Miami Beach Condo-Hotels

Rental Program

Please keep in mind that the provisions of a condo-hotel Rental Management Program vary by project and developer. That's why it's critically important that you read and understand every nuance of your developer Agreement. [I can help]. Like any opportunity, there are risks with a condo-hotel, but with qualified guidance from the right Realtor, and all the information you need to ask the right questions and make an educated choice, you'll know what to anticipate at every step and greatly increase the potential of your condo-hotel purchase. I'm committed to providing you a realistic, honest appraisal of the possibilities, so your expectations are in line with the likely outcome.

A Typical Condo-Hotel Agreement Addresses Items and Questions Such As:

• Whether placing your unit in the hotel's Rental Management Program is mandatory or voluntary.
• If the Rental Management Program is voluntary, what your requirements are if you opt in, such as having to buy the hotel's approved furniture package.
• If you enter into the Rental Management Program, what happens to your contract if you sell your unit.
• Maintenance Fees and/or Management Fees, and what they cover.
• Usage agreement, which outlines the frequency, notice requirements, reservation system and any occupancy restrictions [time of year, length of stay etc.] for the unit owner.
• The percentage of revenue the condo-hotel owner will receive.
• The percentage of revenue the hotel management company will receive.
• The typical deductions before each party receives its share.
• Who will pay for real estate taxes, insurance, capital improvements and debt service. [It's usually the individual condo-hotel owner.]
• Who will pay for operating expenses such as housekeeping, front office, administrative and marketing. [These are usually paid by the hotel operator.]
• What are your voting rights as a condo-hotel unit owner? Do you have the same access to property books and records as a regular condo unit owner? Read more here.

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