[ 2007 ] SVO Rental Thread

[DavidnRobin]

I will pick-up the thread when we get back - aloha!

 

[DeniseM]

I will pick-up the thread when we get back - aloha!

Have a WONDERFUL and DRY trip!

 

[Darwin]

When renting our weeks we try to be flexible. The renter can pay by paypal, regular check, or cashers check all fine with us. Some renters want a contract, some don't. Some want to pay the rent all up front. :whoopie: The least we take is 50% upfront and balance due 60 days before arrival. If the renters need to cancel we will make every effort to rent it out and refund them the difference minus any extra costs. I think it is important to build a trust with the potential renter.

New renters (renting from owners first time) are more concerned and so we communicate over the phone more. With old timers it can be done in 5 minutes. They email us what they want. We email them the contract if they want one. We add the renters names. They send us the money. Remember we can change the reservation at any time.

I would also add www.vacationtimesharerentals.com to the list of rental sites to try. We have received renters through this site every year for at least one of our weeks. The key to pricing your week is to research the web sites and Westin's site and price yours accordingly.

Darwin

 

[DavidnRobin]

SVO Rental Thread (cont'd)

OK - time to pick this up again (now that we are back and on a short break from work for the Holidayz). :whoopie:

Thanks for all the comments about the contract additions, deposit amounts and practices, and an additional rental site.

I was a bit surprised that there were no more rental sites mentioned (are these truly the only reasonable sites?). There is also VRBO - that is a popular one and I have known people to rent thru them, but (IMO) is only good if you have many weeks available for one rental because of the very high cost to list.

So far we covered contract text (if needed), best practices for obtaining funds from renters, and internet rental sites. Next I guess would be advertising the TS...

 

[DavidnRobin]

Advertising your SVO TS

In advertising a SVO TS there is potentially a lot of infomation to cover. Some sites (like TUG) limit the amount of text that you can use - so in these cases you need to be succinct as possible and still cover enough information.

I tend to collect text (copy/paste) from ads that I like into a Word document and then edit the text to my liking,and then copy into the TS description. Some people tend to be more descriptive and flowerly - while others (like me) tend to just stick with a bottom-line. I will copy 'flowerly' text since others can write this better than me. Regardless, obviously you will want to cover the key points for your rentaland mae it as desirable as possible w/o being confusing.

Location - make sure that the name is complete and correct (it's not Weston) and not confused with a similar sister resort (WKORV vs. Westin Maui Resort & Spa- Ka'anapali, or WKV vs. Westin Kierland Resort & Spa) , and in addition - address, phone, web-site, and map (as available).
(capture in rental contract/agreement as necessary)

Dates - is it fixed already, or is it still flexible and allowed to float? I like to fix it during a popular period (hopefully) - as stated before - but mention that it can be switch based on availability. Of course, with some unit types, if the date requested is less that 8 months away - the view catagory can be lost (like our WKORV OF Dlx studio) and that impacts its value - so I make this clear as I can. Along with check-in/out times. (capture in rental contract/agreement as necessary)

Unit Type - describe the unit type with the # of bedrooms (Bd) and baths (Ba). The layout type (Dlx, Prem) for the potential renter to check out layout on the SVO resort website. The square feet (sqft) can also be useful for both the unit and the balcony. Is it a LO? And other key factual info. (capture in rental contract/agreement as necessary)

Price - this also needs to be clear and precise. What is the cost per week or cost per day? Are there any other costs that the renter may have - like a per day resort fee that places like WKORV charge? (capture in rental contract/agreement as necessary) As to how much one should charge can be difficult to determine. I would suggest good research here on TUG and on the other rental sites where you can get this info. There is no perfect answer to this. I prefer to stay on the low side so I may get more interest,but at the same time make it worth the effort. It may also be useful to know what the resort charges - this can be used for reference in the ad if you think it adds value. Note: the rsorts can get a lot more than you can since the resort has the resources and the added confidence from the renter.

 

[rocky]

There is also VRBO - that is a popular one and I have known people to rent thru them, but (IMO) is only good if you have many weeks available for one rental because of the very high cost to list.

I use vrbo very successfully to rent my vacation home, but I don't think it's a great place to rent a timeshare week. It's expensive and you are looking for the "needle in the haystack" client that wants the specific times you have booked for your week. If you don't book dates and try and get float weeks when someone inquires on vrbo that's risky too..... because you may not be able to get the week they want and the good weeks will be booked already.

I would stick with TUG, craigslist, etc. VRBO is an awkward fit for the typical timeshare owner.

 

[LisaRex]

I've successfully rented from owners thru VRBO in the past and wouldn't hesitate to do it again. It gives me peace of mind that the fee to advertise there is so high because it scares away scammers. I actually discovered WKORV via VRBO as I was browsing the places to rent in Maui. I wondered why the prices for this place were so high compared to others. Originally folks were asking outrageous prices, like $10,000 for a week in a deluxe unit. ( I guess they were trying to recoup their money in one year. They've come down to earth since then, though some are still ridiculously high IMO.

To be honest, I didn't know about redweek or TUG before buying a timeshare and wouldn't have known to look here to rent. Just do a "Maui Timeshare Rental" search and see what comes up. Certainly not TUG or Redweek. (That's something both sites should remedy if they are interested in reaching a wider audience.) And I know we don't want to revisit a sore subject, but as a prospective renter, I definitely wouldn't have paid a subscription fee to read ads. So if you advertise on either TUG or Redweek, I think you need to reconcile yourself to the fact that you're limiting your audience to other TSers. (That could be good or bad.)

I'm wondering if it would be conceivable for TUGgers who are interested in renting out their unit to pool their resources together to place just one ad for each location (e.g WKORV, WKV) on VRBO, using the calendar feature to advertise which weeks were available. As a renter, I'd much rather look at one calendar with all available dates than to fish through all the ads and try to find the one with my preferred dates. I have my OF unit avail for exchange in '09, but if I don't get any bites, I'll probably try to advertise it for rent so that I can use the proceeds to visit someplace else, such as the Caribbean. So I'd be willing to be the contact person if people want to pool together....

 

[ciscogizmo1]

To be honest, I didn't know about redweek or TUG before buying a timeshare and wouldn't have known to look here to rent. Just do a "Maui Timeshare Rental" search and see what comes up. Certainly not TUG or Redweek. ....

That's weird... when I do the search on google.. the first listing is Redweek. I don't even see VRBO on my list. I typed in "Maui Timeshare rentals"..

I've used Redweek with great success. The times I've listed on TUG I haven't gotten a single inquiry.

 

[DeniseM]

That's weird... when I do the search on google.. the first listing is Redweek. I don't even see VRBO on my list. I typed in "Maui Timeshare rentals"..

I've used Redweek with great success. The times I've listed on TUG I haven't gotten a single inquiry.

When I google "Maui Timeshare rental" - I get sellmytimesharenow.com first
I didn't see Redweek or VRBO on the first page at all! (Or anyone else I would use for a rental!)

 

[saluki]

When I google "Maui Timeshare rental" - I get sellmytimesharenow.com first
I didn't see Redweek or VRBO on the first page at all! (Or anyone else I would use for a rental!)

Look at the first "sponsored link" at the top of the Google search page - it is redweek.com. (At least on the search I just did).

 

[DeniseM]

Look at the first "sponsored link" at the top of the Google search page - it is redweek.com. (At least on the search I just did).

Now Redweek is first for me too - maybe they rotate the paid advertising?

 

[DavidnRobin]

Rental Thread (cont'd)

I didn't add descriptions to the TS advertising - I was going to copy/paste a few, but they are too personalized for my few rentals.

Again - a good way is to look at how others did theirs and copy/paste what you like about about it. Many of the resort web sites already have excellent text (since they paid to have it written). Many times the space considerations will drive what you can state. Whereas, something like CL or eBay you can go crazy. I believe in being reasonably honest with a clear and concise text.

Good photos are important - I have taken photos of the TSs I own (and WKORV-N) for the purpose of potentially renting, I have shared these and anyone can use these. Being an Owner is a plus that a renter would likely feel more comfortable in renting from. I will direct them a photo website (there are many of these) that has photos of both the units and a few of us (more of Robin because she is just so cute and photogenic...), But this is really up to how much you care to share of yourself out there in cyber-land.

As always - practice caution. I tend to look out for all potential mishaps (where Robin is the eternal optimist - she has to be married to me...). I always look for the scam first (like that person that sent me PayPal funds for a rental before confimation...).


So... that about covers it from my side - at least for now. Please continue to keep this thread alive - add what you may want to share of value. I will also (of course)

I thought the idea of consoladating rentals at specific resorts is a great concept (e.g. VRBO). One disadvantage we have as owners is that we are competing with a large industry and it would be great to get an edge on this. I would be open to any ideas here as long as they are fair and cost-effective. It would likely be hard to pull off, but you never know...

Importantly, I think that the most we can contribute is our own word of mouth - and this is just not for SVO Owners from TUG in renting their units, but also putting out there that there is this great, free resource of SVO TSrs looking out for each other. (a first step in Tuggers overthrowing HOA boards...? you never know... )

 

[DeniseM]

I have an Ad with pictures and text for my WKORV rental on my webpage. It's not OK to post the link to an Ad here, but if you want to see what it looks like, the link to my webpage is under my name below, and on my webpage, the links are on the far left in small letters. I have an Ad for SDO there too.

When I post an Ad on a website, I just put the basics and then provide a link to my webpage for pics and more info.

 

[DavidnRobin]

I have an Ad with pictures and text for my WKORV rental on my webpage. It's not OK to post the link to an Ad here, but if you want to see what it looks like, the link to my webpage is under my name below, and on my webpage, the links are on the far left in small letters. I have an Ad for SDO there too.

When I post an Ad on a website, I just put the basics and then provide a link to my webpage for pics and more info.

I like the idea of having a travel web page (and building one myself on freewebs) - this is a good idea for renting since it gives the renter a good idea that you are for real, and not a scammer.

I also (sometimes) direct people to TUG. Again, when people see that you are a common poster on TUG like me (and ESPECIALLY our fabulous Moderator DeniseM) - they may be more comfortable - and perhaps learn a thing or two. Of course the downside is that they may find a similiar rental for less with their newly found knowledge. But, overall, I think it benefits the renters and Tuggers in that there is a source like TUG out there - and rentals available beyond renting form the resorts (and paying way too much). Plus - picks up word-of-mouth for TUG.

 

[DavidnRobin]

60-Day Cancellation Policy by SVO

Another consideration that has recently been discussed - is to remember the 60-day cancellation policy by SVO. If you plan to rent, and if not able to rent then plan to use as a SVN exchange - do not forget (like I did) that you use lose the ability to do a SVN exchange if the reservation is less than 60-days away.

This can impact the flexibilty of renting, the timing of rental, the payments made by a renter. If the rental is less than 60-days away and you wish to cancel - then your only recourse is to use that week, or move back up to 60 days from the original check-in date. There is a $29 fee to do this. You can still rent the unit using the modified date, but it is important to account for this 60-day cancellation policy.

 

[Darwin]

I had looked an DeniseM's website before and liked what she did. I too will be setting up a freeweb site for when we rent our units. Better yet may be I can hire DeniseM to do it for me. :whoopie: May be she can have one site for all of us .

I see I'm having too much fun with these smilies. Must be the lack of sun and cold weather.

Darwin

 

[DavidnRobin]

btw - do not miss the main TUG Rental post at
http://www.tugbbs.com/forums/showthread.php?t=43

 

[DavidnRobin]

Renting on eBay

I haven't used eBay, but I suppose this could be a good resource if used properly.

A thing about renting on eBay and that is that you have to be a member of 'Square Trade' - that you have to sign-up for and of course costs money (based on usage). This makes it more costly to rent (along with paying all the associated eBay fees).

Doesn't cost as much as VRBO, but both sites are not as cost-effective unless you have lots of rentals.

I have seen people rent on eBay by surpassing 'Square Trade' by listing their rentals in the TSs for sale section - don't know if that would be wise choice for SVO weeks since the MFs are so high (and many people wouldn't look there). This not unlike here on TUG with the LMR section - $100/nite max is less than alot of SVO annual MFs making it less useful for SVO VOIs. (but I digress...) :ignore:

 

[DavidnRobin]

I have had 2 recent successful rentals:

WKORV OF Dlx studio - 4th of July week (6/28-7/5/08) - $1950
WKV 1Bd Prem - SuperBowl week (2/2-2/9/08) - $1450

One from CL and one from RedWeek. No hits at all with BidShares. Many contacts from CL. Only one form RedWeek - but it rented.

Both used Rental Contracts - and paid via PayPal.

I will be increasing the price of the WKORV OF studio next time (2009) to $2150 (most likely).

I probably could have held out for more for the WKV, but didn't want the hassle(s) associated with waiting. I will likely rent before the 60-day SVO cancellation window from now on.

 

[rocky]

Great news. CL is wonderful, but you typically can't expect to rent a unit at a year out..... more like 7 - 4 months out is when you get more action on postings.

And yes, my rental price is going up too. The maintenance fees are too high, I need a better offset. I will push for around $4200- $4400 for a 2bdrm lockoff next time.

 

[Henry M.]

I'm not sure if this is the right thread for my comments but I wanted to post about a scam that might affect those renting. The scam below affected a local band, but the same kind of situation has happened to at least one person in this forum - someone sends a significant quantity of money up front and then requests a refund due to some kind of emergency. After sending the refund the party scammed finds out the original money was not really there. I think the event reported on TUG ended OK due to the owner's caution. I tried to dig up the thread but couldn't think of the right search terms.

You can substitute "wedding gig for a band" with "timeshare rental". Here's what happened:

*****

I'm miserable right now, and $2500 poorer. My band was the subject of
internet fraud.

So rather than totally wallow in my own misery, I want to educate you on
how it happened and how You can avoid this same problem. Because your
band may be next.

In September, we go an email for a wedding gig. They found us through
our wedding website. It was a little difficult for Andrew to work out
the details with the folks getting "married". But we negotiated
payment--$1500. And we would drive to Oklahoma.

We ask for a non-refundable 50% up front. So we waited and contacted and
followed up with them to get payment. Finally they sent a check... for
$2500. Then they called and told us their accountant sent the wrong
amount. Could we send them the back the difference?

Sure, once the check clears. But before that happened. They canceled the
wedding. The mother-in-law had a heart attack. They were pissed. They
asked if they could have back the non-refundable money. We agreed. And
after three days, the check seemed to have cleared. And Andrew sent
money back via a Moneygram.

Today, five business days after the initial deposit, the check bounced.
A little research revealed this is a typical scam.

So what are the listens to be learned.

1. Even in this day and age, it can take 7-10 days for a check to clear.
2. NEVER send money back hastily. If they are that urgent to have their
money, then tough luck.
3. Even YOU can be scammed by something this stupid. So be on your
guard. Lean on the side of caution to avoid losing big money.

 

[tomandrobin]

Again, reasons like that is why we have a no refund policy. The only exception to that rule is if "we" can not secure the rental.

 

[DavidnRobin]

It is the proper place to post - and it is a very well-known scam. It is a reason I will only use PayPal - and if they do not go this route - I move on. PayPal is not scam-free, but scammers would unlikely attempt to go this route since they have to give certain info to PayPal to use their system - and monies going thru them are either buy credit card or thru a bank source.

 

[DeniseM]

Sounds like another variation of the money-back scam. I agree with David - Paypal is your friend! But also notice that they violated their own "no refund" terms. This exact same scenario could happen to a TS owner...

 

[Henry M.]

Most scams play with your emotions. In this case the family seemed to be in trouble/grief due to the supposed mother-in-law heart attack. The situation is often set up so that you might feel sorry or otherwise think you are doing something good by sending the money. It is sometimes hard to remain dispassionate and avoid a foolish trap, even if in hindsight it is obvious that something wasn't right.

One thing to discuss in this thread is how to actually refund money. I might be inclined to help someone out if they were truly in this situation. As businesslike and cold as I can be, I also want to think I could have a heart. I guess the only thing to return money safely would be to wait three or more weeks to be sure whatever money you got has indeed cleared. No amount of urgency on the other parties part should change how fast you can return the money without the risk of being scammed.