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Renting weeks - how to do it?

Discussion in 'Marriott Vacation Club' started by Gemini Chica, Mar 8, 2019.

  1. Gemini Chica

    Gemini Chica TUG Member

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    Have had a look over in the rental section but can't see clear instructions.

    I have someone interested in renting a week off me but I have no clue in how it works, do they pay me first or I make the reservation first, if I make it and they don't pay I am stuck, if they pay they may worry what if I don't book?

    How do I put the reservation in their name?
     
  2. DeniseM

    DeniseM Moderator

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    This is how I handle a rental:

    Step 1 is to see if the date they want is even available, then reserve it (assuming that you can still cancel it for the next week or so with no penalties.)

    Then send the renter a rental agreement - there are samples on the TUG Advice page.

    Then collect a $100 nonrefundable deposit - you can send them a paypal invoice to collect the payment.

    Then have Marriott put the confirmation in the renter's name, and send it to the guest.

    Then send the renter another invoice for the final payment - due in-full in 48 hours.

    If the renter doesn't pay, you send them a few friendly reminders, and then a final warning, and if they don't pay up within a week to 10 days, you take their name off the reservation and send them a cancellation notice.

    If it's a good date to rent, you can just keep the reservation and advertise it for rent. If it's not a good date, or check in is too soon, you should cancel the reservation and recover your week.
     
  3. WVBaker

    WVBaker TUG Member

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    Make sure you have the week secured. Just me but, I would not promise the week first and then hope you can reserve it.

    I always place the weeks I'm renting out on AirBnb or Homeaway/VRBO. The small commission fee they charge, at least for me, is well worth having them handle the transaction.
     
  4. Gemini Chica

    Gemini Chica TUG Member

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    Thanks for this, it’s very helpful. Do I tell Marriott it’s a renter or they don’t ask/need to know?

    The week I would be booking 12 months out, can I change it if I needed to?


    Sent from my iPhone using Tapatalk
     
  5. Gemini Chica

    Gemini Chica TUG Member

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    Denise I had a look but I can’t find the sample rental contracts?


    Sent from my iPhone using Tapatalk
     
  6. MOXJO7282

    MOXJO7282 Tug Review Crew: Rookie TUG Member

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    To give my renter's peace of mind I personally put the reservation in their name before they send any money knowing I always have control of the reservation and change it back at any time. I send them the electronic reservation with their name and a rental agreement that spells out my no cancellation policy.

    This is what I have on my rental agreement to make it clear about my refund policy.

    "Please note: The owner guarantees that he is the owner of this Timeshare unit and the date and unit being offered is accurate. Renter is entitled to full refund if any of the above information is incorrect, or the reservation is cancelled or changed without the renter's prior approval in writing.

    It is recommended that the renter take out Travel Insurance so if you have an unforeseen emergency you may be able to get a refund of my rental fees.

    If you need to cancel for a none emergency reason owner will do everything possible to re-rent the unit for you but no refunds will be given to any fees paid if you cannot use the week that you are renting and the unit cannot be re-rented"
     
    CalGalTraveler likes this.
  7. Gemini Chica

    Gemini Chica TUG Member

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    Thank you.


    Sent from my iPhone using Tapatalk
     
  8. DeniseM

    DeniseM Moderator

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    It's none of their business - I just say I have a friend or a guest using my reservation.
    YES
    Advice page: https://tug2.net/timeshare_advice/free-timeshare-owner-advice-articles.html
     
    Gemini Chica likes this.
  9. TheTimeTraveler

    TheTimeTraveler TUG Member

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    You can change your reservation, but subject to availability.





    .
     
    Gemini Chica likes this.
  10. Gemini Chica

    Gemini Chica TUG Member

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    If someone is renting it from me a year in advance, i.e. I am booking the 2 weeks they want at 12 months out, is it fair/normal to request all the money up front or only part and the balance closer to the time. I don't have the 2 weeks in weeks, so will have to book 1 week with points at 13 months out and the other one with my week usage 12 months out.
     
  11. Gemini Chica

    Gemini Chica TUG Member

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    Does anyone have a rental agreement they use for Marriott units that they wouldn't mind sharing with me by pm?
     
  12. grupp

    grupp TUG Member

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    I use a process similar to MOXJO7282 and do not collect any money until they have the confirmation in hand. A few years ago I started using Adobe Sign to get electronic signatures on my rental contracts https://acrobat.adobe.com/us/en/sign.html

    I think I can send up to 10 per month for free, so does not cost anything to send them that way. Once I get the name and address of the renter, I send them the contract to sign electronically. After they sign, I contact Marriott and to have their name added to the reservation and send them the updated confirmation. Frequently, I can complete the entire process within a few hours of when we agreed on the terms and they mail he check the next day. I do tell them they have 10 days to pay. I have done this many times (around 15 times per year) and no one has ever backed out after signing the contract. .

    Depending on how far out the week is, I will sometimes take 50% down and 50% 60 or 90 days before check-in. My only concern is that I forget to collect the second half the payment lol.

    I will try to send the a copy of the contract I use, it is one I put together myself.
     
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  13. Gemini Chica

    Gemini Chica TUG Member

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    Thank you that's very helpful! Wow 15 per year you must own a lot of weeks!!
     
  14. suzannesimon

    suzannesimon TUG Member

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    I always reserve the best week I can get 12 to 13 months out and place an ad on Redweek immediately. I get 50% of the rent and then change the name. I get the balance 90 days before occupancy. If they don’t come up with the money, it still gives me time to find a new renter or deposit it in Interval. Knock wood, that hasn’t happened yet. Good weeks get booked fast so I never advertise a week that I haven’t reserved yet. I agree with Grupp that the scariest part is maybe forgetting to bill them for the second payment. I put reminders on my calendar. I almost rented a week twice last month. Luckily when I realized what I’d done, my daughter had the same week available and I gave it to her.
     
    Gemini Chica likes this.
  15. brianfox

    brianfox TUG Member

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    I never get tired of seeing someone ask a simple question and get straightforward and correct answers on TUG.
     
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  16. hangloose

    hangloose Guest

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    Great answers above.

    While I have only rented weeks a few times over the past couple years, I've found it to be fairly straightforward. It does require a little work though and a little bit of patience/risk, so be prepared. I rent mainly via Redweek, while I do also post elsewhere. I price not too high or too low, but what I feel is fair....slightly at or below market. With assistance of other TUGgers, I was able to create my own contract form which I felt worked for me. As a result, I do choose to manage that approval process, signatures, and payments.

    My steps.

    1. Reserve high demand week with Marriott
    2. Post for rent (Redweek, VacationCandy, TUG, Facebook forums, etc). Others also use Craigslist, Ebay, VRBO, AirBnB, etc.
    - I generally post at 6 month prior to checkin with Redweek. I may rethink this and post earlier. Trying to avoid two posting feed. I'd be interested in others renters opinions here as to when the best time to post is? I'm not sure how many non timeshare people truly book 12 months out?
    - With Redweek, I use Do It Yourself Basic. I do not want to use their escrow service, as they hold money until after check-in. Riskier in my view.​
    3. Once a renter is found, I send contract for signature.
    - PDF form. Basics as indicated above (Week, view, date, owner & renter information, etc.). I like the idea of digital signature via Adobe, and may add that. Eliminates scan, fax/email.​
    4. Once signed contract is received, I amend Marriott reservation and send them an email with updated reservation and name.
    - I'm still skeptical on best way to do this? Online or via phone? I've done both. If phone, modify primary name or add as guest? I've done both. Also add their email (so they get Planning email) or keep under your email? I've done both. :/
    5. Allow payment via check or Paypal within 7 days of contract signature. I allow 50% deposit now and final 50% at 90 days out. Or...100% up front with slight discount.
    - Most of mine pay within a day or so of contract signature.
    - Make sure to clarify if paying via PayPal...that they use Friends&Family (no fee) or clarify if you or they pay the 3% PayPal fee.
    - Think about your refund policy. Some do no refunds. Some no refunds within 60 or 90 days out of checkin. Some do refunds only if the owner is able to re-rent. Make sure this is covered in your contract.​
    6. If Plan My Vacation email comes to me, I'll forward to renter and ask them to fill out and/or contact the resort for preferences (not guaranteed)

    Hope this helps.
     
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  17. TXTortoise

    TXTortoise TUG Member

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    A data point or two, that I'm not quite sure what to make of....and it may be solely for the Hawaii/Maui market.

    I only rent my weeks through Vacation Candy at the moment. They said that the trend this past year has been for rentals to occur much later, i.e., closer to check-in than years past. This was also confirmed by a Maui rental agent that moves hundreds of timeshare and full ownership condo weeks each year. He said the market is trending to bookings inside 60 days. He said weeks are booking way out, with a big lull, then inside 60 days.

    So that said...

    2019...
    Week 9 Lahaina OF Studio - Rented last summer (Full rate at $3500 gross)
    Week 7 President's Week Lahaina 2BR OF - Rented 30 days out (Discounted into mid $4s)
    Week 16 Lahaina 2BR not rented, Locked Off - Studio Rented at 10 days out; 2-days later someone wanted the 2BR; then 1BR rented Friday before check-in...both highly discounted, but still exceeded MP.

    2020...
    Week 9 Lahaina 2BR - Rented yesterday at over $6K gross.

    Hoping 2019 was a very weird year...

    3. Once a renter is found, I send contract for signature.

    As mentioned above, I'm going to look into Adobe Sign, which is what VC uses. Seems pretty slick and if the first ten are free, would be worthwhile to streamline the process.
     
  18. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    Since you said you only use Vacation Candy, why do you need a contract for signature? Doesn't Vacation Candy handle the rental agreement?
     
  19. TXTortoise

    TXTortoise TUG Member

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    They do, but they still need both parties signature and they use Adobe Sign...pretty painless. But if I start doing them myself, I'd either do it your way or explore the capabilities of Adobe Sign.
     
  20. dagger1

    dagger1 TUG Member

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    Can you tell me what Vacation Candy charges for their service? I have been to their website and can find nothing except how to add a rental. Nothing on what they charge or any other info for owners. Are you happy with them?
     
  21. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    If rental is under $5000, they add $500 over the net owner asking price, otherwise it is 10% on top. Payable by renter.
     
  22. tugcccsp

    tugcccsp TUG Member

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    They haven’t charged me anything. They put their commission into the price they charge the renter.
     
  23. TXTortoise

    TXTortoise TUG Member

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    You can also have them list your week on VRBO, which adds another commission layer, but definitely expands who sees the week.

    Outstanding customer service.
     
  24. dagger1

    dagger1 TUG Member

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    Thanks everyone!!
     
  25. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    I connected with them a couple of weeks ago and finally went through the process yesterday of listing my weeks. I did add the VRBO option.
     

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