In the summer of 2022, Brenda Kwateng became an Airbnb host in Baltimore, managing several short-term rental properties while housing traveling nurses. Her success was palpable, but a change in city regulations disrupted her business. Baltimore’s new requirement stipulated that only owner-occupied units could be listed on Airbnb in the local area, a condition Brenda could not meet since she didn’t reside in any of her six rental properties.
Facing this challenge, she quickly needed to pivot her strategy and discover an alternative path that would not only sustain her business but also support local workers.
Adding four properties to PadSplit
Brenda’s transition began when she discovered the PadSplit platform through the Scale Your Real Estate program with Sam Wegert. After meeting with the PadSplit team, she brought her first units onto the platform in December 2023. Her commitment to this new direction was evident as she added additional units in January and July 2024.
Seamless conversions and supportive partnerships
Converting some of her Airbnb properties to PadSplit units was straightforward, often requiring minimal changes like adding a fire extinguisher. Some of her properties required more extensive renovations, but the process remained efficient, with the homes ready to be listed on the PadSplit marketplace within months. Brenda appreciates the support and partnership with PadSplit, which helps ensure both hosts and tenants have positive experiences.
Rapidly filling rooms in three days
One of Brenda’s most notable achievements with PadSplit was her ability to fill rooms rapidly. Her first PadSplit listing was fully booked within three days, and subsequent homes saw similar success.
Brenda believes the professional photography and virtual tours helped attract more views, allowing prospective tenants to get a clear view of the properties despite being unable to tour them in person before moving in. This is crucial for PadSplit’s members who need assurance of the quality and comfort of their new homes when booking rooms.
Despite initial fears about Baltimore’s tenant-friendly laws, Brenda has found peace of mind with PadSplit.
“PadSplit is so incentivized to make sure the units are earning money; they’re going to make sure they have someone in there who is qualified and will stay because that’s what makes PadSplit money. I have minimal concerns about getting a property on PadSplit filled. It relieves stress.”
The benefits of PadSplit vs. Airbnb
Brenda’s experience has led her to favor PadSplit over Airbnb for several reasons. Legal restrictions in Baltimore made Airbnb unviable for her non-owner-occupied properties. PadSplit provided a flexible and legally sound alternative.
She also found PadSplit easier to manage, noting that the expectations of PadSplit residents differed significantly from those of Airbnb clients. While Airbnb guests often sought a hotel-like experience with high demands, PadSplit tenants were more reasonable, and the longer stays reduced the intensity of turnover.
Earning 150% more each month from one property
Financially, the shift to PadSplit proved advantageous. A two-bedroom home previously listed on Airbnb for $60 per night, converted to a three-bedroom unit, now earns her 150% more per month through PadSplit. The consistent and stronger earnings, free from the unpredictability of Airbnb bookings, have bolstered her business’s financial health.
”The way we’re now set up on Airbnb is that the minimum stay is 90 days, and that’s just not cost-feasible for anybody. Going to PadSplit allows for more flexibility; my agreement with PadSplit is for a year, so I don’t have to worry about any legal ramifications,” says Brenda.
Plans to add additional units to PadSplit in 2024
Brenda’s future plans involve scaling her PadSplit portfolio further. Inspired by the earnings of other hosts shared in one of the PadSplit Facebook groups, she has set her own ambitious targets. With additional properties undergoing renovations, she aims to bring more units onto the platform later in the summer and into the fall.
In conclusion, Brenda’s pivot from Airbnb to PadSplit exemplifies a successful adaptation to changing regulations and market demands. By focusing on providing affordable housing to local workers, she has found a stable, profitable, and rewarding business model that benefits both her and her tenants.
