Has anyone heard of a company called NOMAD

Question

NOMAD wants to rent my house with a Master Lease where they pay me the rent and then sublet to occupants who pay them. They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.

I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.

does this make sense i have a vacancy coming up in October (bad rental timing).

Denise Davis · Answer

Hello! I have used Nomad for the last 3 years with a rental property and have not had a great experience. Communication is lacking. Also I did not get to choose my tenants as Matt said. I had no say in who Nomad chose for my rental property. The lease was up recently and the tenants destroyed my property causing $10,000-$15,000 in damages. I couldn’t even get them out of the home once the lease expired and Nomad would not help guide me in what steps to take or Colorado laws. I called and emailed Nomad daily and could not reach a live person, even in an emergency. Let’s hope that guaranteed protection comes through. We shall see. I would not recommend and did not renew my lease with them.

Matt Thelen · Answer

Hi - Matt from Nomad here. I wanted to clarify a few of the assertions above to make sure what Nomad does is accurate. First, Nomad doesn't arbitrage. This is a common misconception but we're an online platform where the owner chooses their own price and selects their own tenants. Nomad guarantees rent at the amount the owner rents their home for. We charge a transparent monthly fee for this and our digital property management platform - but we are not a local property manager.We also give owners the ability to use a repair triage service and our vendor network, or address repairs with their own handyman.

Our goal is to make renting better for owners and residents. We aren't perfect...who is? But we strive to do right by everyone we work with. We have many hundreds of 5 star reviews (see the full set for yourself  https://www.trustpilot.com/review/nomadlease.com) that demonstrate this.

Thanks for all the discussion and let me know if I can answer any questions!

Mackaylee Beach · Answer

Sounds like a box of unexpected surprises, I'd pass.

Thomas Scott · Answer

I am using TurboTenant and self managing the Nomad property. There are a ton of property management companies. Regionality and competition greatly factors into the cost structure.

Thomas Scott · Answer

There is a flaw in the business model and thier internal processes need a lot of work.First the good,Yes, I got paid every month.Nomad found me good renters.Next the badDue to needing to make the guaranteed rent they rented my unit below market valueIn communicating with Nomad they were disorganized, often sending conflicting messages and not alignedNomad offered to find me a repair company, that compnany charged $400 for a $25 dollar part and I was stuck with Nomad saying "not their problem" and the vendor saying Nomad was the client not me.Nomad was horrible to my renters as their property management term ended. Nomad sent emails telling the renters to move out (I was fine if the renters stayed). Nomad also held the renter's deposit hostage even after I cleared the transfer with no damages to be charged.I had to remind Nomad  there is a difference between “can” and should” , while you “can” hold a deposit longer it “should” only be done when there is a question about damages.My bank liked the guarantee, the disorganization inside Nomad and the horrible vendor management would cause me not to use them again. Our relationship has terminated.

Jane S. · Answer

Thanks they didnt say anything about STR it would be awful

I was wondering how they make money now i know

I dont think the $10K would even cover damage! And its not in a great bnb location

Neighbors dont deserve it

Randall Alan · Answer

They are arbitraging your house… believing they can rent it for more as an Airbnb.  I wouldn’t go there myself… you lose a lot of control, your house will see a lot more traffic / damage.  Lots of people rent houses for parties as well, and you won’t be able to do anything about it.  There is no reason you couldn’t do the same… so why let them make the money and give up the control?  Would definitely check local zoning / code enforcement laws as well.

Randy