The Rental Programme gives the possibility to all members to rent their entitlement, in the case they are accepted in the rental programme. Applications to the programme are welcome from both timeshare and XP members.
Rental Programme 2020 (Closed)
The applications for this programme are closed. VCMS honoured the rental proceeds to all members which have been accepted in the programme by Azure. Kindly note that all entitlements which were debtors to us have been removed from the programme.
Due to the extraordinary circumstances due to the COVID Pandemic and VCMS being established only in the second half of 2020, we decided to refund the AMRF to all the members which were enrolled in the Programme.
Rental Programme 2021 (Closed)
The applications for this programme are closed. VCMS commits to honour the rental proceeds to all members which have been accepted in the programme by Azure. We would like to remind you that to receive the proceeds from the programme you would need to have paid your 2021 AMRF by the 31st of December 2020.
Rental Programme 2022
Following our principle of being a transparent company, find here in detail the process for the first rental programme run by VCMS:
1. Collection of Requests
On Wednesday the 1st of September 2021 we are going to open enrolment for the Programme. You can apply to the Programme submitting the rental form which we are going to add to our website.
Acceptance in the programme is by entitlement and not by owner ID (i.e. a member applies for 2 weeks to be in the rental programme: the Club Manager could decide to accept both weeks, only one week or none).
A receive email, confirming your application, is going to be automatically sent to the member that has submitted the form to confirm his/her submission. Please note this email does not mean you have been accepted in the programme but only notifies you that you have applied to participate.
2. Deadline Collection of Requests
You will be able to submit application for the rental programme till Friday the 17th of September 2021.
Please note that the Programme works on a first comes first serves basis, but this applies only according to unit type and season you decided to enrol in the programme. For example, a member could still be accepted in the programme even if he applies on the last day the programme is open if there is still space available for his unit type and season. On the contrary, a member could have been applying very early on to the programme, but several other members have applied earlier than him for the same room type and season and therefore might be rejected.
NB: applications done before or after the requests window are not going to be accepted in the rental programme. Please note that the only way to apply to the programme it is through the submission of the form on the website. Any other form of request is not going to be accepted.
3. Selection of the entitlements: acceptance & rejection of the rental requests
Once the submission period has ended, VCMS reserves the right to take up to Thursday the 30th of September 2021 to communicate to members acceptance or rejection on the programme.
The Club Manager reserves the right to solely decide which and how many entitlements to accept in the programme. The general criteria utilised for the selection are as follows:
A number of entitlements that allows VCMS to maximise the yield for members: the amount selected should be as close as possible to the ability from the club manager to rent/sell this space
A good spread of unit types and seasons: seasons and unit types should, where possible, match as close as possible the actual market demand and trends. This would help the club manager to maximise the utilisation of space
The criteria is to try to maximise the yield to members: we’d rather have fewer happy members in the programme rather than a lot of unhappy members enrolled.
A rejection or acceptance email is going to be send to all members which applied to join the programme.
4. Utilization of the Rental Space
VCMS is going to have the whole 2022 to maximise the utilisation of the space.
This is the step which would require the most work at our end, since it is the one that would define the success or the failure of the programme.
5. Distribution of Proceeds from the Rental Programme
Close the end of the Rental Year (around October when the AMRF for the subsequent year are due), the result of the Rental Programme is communicated to the members enrolled. The proceeds would be credited and available to members before AMRF billing for the following year.
6. Credit of the Proceeds
In the likely case the rental proceeds are greater than the AMRF, the difference between the rental proceeds and the AMRF paid, is going to be credited in the account around March of the following year. In the case the balance exceeds £500, a credit note can be issued. If the balance is below £500 then the member could use its credit for future AMRF or upgrades.
This is how the steps of the process look on a graphic timeline:
Collection of Requests
Deadline Collection of Requests (2 Weeks after program opened)
Members' Communication of rejection/acceptance (last working day of September)
Utilization of Rental Space
Members' Communication of Program Proceeds
Credit of the Proceeds (difference between rental income and AMRF paid)
I am an XP member, and I would like to participate to the programme. How does it work for me?
Of course, you can participate to the Rental Programme! Your entitlement is going to be converted to an actual room type and season as per the XP Value on our website: https://www.vcmsmalta.com/clubs
If you would like to rent an amount bigger than your yearly entitlement, then you would need to accelerate your usage. If accepted in the programme, the proceeds are going be paid according to the performance of the room type and season you have deposited.
Do I have to pay the AMRF to participate to the programme?
Yes, you have to be up with your dues if you want to participate to the programme. It may seem confusing because you might think you have already paid your dues: always remember to check in which rental programme you have been accepted to (which year).
Can I apply with multiple weeks?
To allow more members to participate to the programme, a maximum of 2 entitlement per member are accepted.
Is the space in the programme limited?
Yes, in order to maximise the yield for the people participating, we reserve the right to cap the programme.
What if I have been rejected from the programme and I still want to rent my entitlement?
We are afraid we cannot rent your entitlement. On the other hand, you could give us a call and we will try to see if we could help you with Freezing your entitlement for the year or offering you alternative ways to use your entitlement.
Can I rent only a part of my Lock-Off?
Unfortunately, you won’t be able to rent only a part of your lock-off, since in the Programme they can be accepted only self-catering units.
What if I want to spend my rental proceeds?
If the amount exceeds £500, you can request a refund of your proceeds (after March of the following year of the Rental Programme you applied to). Alternatively, we can give you a credit on your balance which you could use for upgrades or as a credit for the AMRF for the following years.