Frequently Asked Questions about Rental Management
Who will manage the rental pool?
The Porches Management Limited (TPML) will be contracted to manage the
rental pool for The Porches. The principles of The Porches Management Limited have many yearsof experience in the management of condominium and community associations and they hold a majority interest in The Porches Bahamas Limited. Tthe developer of The Porches at Coral Harbour will also be responsible for maintaining the common areas of the property
Do I have to participate in the Rental Program?
No. The Porches was developed to offer the best of both worlds. Investors will seize the opportunity to purchase and rent the units while others will want to make The Porches their home away from home and keep the property for their personal use.
Can I rent out my unit myself?
Yes. However there are restrictions on the length of stay with a minimum 1 month. Rental for periods of 1 day to 1 month must be done through TPML
How often may I occupy my own unit?
Owners may occupy their units as long as they want recognizing there are restrictions on how long you can stay in The Bahamas without acquiring residency. For those expecting to stay over 3 months at a time we recommend you look into the residency options available from the Bahamian Government.
Are there any charges when I stay in my unit?
None. Housekeeping is available.
What if my unit is rented and I still want to visit The Porches?
Subject to their being another available unit at TPML will try to move the renter. If the renter will not accept another unit, you will be assigned a “substitute” unit and the net rental that is earned from your unit will be credited to the owner of the “substitute” unit.
What is the split with the Management Company?
Net Rental income is split as follows: 65% to the owner and 35% to TPML “Net Rental Income” is defined as the room rates received by TPML less any
discounts, commissions, room taxes, housekeeping charges, credit card charges
(processing fees) or the like and does not include (a) telephone, fax, room service, food
and beverage or other charges paid by any guest occupying the Unit
Do members of the family or guests have to pay if they stay in my unit?
If you have placed the unit in the rental pool, anyone using the unit will pay a preferred rate. The Operator and the unit owner agree that the Operator will charge the guest a daily rate of Twenty-five percent (25%) of the published daily rate and that the Operator will accept One Hundred percent (100%) of the rate charged to such a guest in lieu of the Thirty-five percent (35%) management fee noted above.
Where is TPML 35% of the rental going?
• Marketing of the rental pool (collateral material, advertising, PR)
• Reservations (staff, phone, fax)
• Staffing (accounting, front office)
• General administration
How will TPML market my unit?
TPML will formulate and execute a comprehensive marketing plan to motivate prospective renters. TPML marketing plan will include efforts such as working through the Bahamas Ministry of Tourism and the Out Island Promotion Board. Specific efforts will include public relations, direct mail campaigns, electronic marketing, trade advertising, consumer advertising, and attendance at travel agent shows as well as travel agent familiarization trips.
How will people book my unit?
TPML’s US toll free number or fax number is available for both owners and prospective guests to book reservations. TPML also maintains a website www.the porchesbahamas.com which includes information regarding rates, and booking policies. The website will be enhanced to give prospective guests the ability to make a booking online.
What if I refer a guest to The Porches?
Should an Owner refer a guest to The Porches, the Owner’s account will be credited
a referral fee equivalent to 5% of the “Net Rental Income.”
How do I know that my unit is being booked as frequently as other units?
It is the intention of TPML to equitably book units so that all Owners benefit from the rental pool. The first priority for booking a unit is dependent on the guest’s request for a specific location (i.e. top floor closest to the beach), the second priority is based on availability; the third priority is based on rotation utilizing the least rented unit first.
How is the Owner accounting taken care of?
Each Owner will have an in-house account set up for them. All net rental revenues will be deposited into the respective Owner’s account. TPML will pay their quarterly condo fees and pay monthly utilities through this account. Housekeeping, water, electric and phone will also be paid through this account. Quarterly statements will be faxed, mailed or emailed to Owners. The statement will reflect rental occupancy, rental revenue, referral credits, and quarterly condo fees. Owners are required to maintain a minimum balance of $5,000 to cover charges and disbursements.
What costs am I responsible for?
Owners are responsible for paying their Owner’s association fees and utilities for their unit as well as any other charges made by the Owner or TPML on behalf of the Owner.
