Turks and Caicos Beachfront Condos
with Rental Management Program
See below for list of resorts
The Turks and Caicos Islands condominium resorts are located mainly on Grace Bay beach in Providenciales. Many of these condo resorts provide in-house rental management programs.
*Some owners choose to enter the rental management program
*Some prefer not to rent out at all
*Some prefer to do their own short term rental ..
The amount of money that one can expect from the rental of his unit depends on the time of year, the popularity of the resort, and the location and size of his unit.
The management program contracts vary greatly from one resort to the other, some offerring a 50/50 split and others a 60% of rental income to the owner and 40% to the management program but .....before an owner signs a contract he should review the By Laws of the Condo Corporation and and the Maintenance and Rental Management Agreement carefully. Also minutes of the latest annual general meeting of the resort and the current budget and financial statement can help in making a decision about entering into a rental management program.
The Management Program in a resort can benefit for the owner when renting out a the times when they are not using the unit. This income can defray the costs of the strata fees and insurance and perhaps a small mortgage .
Owners should understand that although the management may rent out the unit and offer all the amenities of the resort to the tenant, the owner will be responsible for paying the water, electric, cable expenses that the tenant uses as well as phone and the upkeep of the furnishings and appliances.
The Corporation owns and is responsible for the ongoing operation and management of common properties on behalf of the owners. An inventory on the unit is important to understand what is one's property and what belong to the Corporation. Corporaton will normally be responsible for daily housekeeping, guest services, concierge and and security.
There is a marketing assessment to bring business into the resort through magazines, websites, and travel agent commissions and one needs to be clear how and who should be responsible for those costs.
The resorts management will provide monthly or quarterly statements about income and expenses to the owner and will provide a year end report.
Levele Condo Resort
Alexandra Resort
The Somerset
The Venetian Grace Bay
