Property Management

All properties sold using our fractional model are fully managed on behalf of the fractional owners. We advise the management company of the service required and the management company will provide a yearly cost. This is then divided amongst the four owners and forms part of the annual ongoing fees that are incorporated within the fractional sales contract. The fractional contract will also provide for the Property Administrator to collect monies for a dilapidation fund, a furniture replacement fund and payment for the annual bills that will be calculated by ourselves with the developer and the management company and paid into a bank account opened on behalf of the fractional owners.

Weekly Visit

As the fractional owners can use their occupancy weeks at their discretion it will be unknown if an owner has used their home for their week. Therefore the management company will undertake a weekly visit on changeover day. If the property has not been used the management company undertake a partial service consisting of a dust and check over of the property. If the property has been used then it’s the full service and a change of linens (change of linens is billed directly to the owner who's occupancy week it was).

Inventory Taken

When the weekly visits are undertaken the inventory of the items and furniture is checked. If the house has been used and there is damage or loss of a an item this will be reported to the Property Administrator and the client who’s occupancy week the damage or loss took place in as its their responsibility to pay for the replacement. If the property is rented to third parties the damage and loss is still the responsibility of the owner whos occupancy week it was.

Repairs

The management company are the first point of call for the owners or people they have rented to in case there are emergency repairs to be carried out. The management company will be able to access various trades and undertake any repairs swiftly on behalf of the fractional owners. Depending on what the repair was for will denote whether it is paid by an individual owner or from the dilapidations fund.

Annual Bills

An estimate of the annual bills will be calculated by ourselves and the management company and divided amongst the fractional owners. This cost forms part of the fractional ownership contract and is paid to the Property Administrator and then paid to the management company on behalf of the fractional owners to pay the property bills as they fall due. The management company process and pay these bills and supply a schedule of income and expenditure.

Dilapidation Fund

An amount of money is collected from each of the fractional owners to build a capital reserve for repairs and redecoration of the home as it becomes necessary.

Furniture Replacement Fund

An amount of money collected from each of the fractional owners to build a capital reserve to replace worn out furniture. Furniture damaged or broken by way of neglect is the responsibility of the owner who's usage week the damage took place in.

Scheduled maintenance weeks

You will have seen from the usage calendars that we provide scheduled maintenance weeks to allow for repairs and maintenance to take place outside of the usage times for the fractional owners. It may be that in the first few years there is little to do but the dilapidation fund allows for the accumulation of money to allow for the redecoration of the property within 5 years and the furniture replacement fund allows for any furniture that will need replacing due to wear and tear.

We are proud to be working with Fractions Abroad  who provide us with the fractional ownership business model.