Are you looking to boost your rental income while positively impacting affordable housing? PadSplit offers an innovative solution that increases profitability and simplifies your life as a property owner. By partnering with PadSplit, you’ll unlock a world of benefits that traditional property management companies can’t match.
In this guide, we’ll walk you through the distribution of responsibilities between PadSplit and its hosts. You’ll discover how this partnership works to your advantage, covering everything from onboarding to move-outs. Understanding your role as a PadSplit host will empower you to deliver exceptional living experiences while maximizing profitability and efficiency in your property management.
PadSplit’s responsibilities
PadSplit takes on a significant portion of the property management workload, allowing hosts to focus on maintaining their properties and ensuring a positive member experience. Here’s an overview of PadSplit’s key responsibilities we’ll dive into:
- Member screening and vetting
- Property management tools
- Financial management
- Customizable house rules
- Customer support
- Payment systems
- Marketing and advertising
- Member termination for low ratings or escalations
Member screening and vetting
PadSplit conducts comprehensive screenings for all potential members, including identity verification, income verification, background screenings (wherever possible), and eviction checks. This thorough process conducted during member applications helps maintain a positive environment and reduces the risk of disruptive tenants.
Property management tools
PadSplit offers a comprehensive suite of software tools designed to simplify property management. These tools include a maintenance reporting system, smart lock integration, automated communications, and a streamlined payment processing system. We also provide hosts with move-in tools to facilitate a smooth onboarding process for new members.
Additionally, the PadSplit messenger, accessible via the web dashboard or app, facilitates seamless communication between hosts and members. This messaging feature allows hosts to track members’ messages in one place. From maintenance requests to roommate interactions, you can quickly reply within the messenger and get issues resolved quickly.
Financial management
PadSplit equips hosts with powerful financial management tools to manage their investments effectively. The Host dashboard offers detailed earnings reports, dues collection tracking, and financial reporting at the tenant, property, and portfolio levels.
Hosts can also easily monitor occupancy rates and access essential financial documents, including 1099 forms, directly through the dashboard. This comprehensive financial oversight empowers hosts to make informed decisions, ensuring their investments remain efficient and profitable.
Customizable house rules
PadSplit empowers hosts to create and customize house rules that members can review before booking. This feature helps ensure that the people moving into your property align with your expectations, fostering a harmonious living environment and reducing the likelihood of conflicts.
Customer support
PadSplit’s customer support team, with over five years of co-living experience, provides 24/7 assistance tailored to you and your members’ needs. They handle a wide range of requests, ensuring timely resolutions for any issues.
Whether it’s troubleshooting, addressing maintenance concerns, or providing guidance on co-living dynamics, their expertise helps members navigate challenges smoothly. The team’s experience managing countless calls, tickets, and requests allows them to offer reliable support, making your co-living experience seamless.
Our support team also triages escalations between members with various endpoints, including transfers, rate adjustments, involving law enforcement if necessary, and issuing temporary protective orders (TPOs) when required.
Payment systems
PadSplit excels in managing payment systems, boasting an impressive 97% collection rate. Our innovative approach allows members to select a payment schedule that works best with their financial situations, relieving the stress of rent day. To further support our community, PadSplit provides built-in payment extensions and catch-up programs for members who may encounter temporary financial challenges.
Going above and beyond, we’ve partnered with a third-party service offering micro-loans, giving members additional resources to manage their payments responsibly. By balancing the needs of both hosts and members, PadSplit helps create a win-win situation that fosters financial stability and peace of mind for all parties involved.
Marketing and advertising
PadSplit handles marketing and advertising by promoting properties on major platforms like Google, Facebook, and popular housing sites. This extensive marketing effort, driving over 200,000 unique searches, ensures high visibility and occupancy rates for your property, saving you time and resources.
Beyond advertising your properties, our marketing team works tirelessly to increase awareness of PadSplit’s mission through social posts, blogs, and other creative efforts. These marketing tactics help drive traffic to the PadSplit site and app, which steers more members into your homes.
Member termination
PadSplit plays a crucial role in maintaining the quality of the co-living experience by managing member terminations when necessary. We terminate memberships for individuals with consistently low ratings or those involved in serious escalations that violate our community standards.
This process helps maintain a safe and positive living environment for all members. While hosts can issue Notices to Vacate, PadSplit handles the formal termination process, ensuring it’s done reasonably and in compliance with local regulations. We also terminate memberships based on overall coliving experience to maintain a harmonious living environment.
Host responsibilities
While PadSplit handles many aspects of property management, hosts still play a crucial role in ensuring a successful co-living experience. Let’s take a look at the PadSplit host responsibilities we’ll explore in detail:
- Property preparation and listing
- Onboarding and move-in management
- Member and property management
- Termination and move-outs
- Collections and financial oversight
- Regulatory compliance
- Managing member experience
Property preparation and listing
Property preparation and listing is your first major task as a PadSplit host. This involves renovating the property to meet PadSplit’s standards, furnishing and decorating the home to create a welcoming environment, and creating an accurate and appealing listing. You’ll need to set pricing, take high-quality photographs of your property, create host or property manager rules, set up interior and exterior locks, and establish clear move-in instructions.
Remember, the quality of your listing, especially the photos, plays a crucial role in attracting potential members. High-quality, professional-looking photos can significantly impact a potential member’s decision to book your property. Please check out our helpful blog that details best practices for high-quality listing photos. This resource will guide you in capturing images that showcase your property in the best light, helping you attract more members and stand out in the PadSplit marketplace.
Onboarding and move-in management
Once you’ve secured members, your focus shifts to onboarding and move-in management. This essential phase establishes the tone for the member’s entire stay. You’re responsible for accepting move-ins, acknowledging who is in the homes, and managing the move-in process through direct communication with members.
It’s essential to respond promptly to member messages on move-in day and address any issues that arise. Ensuring rooms are clean, well-prepared, and welcoming for new members is crucial for making a positive first impression.
Member and property management
Ongoing member and property management forms a significant part of your role. This includes establishing and enforcing house rules, viewing Member ratings, rating Members yourself, and maintaining open lines of communication with your members.
You’ll need to manage maintenance work orders promptly, schedule regular cleanings to maintain the property’s appeal and provide initial cleaning supplies for members. While not required, periodically replenishing cleaning supplies can go a long way in maintaining member satisfaction.
Terminations and move-outs
When it comes to terminations and move-outs, your responsibilities include:
- Rating members.
- Issuing Notices to Vacate when necessary.
- Managing the move-out process.
- Quickly preparing rooms for the next occupant.
It’s crucial to ensure that rooms are made available and ready for incoming members as soon as possible. Efficient handling of this process is essential for maintaining high occupancy rates.
Collections and financial oversight
Although PadSplit manages most of the rent collection process, you have crucial financial oversight responsibilities. These include viewing member payments and financials, exercising discretion in offering leniency when appropriate, and following up on unresolved payment issues through the PadSplit messenger. In some cases, you may need to manage potential evictions for consistently delinquent members. Your engagement in these financial aspects can significantly enhance the efficiency of the collection process.
Regulatory compliance
Regulatory compliance is another crucial area of responsibility. As a host, you must ensure your property complies with local housing regulations and permits, obtain all necessary permits, and adhere to safety standards. This attention to compliance helps avoid legal issues and maintains the integrity of your property.
Managing member experience
Lastly, but perhaps most importantly, is your role in managing the overall member experience. This involves more than just maintaining the property; it’s about creating a positive living environment.
Responding promptly to messages and maintenance requests, improving home features like installing motion detector lights, creating inviting communal spaces, offering welcome packages for new members, and conducting regular check-ins all contribute to member satisfaction. By showing that you care about your members’ experience, you can significantly impact their satisfaction, leading to longer tenancies and positive reviews.
Maximize your partnership
By understanding and fulfilling these responsibilities, hosts can maximize the benefits of partnering with PadSplit while ensuring a positive experience for their members. This partnership allows property owners to achieve higher earnings, better occupancy rates, and longer-term stays than traditional rentals or short-term rental platforms like Airbnb.
Ready to unlock your property’s potential with PadSplit? Use our Earnings Calculator to estimate your returns, and sign up today to start your journey toward more profitable and impactful property performance.
