FREQUENTLY ASKED QUESTIONS
- DO I REALLY HAVE OWNERSHIP IN THE PROPERTY?
Yes. Owning a property with Renesent is true real estate ownership. You purchase a share in a LLC, and the property is completely designed and managed specifically for co-ownership.
- DOES THIS WORK LIKE A REGULAR REAL ESTATE TRANSACTION?
Yes. The legal documents and closing process are close to the same as a regular property purchase.
- CAN OWNERS RENT OUT THEIR TIME ON AIRBNB OR SIMILAR SITES?
No. All owners are not able to rent out or sell any of their own time on vacation rental sites or any other public rental listing site. All visiting guests have to be registered as so in order to gain access to the property.
- DOES RENESENT MANAGE EACH PROPERTY DIRECTLY?
Yes. We manage the LLC as well as the property, and sometimes we opt in to engage amazing third-party property managers in agreement with all of the owners. We work with trusted management partners, and are always monitoring the quality of the property management process.
- WHAT IF ANOTHER OWNER DAMAGES THE PROPERTY?
We have found in the past that owners have true pride and respect for ownership of the property and typically leave the property in excellent condition for other owners to enjoy just as they do. We ensure a quality experience for every owner with the homes being inspected after each visit. Any damages or disruptions beyond regular wear and tear over time are held accountable to the owner who was visiting the property at the time.
- DOES MY SHARE INCREASE IN VALUE IF THE PROPERTY APPRECIATES IN VALUE?
Yes. As an owner of the property, any equity gains are yours.
- CAN I KEEP PERSONAL ITEMS AT THE PROPERTY?
Yes. Each owner has separated and designated storage space for all of your personal items you wish to keep there.
- WHO WILL BE RESPONSIBLE FOR LAWN AND PROPERTY MAINTENANCE?
Renesent manages all of these details, including landscaping, pool maintenance, and all other property needs through locally hired professionals.
- WHY WOULD I SELL PART OF MY PROPERTY WITH RENESENT?
Selling ownership interest in your property enables you to continue using it, while distributing costs to other owners and gaining revenue over time. If you love your second property but are not utilizing it to its fullest, co-ownership could be the perfect option for you.
- WHAT WORK IS NEEDED TO PREP FOR A SALE?
The process is extremely simple and hands-off for you as a seller. Along with a local real estate agent, we generate a great portfolio to show your property at its best. After closing, we add any designer touches and do any other remaining necessary repairs so you can start utilizing your new property.
- HOW DOES THE PROPERTY SALE AND PURCHASE PROCESS WORK?
Renesent will purchase your property and retitle it into a LLC with eight equal ownership interests. You may retain the amount of ownership that you’d like up to 50%, and Renesent will find buyers for the remaining ownership.
- HOW DO YOU FIND BUYERS TO PURCHASE SHARES IN MY PROPERTY?
Our team has plentiful experience in working in the real estate industry. We have perfected driving the buyer demand through specifically online and offline marketing strategies. We work with our local real estate agents who are complete experts in the community, and they are able to market the listing to their own network of buyers to give you the best opportunities.
- WHAT HAPPENS TO MY FURNITURE WHEN I SELL PART OF MY PROPERTY?
Our interior design team or a locally hired professional will review each property before finalizing the project. If the already existing furniture is a good fit, Renesent will purchase it directly from the seller of the property. If it isn’t a good fit, the property is given a full interior design makeover to compliment the property to its fullest extent.
STILL HAVE ANY QUESTIONS?
+1 (415) 873-1161