CoLiving Property Management- let's not fail like HubHaus

[Grant Shipman]

If you are doing multiple renters under one shared roof w/common living areas like a kitchen/etc, then do yourself, your investing dreams, and your renters a MASSIVE FAVOR by learning & implementing coliving property management. There is almost no understanding of CPM out there- Did you know several multimillion dollar coliving start-ups have FAILED b/c they saw the demand for coliving w/out seeing the need for a workable form of coliving property management (see HubHaus, Common, Starling, etc). I've developed, use with all my coliving properties, and teach HPM (household-led property management). This is a form of coliving property management that fits rent-by-the-room coliving environments, but it would not fit other coliving environments (i.e. an apartment). Note I 100% know that CPM is not LTR PM with a few tweaks- I have lived and practiced this for over two decades. It's also not STR PM with a few tweaks- as this might fit a boarding house. CPM is a completely different type of PM, like LTR PM is different from STR PM. Once you've re-read what I mean by CPM (coliving property management), I'd love to hear from who else out there has developed their own CPM, or who else out there sees the need for a separate PM strategy for coliving properties? Let's pool our knowledge and experience and see if we can learn from each other! I am so looking forward to hearing from you all :)

[Jeff Copeland]

We recently started offering coliving property management in St Petersburg, Florida (in addition to our portfolio of long term rentals), and I'm not sure exactly what you mean by "the importance of household" or what you mean by "household-led property management". 

These are interesting buzzwords, but I actually don't think there's a fundamental 180-degree difference between coliving, mid-term, and long-term property management. 

Our role as a property manager is to:

1) Put the right people in the units; Meaning well-qualified applicants who have stable income/employment, positive rental, credit, eviction, and criminal records, and are a good fit for the property, while staying within the scope of fair housing laws. 

2) Minimize vacancy and turnover

3) Maximize rent and rent collections (and provide the tech to make this painless and easy for tenants and owners)

4) Maintain the property and curb appeal (and provide the tech and staff to make maintenance responsive and relatively painless). 

These goals are the same for LTR, MTR, and coliving.

So I'm genuinely curious where "foster the household's sense of community" or whatever falls on your list of priorities, and what are the specific things you are doing to make this happen?

Don't get me wrong: It's wonderful that your tenants give each other rides and bring each other soup when they are sick. But I'd argue this is just the nature of living with good people (and my job as a coliving property manager is to put those good people in place). It's not something we taught them or fostered as their property manager.