Renting my Lagunamar werk

[cubigbird]

I have never rented out a week before. This is new territory. I am looking at possibly renting out my Lagunamar major holiday week. It’s most definitely a primo week and as we have seen, no availability exists to book with Staroptions during major holidays. I have read the sticky in the buying/renting forum but I didn’t feel it helped me much.

I have an idea as to what I’d like to rent it for, but my questions are these:

1) What sites are favorable to use to rent that are owner friendly vs renter friendly. I’ve heard horror stories about VRBO favoring renters.

2) What about a rental agreement / contract? Is there a good template somewhere to guide me?

3) How do you handle renter cancellations? Do you require 100% up front payment + damage deposit?? I don’t want to be left with nothing.

4) What are good payment methods to accept?

Thanks for all of your help!!

 

[DeniseM]

"I have an idea as to what I’d like to rent it for" - you should look at the Comps first - that is what the price should be based on. You want to be in the bottom 50% for the identical rental. There will be many that are WAY overpriced - ignore them.

1) TUG and Redweek are 2 of the best sites and they are safer, because you have to pay and register for a membership to post Ads there.

2) TUG Advice page - renting section

3) I have a no cancellations/no refunds policy:

1. Collect a rental agreement from the renter.
2. Collect a $100 deposit - if you join PayPal you can send them a PayPal invoice. Factor in the 2.9% Paypal fee when you set your price - don't add it on. Renters don't like hidden fees.
3. Go online and get a guest confirmation from Vistana and send it to guest.
4. Send renter a 2nd invoice for the final payment, due in 48 hours.

*Make sure your rental terms, rental agreement, and receipts say "no refunds/no cancellations," and that they all include statements recommending travel insurance.

​

 

[cubigbird]

"I have an idea as to what I’d like to rent it for" - you should look at the Comps first - that is what the price should be based on. You want to be in the bottom 50% for the idental rental. There will be many that are WAY overpriced - ignore them.

1) TUG and Redweek are 2 of the best sites and they are safer, because you have to pay and register for a membership to post Ads there.

2) TUG Advice page - renting section

3) I have a no cancellations/no refunds policy:

1. Collect a rental agreement from the renter.
2. Collect a $100 deposit - if you join PayPal you can send them a PayPal invoice. Factor in the 2.9% Paypal fee when you set your price - don't add it on. Renters don't like hidden fees.
3. Go online and get a guest confirmation from Vistana and send it to guest.
4. Send renter a 2nd invoice for the final payment, due in 48 hours.

*Make sure your rental terms, rental agreement, and receipts say "no refunds/no cancellations," and that they all include statements recommending travel insurance.

​

Does TUG or another site have an example/template of a solid legal rental agreement? I am unsure what language should be used beyond what you mentioned about no cancellations/refunds.

 

[DeniseM]

Per #2 above, on the TUG Advice page there are 2-3 rental agreements that you can copy and edit for your own use.

 

[EnglishmanAbroad]

I've used Redweek with their Verified and Protected service this year to rent out our 2BR WKORVN (July 6th-13th). They take payment from the renter and pass it on 2-3 days after the rental starts so I'll let you know in a couple of weeks how well that works. Their cancellation policy on the renter is 50% outside 60 days and 100% inside 60 days which seemed reasonable. I priced competitive to what I was seeing posted and listed 6 months ahead of the rental period. I got the booking about 3 weeks before the 60 day out mark. I must admit I'm only 2 for 4 in having success with Redweek, failed attempts included Presidents Day week and Thanksgiving week so don't assume just because you have a prime week that shows no availability on Vistana that you will sell.

Never seen damage deposits mentioned before. I think that's down to the resort holding CC card information on the renter and 'insuring' it that way. Don't think you should have to do anything.

I tried to use VRBO once and they wanted to see my deeds and as I couldn't be bothered with the hassle of trying to find them I passed on using them.

 

[byeloe]

I have never rented out a week before. This is new territory. I am looking at possibly renting out my Lagunamar major holiday week. It’s most definitely a primo week and as we have seen, no availability exists to book with Staroptions during major holidays. I have read the sticky in the buying/renting forum but I didn’t feel it helped me much.

I have an idea as to what I’d like to rent it for, but my questions are these:

1) What sites are favorable to use to rent that are owner friendly vs renter friendly. I’ve heard horror stories about VRBO favoring renters.

2) What about a rental agreement / contract? Is there a good template somewhere to guide me?

3) How do you handle renter cancellations? Do you require 100% up front payment + damage deposit?? I don’t want to be left with nothing.

4) What are good payment methods to accept?

Thanks for all of your help!!

I have rented out our lagunamar a couple of times. Redweek was successful once for a spring studio, used their verified/protected service and received payment with no issues. I was also successful with a President's week 1 bedroom, I requested 50% down and 50% after I sent the confirmation. again no issues.

I have tried craig's list for cancun but did not receive and inquiries

I was also successful with a TUG ad for a spring 1 bedroom week. I always try to price reasonably. So far renting has worked out pretty well, but we are prepared to use the weeks if they don't get rented.

We have not used a rental agreement, but may in the future. I offer a full refund only if a new renter is found (by them or me )prior to 60 days

 

[EnglishmanAbroad]

I've used Redweek with their Verified and Protected service this year to rent out our 2BR WKORVN (July 6th-13th). They take payment from the renter and pass it on 2-3 days after the rental starts so I'll let you know in a couple of weeks how well that works. Their cancellation policy on the renter is 50% outside 60 days and 100% inside 60 days which seemed reasonable. I priced competitive to what I was seeing posted and listed 6 months ahead of the rental period. I got the booking about 3 weeks before the 60 day out mark. I must admit I'm only 2 for 4 in having success with Redweek, failed attempts included Presidents Day week and Thanksgiving week so don't assume just because you have a prime week that shows no availability on Vistana that you will sell.

Never seen damage deposits mentioned before. I think that's down to the resort holding CC card information on the renter and 'insuring' it that way. Don't think you should have to do anything.

I tried to use VRBO once and they wanted to see my deeds and as I couldn't be bothered with the hassle of trying to find them I passed on using them.

Just to close out the loop on this post. Our payment from Redweek was due today and arrived as advertised.

Now on to next year's 4th of July week listing