SookePoint Ocean Cottage Resort
Rental Management Program Overview
TRUE KEY INTRODUCTION
Thank you for your interest in the rental management program at SookePoint Ocean Cottage Resort. The following information is an introduction to True Key Hotels & Resorts, our rental management program and the advantages of participation.
To learn more about True Key, our team, corporate culture and accomplishments, please visit www.TrueKey.ca.
We look forward to working with you and delivering an exceptional resort ownership experience to you, your family and friends. Welcome to the rewarding world of True Key!
True Key Hotels & Resorts launched the rental management program and started sales and marketing for vacation rentals at SookePoint Ocean Cottage Resort on June 1, 2018.
Recent reports demonstrate rentals of SookePoint Ocean Cottages have been up-trending nicely:
- June 2022 revenue exceeded June 2021 by 39%.
- July 2022 revenue exceeded July 2021 by 9.8%.
- August 2022 revenue exceeded August 2021 by 9.8%.
- Average daily rates have reached record highs compared to previous years.
- There are currently 30 cottages in the resort rental management program.
- Rates are predicted to increase as demand for SookePoint ownership and accommodation continues to grow.
THE TRUE KEY ADVANTAGE WORKS
As the rental manager at SookePoint Ocean Cottage Resort, True Key has consistently delivered industry leading revenues that meet or exceed what has been achieved through private vacation rental online marketplace’s like Airbnb or VRBO, and have done this while delivering exceptional guest and ownership service and experiences.
Our hassle-free model ensures owners wishing to rent their property out on a short-term basis enjoy industry leading returns and the peace of mind. This is achieved by having an on-site team of service professionals who care for their property, communicate openly and solve any potential issues associated with being an absentee vacation home owner.
At the resort, True Key operates a front desk, fully-equipped maintenance department, housekeeping department and a team of guest service agents eager to assist owners and guests alike. Whether it’s a burnt-out light, an after-hours noise complaint or assistance with arranging flowers for a special occasion, the True Key team is there to help.
True Key delivers leading rental revenue and occupancies by utilizing a comprehensive set of sales and marketing strategies, tools and tactics. Our sales and marketing team also utilizes first-in-class technologies and software for yielding rental rates, website operations, e-commerce positioning, database development, owner exchange platforms and owner connectivity.
By working with True Key, you will enjoy better returns and peace of mind knowing you have a dedicated team of professionals caring for your investment.
RENTAL MANAGEMENT PROGRAM STRUCTURE
- Revenues distributed based on a 60/40 revenue split (60% to the owner / 40% to the manager, True Key).
- Revenue distributed on a unit specific basis (non-pooled).
- Travel agent commissions and credit card commissions are deducted from the gross revenue before the 60/40 split.
- The owner’s portion of revenues is held in a trust account to the owners benefit until paid out at the end of each quarter.
- Distributions are sent with a detailed accounting statement within 45 days of the end of the quarter.
- The rental management arrangement is formalized through a Vacation Rental Management Agreement (available upon request).
- Owners in the rental program are entitled to participate in exchange programs.
- Our revenue management strategies are dynamic and research is constantly being performed to get the best rate for market demand.
- Check in/out services are provided through unit 48B until such time as the commercial strata lot is available.
- Laundry is processed off site with a commercial laundry company until such time as there is space for laundry facilities on-site.
- Commonly occurring costs are allocated as follows:
- Advertising, promotions, sales and marketing
- Bank charges
- Business license
- Rental guest housekeeping
- Clerical and accounting
- Front desk staff and services
- Liability insurance
- Office equipment and software
- Rental damage (in unit)
- Annual deep clean and carpet cleaning
- Owner housekeeping
- Mortgage (if applicable)
- Repairs and maintenance (normal wear and tear)
- Insurance (contents and liability)
- Linens, towels and restocking
- Property taxes
- Strata fees
WHAT TRUE KEY CAN DO FOR YOU
- TRUE KEY DELIVERABLES
- OTHER OWNER BENEFITS
- SALES & MARKETING
- OWNER ADMINISTRATIVE SERVICES
- RESORT DEVELOPMENT CONSULTING
Included with 40% fee:
- Owners enjoy peace of mind knowing their property is being professionally and proactively managed.
- Front Desk Agents and security to assist with:
- Check in
- Check out
- Key management
- Concierge services
- Noise complaints
- Rental guest communications
- Coordination of repairs and maintenance
- Amenity access
- Departure rental housekeeping meets or exceeds COVID-19 protocols and includes cleaning, laundry processing, inventory of dishes and other items after each departure, stocking of all paper products, bath amenities, coffee, tea, garbage bags, laundry soap, dish soap and fabric softener.
- Active rate yielding based on supply and demand in the market both locally and regionally.
- Industry leading sales and marketing.
- Promotion of property on all major on-line travel agents such as Expedia, Booking.com, VRBO and AirBNB.
- Resort website with best in class booking engine and e-commerce solutions.
- Clear accounting, communication, regular financial reporting, and on-time distribution of owner revenue.
- Owner portal for owners to see key performance indicators for their property and to make owner bookings.
- Monthly management reports highlighting key performance indicators for the rental program along with important resort updates and operational activities.
- Participation in vacation exchange programs.
- Filing Occupancy Statistics with BC Assessment.
- Collecting and remitting all provincial, municipal and federal taxes.
- Maintain the property management system for accounting, all guest reservations and financial tracking.
- All costs associated with operating the commercial strata lot (front desk) including strata fees, utilities, repairs & maintenance, insurance, capital improvements and other services (the commercial strata lots include the front desk, back offices, meeting room and other limited common property areas around the Resort).
- A portion of the overhead for True Key (administration, management and accounting).
- Employee training, uniforms, insurance and licensing.
Available for an affordable fee for owners in rental program:
- Departure housekeeping for owner stays.
- On-site maintenance staff to deal with repairs and maintenance issues.
- Interior refurbishment and upgrades.
- Attractive travel discounts to visit other True Key managed properties.
- Owner storage program.
- VIP Express check in program (no fee).
We capitalize on the competitive advantages of each resort, target our efforts and carefully measure each initiative for success. Along with relationship development with destination marketing organizations, the following are the primary strategies we use to grow rental revenues:
We currently manage 5 fractional owner associations, comprising a total of over 1,400 owners. Each of these associations is a registered society in the Province of British Columbia. The services we provide include administration, accounting, reporting, capital refurbishment programs, and maintaining regulatory requirements. By their very nature, these associations are highly complex. We have the know-how and expertise to manage the property in accordance with all policies, codes, and by-laws, which in turn gives owners peace of mind to fully enjoy their investment.
We assist new resort developments with everything from defining legal structures and financial planning to consulting with architects, trades and interior designers on the operational feasibility of infrastructure components, furniture, fixtures and equipment. We also contract our various management services individually – sales and marketing, administration, accounting and operation supervision – to meet specific needs.
Find out more about True Key Hotels & Resorts
Monthly Owner Reports
Contact True Key Hotels & Resorts
If you are interested in learning more about True Key’s rental management beyond what is provided above, please contact Michael Anderson directly and he will be pleased to respond to any questions.
Name: Michael Anderson, President of True Key Hotels & Resorts Ltd.