The Gold Standard of Coliving Property Management

At Livingsmith, we set the gold standard in Coliving property management and investing. For those unfamiliar with our toolkit, we want to reiterate the basic concepts that we consider essential for Coliving property management.

Understanding Household Led Property Management (HPM)

The first concept Livingsmith teaches is Household Led Property Management (HPM). But what does HPM mean? Essentially, we manage a household, not an individual or a single lease. So, what is a household? A household is defined by two main factors: the people who share a roof and how those people live together.

You might have experienced various types of households growing up—from a family household to living with roommates or by yourself. A healthy household develops ways to live together that support everyone. This brings us to the key components of managing a household efficiently.

Who and How of Household Management

In Coliving property management, we need to focus on both the 'who' and the 'how.' Who lives in the household involves marketing, screening, and onboarding good renters. The 'how' of household refers to setting up systems that allow any reasonable and responsible person to thrive. Let's dive into some critical systems:

Common Space vs. Private Space

A healthy household distinguishes between common and private spaces. Private spaces, like bedrooms or personal storage areas, must be respected by all members. Common spaces include living rooms, kitchens, and backyards, where boundaries must also be maintained. Confusing these spaces leads to conflicts, so clear communication and respect are essential.

Parking Arrangements

Parking is another crucial aspect of a healthy household. Ideally, there should be at least one parking spot for each resident. These spots can be in the driveway or in front of the house, but not along a neighbor's curb, which can cause conflicts. When managing properties, ensure adequate parking to maintain neighborhood goodwill.

Bathroom-to-Bedroom Ratio

We recommend no more than three people sharing a bathroom. How bathrooms are shared should be clear—residents need to know where to keep their toiletries and other personal items to maintain harmony.

Sharing Chores

Chores should be shared fairly among household members. Using a chore board can help manage this effectively, even allowing for trades when someone is particularly busy. This ensures everyone contributes to maintaining the household, promoting responsibility and order.

Other Key Areas

Additional areas to consider include the kitchen, refrigerator, pantry space, and even how the TV is used. Effective management of these areas is crucial for household harmony and the overall living experience.

Why Focus on the Household?

Properly managing a household leads to healthier living environments where residents feel pride and ownership. This can significantly reduce the time and effort required from property managers. In fact, at Livingsmith, we refer to our property managers as household supporters, emphasizing their role in maintaining a supportive environment with minimal interference.

Choosing the Right Path in Coliving Property Management

You have two paths in Coliving property management. One path leads to high vacancy rates, tenant conflicts, and lower profits. The other path, which follows the gold standard of Coliving property management, involves managing households effectively, ensuring happier and longer-staying tenants, and ultimately higher profits.

Conclusion

If you aim to excel in Coliving property management, learning and adopting the gold standard practices are crucial. Our Coliving Property Management Toolkit offers comprehensive guidance to help you thrive in this field. By focusing on creating a healthy household environment, you can benefit not only financially but also positively impact the lives of your renters and partners.

Coliving is growing, and it’s an exciting time to be part of this movement. With the right approach, you can make a significant impact. So, go ahead and live your daydreams. Thanks for reading.