What Realtors Need to Know About PadSplit: Riding the Affordable Housing Wave for Bigger Commissions

As real estate agents, we're always on the lookout for the next big thing that can sharpen our edge, save time, and ultimately boost our commissions. In today's fast-evolving market, one trend stands out: co-living platforms like PadSplit. Think of it as Airbnb on steroids—geared toward affordable housing solutions that challenge traditional zoning laws while opening new doors for investors and agents alike.

This blog is based on our recent webinar, co-hosted by me, Ryan Poole, founder of RealTrade and a 25+ year veteran realtor, and James Brown, attorney and founder of New Path Title. We were joined by PadSplit experts Audrey McClintock, PadSplit Account Executive, and Alex Giassa, a realtor crushing PadSplit deals (contact information below).

Tales from the Street: Real Issues, Real Solutions

Every week, agents hit us up with questions that highlight pain points in deals. These "tales" aren't just stories—they're opportunities to sharpen your skills and impress clients. Here's what we've seen lately:

1. The New Condo Rider: Don't Get Bitten

The updated condo rider in the FAR/BAR AS-IS contract (Rev 12/24) is a game-changer—and not in the way you're used to. Forget old assumptions: sellers are only liable for assessments up to the effective date if you make the right elections. Miss them? Your buyer could be on the hook for big special assessments between contract signing and closing.

We recently handled a file where the seller's agent nailed the new form, but the buyer's agent didn't read (or understand) it. Result? The buyer faced massive assessment costs at closing. Ouch.

Pro Tip for Agents: Take two minutes to review the rider. It's straightforward—Florida's lawmakers actually got this one right. Protect your clients, avoid drama, and position yourself as the expert.

2. Tenant Utility Bills: Sellers Aren't Liable (But Title Companies Might Slip Them In)

Florida Statute §180.135 is clear: Utility companies can't lien or charge property owners for bills racked up by tenants. Yet, we've seen these charges sneak onto settlement statements (HUDs) time and again.

If it's a small amount (a few hundred bucks) popping up last-minute, sellers might just pay to keep things moving. But we've spotted charges in the thousands—and sellers paying unnecessarily. The law's on your side, but utilities make mistakes (or push boundaries).

Pro Tip for Agents: Spot this on a HUD? Speak up, cite the statute, and shine for your client. It's a simple win that builds loyalty.

3. HOA Bill of Rights: Parking Rules Just Got a Major Overhaul

Remember House Bill 1203 (effective July 1, 2024)? We covered it in our show "Agents, Know the Rules Before You Advise Clients." Key focus: Commercial vehicles in HOAs.

• Applies to HOAs only—not condos.
• No more banning homeowners or guests from parking personal vehicles (like pickup trucks) in driveways or legal spots.
• HOAs can't prohibit personal, business, or first-responder vehicles unless they're true "commercial" ones (>26,000 lbs or >2 axles—think tow trucks, not your average SUV).
• Bonus: HOAs can't force vendors from a "preferred" list or block contractors just because they're not on it.

Some HOAs are dragging their feet on compliance—we've heard of owners paying $1,000/year for offsite parking. And watch for "nested" associations (e.g., condos inside HOAs)—rules get tricky.

We've seen agents get sued for bad advice here. One friend of mine took a hit after misadvising a client.

Pro Tip for Agents: Confirm if it's an HOA or condo. Know the nuances (e.g., private vs. public streets). Text James at (561) 307-0885 anytime for clarity—they're there to help, even if they're not on your deal.

4. Industry Bombshells: Zillow Lawsuit, Compass Mega-Merger, and the Quiet Takeover

This is the tip of the iceberg, folks. The NAR settlement was big, but these developments signal a seismic shift.

• Compass Buys Anywhere Real Estate: The largest brokerage consolidation in U.S. history. Closing in Fall 2026, it catapults Compass from $4B to $10B valuation, spanning all 50 states, multiple price points, and global reach. Anywhere's brands (Century 21, Sotheby's, Coldwell Banker, Corcoran) bring nearly 500,000 agents under one umbrella. This has been brewing—remember SoftBank's $1B investment in Compass back in 2017-2018? It's paying off big.
• NAR Lawyers Sue Zillow Over Flex Program: Filed last week by the same crew that took down NAR. Core claim: Buyers were misled by "contact agent" features, inflating prices. Layer on Zillow's new "Listing Standards" (post immediately or get banned), and it doesn't look great for them. But why can't a private company set its own rules? And doesn't a Buyer Brokerage Agreement (BBA) clear up any confusion? Smells like a shakedown to us.

Don't sleep on Compass's "Private Exclusives" platform—it's quietly benefiting from this chaos.

Pro Tip for Agents: These aren't isolated events; they're part of a chess game by big players. Stay agile with tools like RealTrade (our platform with 3,300+ active agents) to pivot and profit. 

The Main Event: PadSplit—Affordable Housing Meets Agent Opportunities

PadSplit is exploding as a solution to the affordable housing crisis. It's a co-living platform where properties are divided into individual rooms for rent, challenging zoning norms and creating investor goldmines.

This isn't an endorsement (PadSplit didn't pay us)—it's education. Agents, this is your chance to ride the wave: Represent investors buying PadSplit-ready properties, or just know the landscape to outbid competitors.

PadSplit Basics from the Experts

• Audrey McClintock (PadSplit Account Executive): Shared the 30,000-foot view—how PadSplit works, from property setup to tenant matching. Contact her at (786) 983-8667 or audrey@padsplit.com for details.
• Alex Giassa (PadSplit Realtor): Gave real-talk on closing PadSplit deals regularly. Practical insights on spotting opportunities and navigating transactions.

In a nutshell: PadSplit addresses modern dilemmas like high rents and underused space. Investors convert single-family homes into shared living, boosting ROI. Agents earn by brokering these buys or advising clients.

Why Agents Should Care: You're up against PadSplit investors in bidding wars. Know the model to win more deals. Plus, it's a fresh value prop—educate clients on this trend to stay top-of-mind.

Part 2 next week: Case studies, legal rules (ordinances, state laws), and copy-paste marketing content to showcase your expertise.

Bonus: How to Control Title Without Shifting Fees

Tired of the other agent's title company slowing your deal? Here's a hack:

• In the FAR/BAR contract (line 155), follow local custom (e.g., seller chooses in Palm Beach County; buyer in Broward/PSL).
• In paragraph 20 (line 590), add: "The Closing Agent is New Path Title, 1110 N Olive Ave, WPB FL 33401, 561-838-9595, contracts@newpathtitle.com."

No fee shifting—seller or buyer pays as usual. You get a smooth close with a team you trust (us!). Remember: Escrow agent holds money; closing agent runs the show. We've clarified this in multi-million-dollar deals—don't mix them up.

Wrapping Up: Sharpen Your Edge and Make More Money

The real estate world is changing fast—from HOA parking freedoms to mega-mergers and PadSplit's rise. Our webinar (and this blog) arms you with unique content to cut through the noise, advise clients confidently, and close more deals.

Join RealTrade today—our free platform connects 3,300+ agents with tools, content, and networking to thrive. Catch Part 2 for PadSplit deep dives and marketing magic.

Ready To Elevate Your Real Estate Game?

Visit RealTrade, the social marketplace where buyers and sellers connect directly with agents—no lead fees, just results.

Connect with Audrey and Alex:

Audrey McClintock - Account Executive at PadSplit 

Specializing in reducing tax liability through real estate investing and strategic real estate planning

Resources to Bookmark

• New Path Title: go under “Realtor Resources” for the webinar recording and outline.
• Title Advance Link: for fast, no-cost reports that help realtors win listings and close faster. These reports include critical details on mortgages, liens, encumbrances, open permits, code violations, taxes, and utilities—everything needed to streamline your sale!
• RealTrade YouTube: Catch past sessions and links to tools like Title Advance and our closing cost calculator.
  
  

   

   

• Webinar Outline

• Got questions? Text James at New Path Title’s 24/7 attorney support (561) 307-0885 or message me (Ryan Poole) on RealTrade. Here’s to your next big win!