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There is no joining fee to join Select Exchange and at present the yearly membership is only £50. Owners with more than one property will be charged £30* 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.
* 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.
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.