Success with Doorvest | From Remote Investing to Hands-Off Management
Doorvest lives at the intersection between technology and real estate by providing an end-to-end solution - eliminating the most painful steps for the end customer.
We mitigate risk from the customer’s perspective by:
Sourcing, analyzing, and acquiring investment deals that match your financial objectives
Providing extensive renovations to deliver a new home
Aligning our pricing with you to remove the frustration from traditional bidding wars
Facilitating the purchase of a long-term and successful rental property
Managing day-to-day operations so you can begin generating rental income from day 1
We believe that the key to long-term success is to align incentives with our customers and residents. Part of being in the long haul with you is helping you manage your asset remotely.
Property management at Doorvest is a premier, hands-off management experience specifically designed to tailor to the Doorvest experience. From leasing to renewals, our in-house staff and partners are ready to ensure that you can make the most out of your investment.
To provide more insights into our property management arm, we’ve aggregated a list of most frequently asked questions and have answered them below:
How is Doorvest Property Management different from others?
Our First-Year Guarantees ensure that we are as invested in your property’s success as you are. During the first year, we will offset significant expenses by covering some of the most common renovation/ maintenance costs. If a resident is not placed when you close a Doorvest home, we will still ensure you get your rental income from day one (Terms and Conditions apply).
Since our Property Management team is in-house, we are in tune with the history of your property - from its initial acquisition to its renovation and closing. Our colleagues, your Client Partners, are the ones who’ve prepared the home for ownership, and we are able to lean on them to help be the best managers for your property.
We are also optimized for the Doorvest product; as you scale your investment portfolio geographically with more homes in various markets, we are fully equipped to facilitate the management of your assets with the advancement of your financial security in mind.
Furthermore, if you decide to move forward with your exit strategy, we will be able to facilitate this process by buying back/selling the investment property within the Doorvest ecosystem.
What are the duties of the Property Management team?
Leasing the home and finding trustworthy residents.
Protecting the home and the resident.
Upholding the terms of the lease and HOA management.
Handling maintenance requests, coordination, and repairs.
Facilitating turnovers and lease renewals.
Supporting homeowners by issuing 1099s during the tax season.
After the first year, who decides the rent price?
The rent price is based on the market rate. Our team will do a rental comparable market analysis (CMA) where we look at both the current and historical rent prices for the neighborhood in question, and determine a rent price that’s both competitive and profit-worthy.
We usually recommend the median price, with the goal of increasing rent by at least 2-3% every year. Historically, we’ve been able to meet and exceed this goal.
What happens if there’s a vacancy during & after the first year?
All vacancy-related costs will be covered within the first year of ownership. This includes early vacancy, eviction, turnovers, missing rental payments, etc. After the first year, homeowners are responsible for turnover costs as well as any eviction costs that may incur.
Doorvest empowers buyers to invest in rental homes remotely in less time with less risk. In fact, 18% of our customers have already purchased a second home with Doorvest. To maintain success across the board, we’ve integrated with multiple leasing partners and maintenance companies to maintain our commitment to homeowners who have entrusted us with their assets.
For more details about Doorvest Property Management, you can visit our FAQ here.
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