Just like any property, property operating costs, such as property management, maintenance, taxes and repairs, are passed along directly to owners transparently with no markup.

Owners also pay a platform fee which covers LLC oversight, ongoing owner support, and the technology that enhances your owner experience. The platform fee of 10% of gross income received by the property, to provide this superior level of service. If your property don’t make money for you, Simpley don’t make any money too. Our interests are aligned.

Every Simpley co-owner gets access to our Owner e-Portal (www.simpley.co/login), which allows them to view progress, get updates, receive/make payments, liaise with property manager and contact our Simpley Owner Relation team.

All these features require us to have staff coordinating all logistics for you (including managing your house staff and coordinating the maintenance) and engineers ensuring you have a seamless experience.

Expenses are 100% passed through and we take care of your every penny like it were our own. In addition, all co-owners will have access to our books and be able to see every transaction. We aim to be as transparent as possible!

All operating expenses are passed through at cost, and all cost statements are available to owners via the Owner e-Portal. As the LLC manager, we will only increase what is collected from owners as necessary to cover a change in household expenses (e.g., an increase in insurance rates).

The property operation fund is used to pay for property management and maintenance fees. The amount will be budgeted and collected upfront for 6 months of expenses and fees.
We hope to use future rental to cover the ongoing expenses.

Reserve funds are held in the individual LLC's bank account, managed by Simpley.

Funds are only used for unexpected expenditures that may arise from time to time in relation to the property, including repairs, replacements, and improvements.

10% of the rental collected from the property will be directed into the Property Reserve fund

Simpley manages the properties on the Simpley platform. This includes the legal and financial aspects of property ownership, including coordinating and paying for utilities and property taxes, maintaining the LLC legal entity and its accounts, and representing the buyer group as necessary to outside parties, including municipal authorities.

For physical upkeep/rent/sale of each property, we engage vetted, high-quality property managers based in each of our active markets to ensure our properties are managed according to the highest standards of care and maintenance. Our partners take care of all aspects of property management, professional cleaning, preventive maintenance, and repairs.

Simpley manages all aspects of property ownership, including: direct property management, or choosing and overseeing the property management company in select markets; maintaining the LLC and resolving any disputes between owners or the municipality; continually innovating and improving the Simpley Owner e-Portal and other digital technology to help owners.

As a service to owners, Simpley works with professional interior designers who decorate and furnish the property to be ready for tenancy.

Our goal?

To furnish the property to be the most rentable and start finding tenant as fast as possible.

As manager of the property LLC, Simpley serves as a neutral party acting in the best interests of the co-owner group. In this capacity, Simpley is empowered to make decisions with respect to routine matters such as performing minor repairs, and replacing worn-out appliances.

Major decisions, such as the decision to purchase and install a new fridge, can be brought to a vote by any co-owner. Each share holds a single vote. 

Simpley guarantees payment of monthly operating expenses on behalf of the ownership group, such that if one owner fails to make a required payment, Simpley will step in and cover that payment itself. This is one of the benefits of our ownership program.

The defaulting owner will have the opportunity to fulfill his or her obligations, but if the default remains outstanding after the cure period has expired, Simpley can repossess and resell the defaulting owner’s share.

Simpley will open, maintain and operate one or more bank accounts, as necessary, and all the money collected, and funds related to the Owners will be kept in these accounts. There will be no commingling of funds. As Manager, Simpley will be the sole signatory of these accounts.

At Simpley, we are dedicated to full transparency. For this reason, each year you’ll receive financial statements for the LLC in which you are an owner, including a balance sheet and statement of cash flows. Additionally cost statements with a breakdown of incurred expenses, including operating expenses, taxes, and insurance premiums, can be made available upon request.

Yes, all properties will be insured according to the Simpley’s insurance standards [unless all co-owners unanimously decide to have higher coverage].