of the different groups and current industry customers to better understand the similarities and differences.
- Providing analytics to estimate conversion levels and translating it to number of housing units.
- Understand how these underserved customer requirements and home needs fit within our current HUD Code and the implications for the future.
- Determining the current image of manufactured housing among consumers in these underserved markets and use it for market positioning and promotional strategies.
Read More About MHI’s Research Initiative.