PadSplit makes it easy for real estate investors to increase their NOI by more than 2X. Over the past four years, we’ve streamlined our custom-built technology platform to help Hosts manage financials, maintenance requests, and communication with the residents. PadSplit also handles Member disputes so Hosts can spend more time focused on their properties.
With co-living, residents come from all backgrounds and walks of life, and it’s essential to optimize for co-living to reduce any potential friction points for the Members living in their homes. Here are six of our recommendations:
Make it shareable, but not too shareable.
When setting up your co-living property, you want to make sure shared spaces are accessible but not too shareable. We recommend Hosts put a dining set in the common areas instead of couches or chairs. Avoid soft surfaces on flooring and furnishings, and there should be nowhere in any common area that is comfortable enough for someone to sleep in — sleeping in common areas isn’t allowed and should be discouraged by the set-up. Common storage areas such as bookshelves should also be eliminated because there is no accountability for their cleanliness.
Focus on bedrooms.
Counterintuitively, many common areas are sources of conflict and should be minimized or handled intentionally. The most productive way to address this is to convert wasted space into additional bedrooms. Often this is as easy as hanging a door in a cased opening or building a temporary wall. Members spend the majority of their time in their bedrooms, so it’s important to make sure they have the space they need. One thing to remember: there can be no more than four bedrooms sharing a bathroom.
Select the ideal lock system.
Access to the homes and rooms are also critical. Punch locks allow Members to lock bedrooms when they leave the house, bringing comfort around leaving valuables behind. Privacy locks with a door chain inside the frame do not lock from the outside, but they are easy to install and manage since no codes or keys are required. Hosts should provide accurate access directions on their property listing no matter what types of locks are used.
Pay attention to parking.
Hosts often overlook parking. Depending on the house’s location, the number of bedrooms, and proximity to public transit, it’s vital to ensure there is adequate parking for the number of bedrooms. When listing your PadSplit, you are able to designate the number of parking spots at the home. If parking is exceeded, prospective Members will be notified that parking is at capacity and will likely look for another PadSplit if they own a car. Consider putting down a parking pad in the backyard to help eliminate street parking and provide adequate parking for your residents.
Optimize for ease of cleaning and operational efficiency.
Hard surfaces that withstand cleaning chemicals are best. While more expensive up front, granite countertops are far more durable than laminate. We recommend investing in multiple refrigerators for houses with 8 or more Members. Request multiple trash and recycling bins from your municipality to eliminate trash build-up outside the property, and designate your waste pick-up days in your Host dashboard.
Address maintenance requests promptly.
It’s essential to stay on top of maintenance requests from Members. Often, a Member will flag a minor issue that Hosts can address before they become more significant issues. For example, if a leaking toilet isn’t fixed, it could lead to larger plumbing issues and higher water bills. This prevents problems from getting bigger and saves Hosts money, but it will also increase Member satisfaction and tenure.
Ready to dive deeper into our award-winning PadSplit model? Read our Host stories to learn more about PadSplit Hosts who have taken the jump and seen their returns increase through co-living. You can also take advantage of our Earnings Calculator to see how much you earn using the PadSplit model compared to traditional rentals.
We’re always looking for ways to serve our Hosts, and we have a dedicated Host Support team available to address issues, provide Member information, and share details about Product features. Our Sales team is happy to talk through your existing portfolio or next steps. Schedule a call with them today.
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