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Homeowner FAQs - How does Alcove work?

Alcove Support | 5/10/21

Homeowner FAQs - How does Alcove work?

In this article, we answer some frequently asked questions from homeowners and property managers.


Why rent by the room?

When you list your property on Alcove, we enable it to be fit for co-living. We do this by breaking the home into more "consumable" units and leasing by the bedroom.

There is a much larger market for room rentals than there is for entire single family homes. By splitting your home into multiple, unique products, we can generate more rental income for you (5-20% more rent on average). Once bedroom leases are signed, we guarantee the bedroom rent in case of tenant default.

On the tenant side, these more "consumable" units are highly sought after for a multitude of reasons:

  • Flexibility - The ability to rent for a length of time that works for them, rather than needing to find roommates who fit their exact time length criteria

  • Price - Private rooms in shared homes are less expensive than studio apartments, offer access to better amenities, and offer more square footage per dollar to the renter. In addition, tenants take less risk by renting a room instead of finding an entire place and then dealing with the burden of finding good roommates, furnishing the place, and setting up home utilities

  • Services - Alcove provides co-living services baked into rent like matchmaking of roommates, utility setup, digital payments, common space furnishings, and more.

These are just a few reasons why renting your home by the room is best for both homeowners and tenants. It makes shared living easier!

How does Alcove save me time and money?

Alcove does all the marketing (a marketing engine 25+ listing channels), touring (virtual and in-person), and application processing of the property for you.

We can't put an exact number on it, but by performing these functions we are saving homeowners and managers a large chunk of time and money when trying to get their property leased up.

How do I get paid as the homeowner or property manager?

You get paid for each individual bedroom as soon as someone moves into it. This allows us to incrementally monetize your home, reducing vacancy. Once bedroom leases are signed, we guarantee the bedroom rent in case of tenant default.

Additionally, you can start monetizing your property instantly with per-bedroom payouts to your bank. When a bedroom in your property fills, you get paid. No more disparate payments from tenants (Paper checks, Venmo, Zelle, etc.).

Are there any fees to me as a homeowner?

No. There are no fees of any kind to the homeowner or management company. Fees are charged to the tenants and/or their sponsoring employer.

Who is on the lease?

LivingLab, Inc. (Alcove) is the entity on the lease. There is no need to worry about multiple leases or managing turnover.

My listings are already in the MLS. Do I need to do anything else?

All you need to do is sign our Listing Consent Form and we will create the listing for you.

Do you follow each state's real estate commission laws?

Absolutely. We are a licensed real estate firm (#C32364) and follow all laws and regulations.

For more information please visit https://www.ncrec.gov.

How is Alcove involved once the home is rented?

Alcove provides a fully inclusive co-living experience for its tenants. As long as at lease one bedroom lease is signed with Alcove, we diligently market and tour the property until the remaining bedrooms are filled. 

Additionally, we take care of all utilities payments, setting up of accounts, wifi/internet connections, and furnishing of common spaces. A cleaning service also takes care of the individual bedroom turns when each roommate moves out.

All our homes are covered under liability insurance of up to $2 million. All roommate rent payments are guaranteed by Alcove as long as there is a signed bedroom lease, so if a tenant defaults on their rent, the landlord will still receive rental payments from Alcove.

How long does it take to rent a property?

This depends on the quality and competitiveness of the listing The average time to full occupancy on Alcove is between 2 to 3 weeks. 

For specific estimates, please email us at partner@alcoverooms.com

What is the application process for potential residents in my property?

Alcove sources the most qualified renters you could find. Our selection process is highly competitive and requires owner/property manager approval. 

Roommate safety is incredible important to our community - this is reflected in our comprehensive screening process. Perspective candidates complete their applications on our platform and all screening information is shared with property managers. They are individually approved by the owner/property manager before they can move-in. The following is information about our background check:

TransUnion Rental Screening Solutions is our background check partner. All our occupants are screened with SmartCheck Premium, which is the most extensive rental check that is offered by TransUnion. This covers credit, criminal, evictions and income insights. All these are attached to our occupant addition addendum for approval from the property manager.

When an application is ready to be approved, you will receive an email notification and resident can be approved on https://manager.alcoverooms.com/applications.

How frequently do residents turnover?

Our leases with residents are 6-18 months with some rare exceptions, but are most commonly 12 months.


Have any other questions? If they were not answered in this article, please reach out:

Email: partner@alcoverooms.com

Text: (919) 899-4096