Padsplit

PadSplit homes require much of the same maintenance that a traditional rental investment needs, though often at a higher frequency.

The work is both preventative (such as changing HVAC air filters) and reactive (such as fixing a leaky sink).

Preventative maintenance is a financially smart investment for improving returns over the long run.

: Maintain the property in accordance with local code

: Frequently provide preventative treatments for common local pests. We recommend Advion gel for cockroaches and Bengal insecticide spray. The building envelope and any relevant exclusion work completed should be checked prior to listing to prevent rodent infestations.

: PadSplit recommends an annual inspection from an HVAC professional, quarterly filter changes and a bi-annual A-coil cleaning.

 An inspection of the roof should be performed annually.

An inspection of all gutters and downspouts should be performed annually. Most water problems can be fixed inexpensively by diverting rainwater away from the foundation rather than relying on sump pumps and dehumidifiers. Ensure that all connections are secure and inspect on a rainy day to see where water is pooling.

PadSplit provides a maintenance ticketing service that allows Members to submit tickets directly to Hosts. Hosts are also able to link Members to their own internal maintenance ticketing system.

For more information on PadSplit maintenance, please see 

What kind of property maintenance does a PadSplit require?

It is always possible for a Host to own and operate their PadSplit properties. Nevertheless, most PadSplit properties are operated by a third-party property manager. Keep in mind that property managers occupy a crucial role in a PadSplit, since they are responsible for attending to Maintenance Tickets, Tech verifications, Move in/out management, Light Cleaning, etc. The complete list of responsibilities can be found 

Don't know any property management vendor? Don't worry! PadSplit has created a 

 full of vendors who understand the PadSplit model, have already adopted processes and procedures for managing PadSplits and can often address issues in an efficient manner based on experience. Each of our vendors has been screened, trained and advised. Just take a look in your 

or ask for help to your PadSplit sales rep!"

Can I operate a PadSplit on my own?

Below, please find three common models to consider as you structure your arrangements: 

Can I hire a team to run my PadSplits?

Developing robust accounting practices is critical to effectively managing PadSplits. In addition to any general overhead costs, there are six standard types of expenses that should be tracked for every property: utilities, recurring service charges (such as landscaping and cleaning), labor (such as for maintenance technicians), materials, subcontractor charges and amortization of leasehold improvements.

Effectively tracking these expenses can often require the assistance of a bookkeeper or accounting service. PadSplit does not provide accounting software. At the end of each month, PadSplit provides a breakdown of all revenues and fees payable to Hosts. Owners should feel free to use whichever system they are most comfortable with, whether it’s general accounting software such as Quickbooks or Property Management-focused solutions such as Yardi or AppFolio.

How should I begin to think about the accounting for my PadSplit?

Our best Hosts think about Member move-ins before they even list their home.

Put yourself in the shoes of a PadSplit Member. He or she just paid their hard-earned money to move into your property, purely on a belief in what PadSplit stands for and a few pictures on their phone. Maybe they get off work late, maybe it’s dark. They’ve never been to the property, maybe they’re even new to the city. And they’re going to walk into that property and find their place to sleep so they can get up and go to work the next day. As a Host: 

We cannot emphasize this enough. Remember that Members don’t know which rooms are which unless they are labeled. When labeling a room, please remember to label it with both the room name and number.

Rehearse your own “move-in”. Drive up to the property and think about where you’d think to park if it were your first time. How you’d enter through the main door and how you’d find your room if you’d never been in the house before. Try the code, or the key, to access the room. How did it go?

Have questions about Hosting with PadSplit? Attend one of our webinars or local meet-ups. Email sales@padsplit.com for more information.

Think about move-ins on day one

Everything a Host needs to know -- from listing to operating a home -- to succeed with PadSplit.

Preparing to Manage a PadSplit