30 Jan 2010 9:43 PM:
Hi Greg,
Like you I started renting short-term only with Albayt late in 2008. Before that I had being managing the rentals myself through 4 or 5 on-line owner rental sites (Hol Lettings, Hol Rentals, Villarenters, Hol Lets and Owners Direct). Managing this was quite a lot of work for me but overall was quite successful.
So when the opportunity to rent with Albayt arose I decided to try it for a year or so. Unfortunately this did not work out very well by comparison with my own efforts. Now with the imposition of a 24% Spanish Tax on the rental income (and that's after Albayt's 35% cut) this whole project has become unviable as I now only receive about 45% of the total income generated by the rentals. That is of course assuming Albayt decide to pay the settlement amount due since last November per the contract agreement.
As you indicated, they are claiming inability to pay because the tour operator companies have not paid them. I have to say I'm a little sceptical about this excuse and suspect there is more to it than that.
Like you, I have decided to exercise the option of cancelling the rental agreement with Costa Galera Expoltaciones Turisticas (CGET) and will return to managing the rentals myself through the various rental websites.
I would be interested to hear from anyone who knows if the entities CGET and Albayt Resort are one and the same thing legally, or two seperate companies.
On a more positive note, I completely agree with your comments about the Recepcion staff and the development in general. When the pedestrian bridge across the main road is eventually erected this will be a huge boost to all concerned.
Regards for now,
This message was last edited by larkit01 on 08/02/2010.
Community thread:
Late Payment of Rental Settlements from Albayt CC
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