FAQs
It is a very sophisticated website (www.selectexchange.co.uk) which acts as an introductory vehicle to assist owners of well presented homes in exchanging their properties amongst themselves.
There is no joining fee to join Select Exchange and at present the yearly membership is only £10. A Fee of £49* is normally applied. Owners with more than one property will be charged £10* membership per additional property. Owners of homes in specific locations, where Select Exchange feel it would be of benefit to members, may be offered special incentives to join at the discretion of management.
There is an introductory/administration fee of £75* when exchanging or renting. Other costs may be payable directly to other owners for exchanges with properties of higher rental values.
* All costs may be subject to change. Members paying in Euros or US Dollars will be charged the equivalent Sterling rate in their own currency, by their bank.
Select Exchange specifically caters for owners of well presented properties who like to visit other locations and expect the same standard of accommodation and service that they are used to in their own homes.
The main benefits for members are the opportunities to visit other locations and the fact that they do not have to pay for the accommodation (or pay only a fraction of the normal rental cost). They can also benefit in receiving additional rental income by accepting other members when their properties may be otherwise empty. Additional benefits are in receiving regular updates on travel news and overseas property news through the website newsletter and potentially making new friends.
There are numerous websites offering property exchanges, but none are specifically aimed at owners of well presented homes. It is the only website that offers its members choice and security whilst maintaining standards.
Select Exchange is a fully interactive website. Members can select the “location” they wish to go to, the “type of property” and the “preferred time” for exchanging from the website’s Property Search. Members wishing to exchange are able to contact other members using the “Exchange Request” email (sent via the website). Once the exchange has been agreed all subsequent correspondence is between the two members, although Select Exchange requires a copy of the “Confirmation Checklist”.
The rental value is a true reflection of the standard of the property as well as of the resort and general area, in the same way that hotel room rates generally reflect the hotel standards and locations.
Not necessarily but in order for it to be allocated points, it must be given a rental value. This can be assessed by comparing the property with other rental properties of a similar size and standard nearby.
By having a point system it becomes possible for members to exchange non-simultaneously and exchange properties of a different size to their own (see How it Works), therefore offering members a much wider choice. Points are based on rental values (rental rates) at 1 point per £1.
The initial bank of points allocated to members is the sum of 3 week’s property rental values, one from each season; low, medium and high. By dividing this total by 3 the Weekly Rental Value (WRV) of the property is calculated, which is the amount of points a property is worth per week when exchanged.
If a property has more or fewer than 3 seasons the calculation is as follows:
- The sum of a week’s rental value from each season is divided by the number of seasons (eg. sum of 4 seasons is divided by 4). This is the Weekly Rental Value. To calculate the total starting bank of points, multiply this figure by 3.
Based on the knowledge that most owners wish to exchange on average once or twice per year, a bank of 3 weeks gives members an adequate amount of points to start exchanging. If owners were allowed to bank more weeks, the point system would be unworkable. By limiting it to 3 weeks, it also means that members have to accept exchanges to avoid running out of points.
If members run out of points it means that only the Rental Option remains available to them. In this instance members must accept Guests in their properties at the earliest convenient time, in order to replenish their bank of points. The system is fair as it encourages owners to accept Guests in order to stay in the system.
The website will carry a page where members can display their properties and advertise their own special offers.
There is no limit, providing members remain in credit and still have banks of points to negotiate.
The system is fair as it allows owners of smaller properties to exchange with larger properties by transferring points and/or paying rent for the difference in the Weekly Rental Value (WRV). Members have to consider other factors too, such as the number of people in each party. For example, if both properties are occupied by the same number of people, say two couples are exchanging, members may decide to exchange on an equal basis even though the properties have different WRV.
Not necessarily. However if the property is a holiday home, the contact details of the managing company or person should be provided at the time of joining. This company or person should be contactable after office hours, in case of emergencies.
It is always a condition that members inform Select Exchange each time they exchange so the property files can be updated, points can be reallocated and members can be charged the administration fee (see Terms and Conditions).
If both owners agree, the exchange can be referred to Select Resorts Ltd (Holidays) and treated like a normal rental. In this case both owners will be charged 10% commission based, on the rental value of the exchange.
