Best procedure for rental of timeshare

[jthiker]

Is the following still the preferred method for an owner to use for rental?

Landlord:
•Get 100% of the money up front – there are so many flakey renters out there who change their mind that taking a deposit and finding out 30 days before check-in that the renter is not going forward means a loss of a lot of money.
•Get a rental agreement and make sure that the person supplies a copy of their driver’s license and prove that they are at least 21 years old. Many resorts require the person checking in to be at least that old.
•Get a 10% security deposit returnable 14 days after check-out. You would be surprised how folks want that deposit back and don’t trash the place.
•Call the resort 14 days before check-in and double check the reservation and ask for special handling like no smoking rooms or rooms that face a certain direction, etc.
•Call the resort 1 day after check-out and confirm that there were no problems. The renter has to put up a credit card when checking in but if they max out and there is damage the resort will come calling on you. Find out before you return the security deposit.
•Always ask for PayPal payment – the renter thinks he has some protection when paying with PayPal and Credit Card – the truth is he does not; but he feels much better and you get paid instantly. The 4% process fee is small compared with a renter who sends a Cashier’s Check AND the carbon copy and then it gets lost in the mail – what a disaster – you don’t get paid and he thinks you stiffed him and he has NO proof of payment and must go thru a 90 day refund period with the bank and put up a bond. SEE NOTE ABOVE!!!

 

[DeniseM]

Asking for a security deposit is not standard procedure, and that will stop a lot of people from even considering the rental. Renter damages in private timeshare rentals are very rare.

Paypal does give the renter protection - especially if they use a credit card on Paypal. If the rental goes sideways, they can dispute their payment. But I still think it's the best method because it is the fastest method, and it eliminates most scammers and problem children - it's what I use. The fee is 2.9% - not 4%, for most transactions.

I don't ask for 100% upfront - that makes people suspicious, because that's what the scammers ask for.

I don't ask for a Driver's License - many people will be uncomfortable with that. In the rental terms I do state that the primary guest must be at least 25 - to avoid the Spring Break Crowd.

This is the process I use:

1) Collect a $100 nonrefundable deposit via Paypal (I email them a formal Paypal invoice, with all the details, and that is the rental document.)

2) Send renter an official resort confirmation in their name.

3) Give them 48 hours to confirm with the resort.

4) Then the final payment is due - send 2nd invoice for payment.

5) No changes - no cancellations - no refunds.

6) Travel Insurance highly recommended.

 

[jthiker]

Asking for a security deposit is not standard procedure, and that will stop a lot of people from even considering the rental. Renter damages in private timeshare rentals are very rare.

Paypal does give the renter protection - especially if they use a credit card on Paypal. If the rental goes sideways, they can dispute their payment. But I still think it's the best method because it is the fastest method, and it eliminates most scammers and problem children - it's what I use. The fee is 2.9% - not 4%, for most transactions.

I don't ask for 100% upfront - that makes people suspicious, because that's what the scammers ask for.

I don't ask for a Driver's License - many people will be uncomfortable with that. In the rental terms I do state that the primary guest must be at least 25 - to avoid the Spring Break Crowd.

This is the process I use:

1) Collect a $100 nonrefundable deposit via Paypal (I email them a formal Paypal invoice, with all the details, and that is the rental document.)

2) Send renter an official resort confirmation in their name.

3) Give them 48 hours to confirm with the resort.

4) Then the final payment is due - send 2nd invoice for payment.

5) No changes - no cancellations - no refunds.

6) Travel Insurance highly recommended.

Thanks for the quick response.

Just so I understand your process:
- the renter is supposed to confirm with the resort after you have made the reservation?
- Travel insurance is for the renter or?

Is there a sample Paypal invoice available for a newbie? I see the sample rental agreements on the site so something similar I suppose.

 

[DeniseM]

Thanks for the quick response.

Just so I understand your process:
- the renter is supposed to confirm with the resort after you have made the reservation?
- Travel insurance is for the renter or?

Is there a sample Paypal invoice available for a newbie? I see the sample rental agreements on the site so something similar I suppose.

The renter doesn't have to confirm with the resort, but most of them want to - for their own peace of mind. That way they can independently verify with the resort, that they are renting a genuine reservation. So I provide the instructions for how to call, and give them 48 hours to confirm, before the final payment is due.

Yes, Travel Insurance is in case the renter has a family emergency and can't go - because I have a no cancellation policy.

*Click on my blue user name and send me a PM, if you'd like to see the rental terms that I use.

 

[radmoo]

I have successfully used Denise's method. If the renters are legit, the won't balk. I rented our 2015 and 2016 Canyon Villa March weeks which are tough to come by . . renters were anxious to jump on prime weeks. Thanks Denise

 

[ronparise]

Is the following still the preferred method for an owner to use for rental?

Landlord:
•Get 100% of the money up front – there are so many flakey renters out there who change their mind that taking a deposit and finding out 30 days before check-in that the renter is not going forward means a loss of a lot of money.
•Get a rental agreement and make sure that the person supplies a copy of their driver’s license and prove that they are at least 21 years old. Many resorts require the person checking in to be at least that old.
•Get a 10% security deposit returnable 14 days after check-out. You would be surprised how folks want that deposit back and don’t trash the place.
•Call the resort 14 days before check-in and double check the reservation and ask for special handling like no smoking rooms or rooms that face a certain direction, etc.
•Call the resort 1 day after check-out and confirm that there were no problems. The renter has to put up a credit card when checking in but if they max out and there is damage the resort will come calling on you. Find out before you return the security deposit.
•Always ask for PayPal payment – the renter thinks he has some protection when paying with PayPal and Credit Card – the truth is he does not; but he feels much better and you get paid instantly. The 4% process fee is small compared with a renter who sends a Cashier’s Check AND the carbon copy and then it gets lost in the mail – what a disaster – you don’t get paid and he thinks you stiffed him and he has NO proof of payment and must go thru a 90 day refund period with the bank and put up a bond. SEE NOTE ABOVE!!!

I dont always ask for 100% up front

I dont use a rental agreement

I dont do deposits

I do call the resort ahead of check in for special requests, but I discourage special requests

I prefer pay pal, but Ill take cash or personal checks too

 

[bogey21]

My guess is that what you do varies in relation to your rental activity. If you rent a lot of Weeks at major resorts or you are renting for big bucks, the procedures being discussed are no doubt appropriate.

The Weeks I have rented were all at smaller HOA Controlled Independents and I rented them using TUG ads. In every case the Renter sent me 100% of the money via PayPal; I notified the Resort that the Renter would be using my Week; I then sent a copy of my correspondence with the Resort putting the Week in the Renter's name to the Renter. So far this has worked out fine.

George