For owners who wish to purchase more than they can currently use, we offer the option to participate in our rental pool program. We produce a net profit for owners after all expenses. In fact, we delivered profits to owners, even during times of extensive ongoing construction and economic instability in the following ways:
Our rental pool program was designed to completely align the goals of owners with that of management. We drive on-going long term value for our owners by ensuring management earns a fee only when the owners receive a profit. Profits are split fairly, with 80% going to owners and only 20% to the Management Company. Owners may also opt to rent privately and take 100% of the rental income for themselves.
The share of Rental Pool revenue that any owner receives is directly proportional to the average hotel room rate generated by their type of residence for the nights it was available to the pool.
For rental pool purposes, locked off junior suites in residences with 2 or more bedrooms are treated as independent accommodations with separate keys. This means that an owner can use one side of the ‘lock-off’ while still earning revenue from the other side. This system enhances profitability, makes favoritism impossible, and eliminates loss of revenue for any particular residence if it is made unavailable for rental because of regular maintenance and repairs.
Naturally make good revenue because we are a fantastic private residence in a beautiful location with full
The Crane’s versatile floor plans are perfectly adapted to the needs of the tourist market. Since almost all residences can be converted into single bedrooms, they are perfect for couples, who make up the vast majority of leisure travelers. The interconnecting doors can then be opened up as required to respond to seasonal shifts and the needs of families and other groups. In contrast, residential properties primarily feature two and three bedroom floor plans which are only suitable for the tiny percentage of tourists who require accommodations larger than one bedroom.
As a full service luxury resort, The Crane can also command a much higher nightly rate than a free standing villa rental.
The amenities and standardized quality of the rooms appeals to a much broader market, and allows for rooms to be sold via tour operators who guarantee a consistent product.
We also drive a large proportion of our rental revenue through our experienced in-house marketing and reservations department who work closely with the Barbados tourism agencies and some 100 tour operators and online travel companies based in the UK, the US, Canada, and Europe. The Crane has also engaged independent PR and Marketing companies in the UK, USA, and Canada to further tailor our message to each market’s needs.
As an independent brand, The Crane allows owners to avoid paying expensive franchising and licensing fees on rentals and operations. In addition, by driving most of our bookings through direct sources (in-house reservations department and online bookings through The Crane website), we save the hefty commissions paid to third parties and control discounts.
The Crane is committed to driving value for customers after they purchase. Our ‘vertically integrated’ approach, serves to eliminate mark-ups and overheads charged by third party providers. We focus on managing every aspect of our operations in-house – everything from employing our own maintenance and carpentry team, to propagating our own plants in our 4,500 sq. ft. nursery is done on property. While many resorts outsource their laundry, we also built our own 1,900 sq. ft state-of-the-art laundry facility in order to keep our costs significantly lower than competitors.
In addition to vertical integration, we drive value in operating costs by standardizing our rooms with the same décor, fittings and furnishings. This allows us to make initial purchases in bulk and to stock replacement parts efficiently, thereby lowering unit costs.
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