Transferring a PadSplit property isn’t just about handing over the keys. These properties are more than assets—they’re homes for members and income-generating investments for hosts. Whether you’re selling or buying a PadSplit home, this guide walks you through every step to ensure a seamless transition while maintaining member satisfaction and maximizing investment returns.
PadSplit isn’t just a platform for shared housing—it’s a solution to the affordable housing crisis. By connecting hosts with meaningful investments and providing safe, flexible housing for hard-working individuals, PadSplit creates value for everyone involved.
This guide includes:
- Steps for sellers if the property will not stay a PadSplit
- Steps for sellers if the property will stay a PadSplit
- Steps for buyers
- How to submit a transfer request
- Timeline for PadSplit transfers
- Building a successful transition with PadSplit
Steps for sellers if the property will not stay a PadSplit
1. Notify PadSplit about your intention to remove the property
Email support@padsplit.com and let them know the property will not remain a PadSplit. This allows PadSplit to begin the member relocation process.
2. Change the status of vacant rooms to inactive
Once vacant rooms are marked as inactive, PadSplit can coordinate the relocation process.
3. Allow 30 days for member relocation
PadSplit works to relocate members to other PadSplit properties. If any members refuse relocation, the responsibility for eviction transitions to the buyer.
4. Remove the property from PadSplit’s platform
PadSplit will finalize the process by removing the property listing from its platform once all members have been relocated.
PadSplit prioritizes member support during transitions, ensuring minimal disruption while protecting your investment.
Steps for sellers if the property will stay a PadSplit
1. Notify PadSplit support
Contact PadSplit at least 30 days before the desired transfer date. Email support@padsplit.com with the buyer’s contact information, expected transfer date, and transaction details. If the property is listed on the PadSplit Marketplace, remove it to avoid confusion.
2. Introduce the buyer to PadSplit
PadSplit provides training for all new buyers, ensuring they understand the platform and their responsibilities as hosts. Share your experiences to prepare the buyer for success.
3. Prepare utilities and technology transfers
- Transfer all utilities to the buyer on the transaction date.
- If you’ve been using a Remote Lock device not owned by PadSplit, transfer ownership to the buyer’s operator. Contact PadSplit support for guidance if needed.
4. Update property information in the dashboard
- Add the buyer as a co-host in the PadSplit dashboard.
- Set them as the new superadmin and true owner of the property.
- Remove your access from the dashboard after the transaction is complete.
5. Share performance data
Transparency is key. Provide the buyer with access to the host dashboard to review historical financial performance, occupancy levels, and any open maintenance tickets. This ensures they have all the information needed to manage the property effectively.
Selling a PadSplit property gives you a straightforward and reliable exit strategy, whether you’re moving on to another venture or consolidating investments.
Steps for buyers
1. Confirm communication with PadSplit
Ensure the seller has notified PadSplit about the sale and included you in the email to support@padsplit.com.
2. Attend training
PadSplit offers comprehensive training to familiarize buyers with hosting, the platform’s features, and operational standards.
3. Review property performance and condition
Request access to the seller’s host dashboard to evaluate:
- Historical financial data
- Property occupancy and maintenance history
- Any ongoing member-related issues or eviction processes
4. Sign key agreements and update financial details
- Sign the PadSplit Operating Agreement to finalize the transfer.
- Add your bank account information to the PadSplit dashboard for payout updates.
5. Address property management needs
Property management is critical for a successful PadSplit home. If you plan to change managers, consult PadSplit’s Vendor Network for recommendations. Be prepared to train new managers to meet PadSplit’s operational standards.
How to submit a transfer request
To begin the transfer process, sellers must submit a transfer request to PadSplit. Simply email support@padsplit.com with:
- Buyer details (name, email, and contact info)
- Expected transfer date
- Property information (address and listing status)
PadSplit’s support team will guide you and the buyer through the process to ensure a seamless and efficient transition.
Approximate timeline for PadSplit transfers
- Day 1: Notify PadSplit and share buyer details.
- Day 10: Initiate buyer training and utility transfer.
- Day 20: Update the property manager and finalize documents.
- Day 30: Complete dashboard updates and finalize transfer.
Building a successful transition with PadSplit
Owning a PadSplit property combines meaningful impact with profitable returns, making it an excellent investment model. For hosts looking to exit Airbnb or transition their portfolios, PadSplit offers a stable, high-performing alternative. But what sets PadSplit apart is the peace of mind it provides: if you ever need to step away, you’ll find the process simple, structured, and fully supported.
By investing in PadSplit, you’re contributing to a better housing ecosystem while enjoying consistent financial success. Whether you’re a seller paving the way for a new host or a buyer ready to unlock the potential of shared housing, PadSplit makes the journey rewarding, both financially and socially.
Now’s the time to make your next move with confidence. Whether you’re ready to transition into or out of PadSplit hosting, contact us today to get started on a seamless and supported journey.
