In the ever-evolving landscape of midterm rentals and the affordable housing network, PadSplit Hosts are discovering a winning strategy to boost their profits and reduce vacancies through the effective use of payment extensions and reinstatements. Over the past seven months, Hosts embracing these features have witnessed stellar results that not only contribute to financial success but also foster longer and more stable tenures for their Members.
Reduce vacancies
One of the most significant benefits Hosts experience is the reduction in vacancies with their midterm rental properties. By offering payment extensions, you can provide your Members a lifeline during challenging times. 65% of Members who receive an extension continue to stay and pay, turning potential vacancies into sustained income streams.
Extend tenure
The impact of reinstatements on Member tenure is nothing short of impressive. On average, a reinstatement adds a substantial 42 days to a Member’s tenure, and the numbers are still climbing. Surprisingly, over 50% of reinstated Members are not only still in their rooms but are also consistently meeting their payment obligations. This extension not only secures additional income as an active real estate investor but also creates a sense of loyalty and stability within the PadSplit community.
Make more money
The financial gains from payments, extensions, and reinstatements are undeniable. A staggering 84% of extensions are paid in full by Members, showcasing the commitment and reliability of PadSplit tenants. On average, a single extension recoups $320 in lost revenue, demonstrating the direct impact on a Host’s bottom line. This newfound revenue stream goes beyond mere recovery—it transforms potential losses into substantial gains.
The winning strategy
PadSplit Hosts adopting payment extensions and reinstatements as part of their operational strategy are reaping the rewards from the PadSplit marketplace. The combination of reduced vacancies, extended tenures, and increased revenue paints a compelling picture of success. Here’s why this strategy works:
- Member-Centric Approach: By offering extensions and reinstatements, Hosts demonstrate a commitment to their Members’ well-being. This Member-centric approach fosters trust, loyalty, and a sense of community within PadSplit properties.
- Financial Resilience: Hosting can come with uncertainties, and payment extensions provide Hosts with a tool to navigate unforeseen challenges. The financial resilience gained through these features ensures a more stable income stream, even in unpredictable circumstances.
- Long-Term Stability: Extended tenures contribute to a more stable housing environment. Members with longer tenures are more likely to become pillars of the PadSplit community, creating a positive ripple effect that benefits both Hosts and fellow Members.
Payments extensions and reinstatements are proving to be a game-changer for PadSplit Hosts, offering not just financial recovery but a strategic approach to long-term success in the industry. The numbers speak for themselves—reduced vacancies, extended tenures, and increased revenue are the hallmarks of a winning strategy in the world of midterm rentals.
As PadSplit remains on top of all midterm rental sites in the affordable housing network, Hosts leveraging these features are not only weathering the storms but thriving in the ever-dynamic landscape of shared housing. If you’re interested in earning multi-family returns on a single-family home, reach out to our team today to meet your real estate investment goals.
