Yes...
I'm considering renting my week this year through the management company which is VRI. I have their rental authorization paperwork, but one clause that disturbs me is:
VRI will not notify you whether the unit is rented or not rented.
Now, that seems a little "stinky" if you know what I mean. With that clause in place, they could rent the unit and keep the money and never acknowledge whether they rented it or not.
Anyone here with experience in renting through VRI? Opinions?
I had VRI rent out an owned week for me at a VRI-managed resort
once, a few years ago, due to a family situation which left me too little time to advertise a rental on my own on such short notice. VRI easily rented out the week, took a 35+% commission and sent me the balance sometime later.
While it is certainly true that VRI will
not notify you if they rent out your week, it is equally true that they
will advise you whether or not it is rented if you call and
ask. Your concerns about an "under the counter" rental are certainly unfounded at the VRI level, but
could still have some merit at the local
resort level.
Such unethical behavior at the resort level would likely cost the resort manager his / her continued employment by VRI if discovered and caught however.
Another poster mentioned "taxable income".
Any rental involves taxable income for the owner of the week.
Perhaps that poster meant (quite correctly) that VRI will formally issue a 1099 if they handle the rental.
That said, rental income is taxable income
with or without a 1099.
P.S. At
any and all of the +/- 130 resorts they manage, VRI charges firm rack rates which are considerably more money than the exact same rental ever commands privately. VRI will
also charge the renter
additional applicable local taxes on the total rental charge (an additional 12% in the FL instances with which I am personally familiar). In short, in the Internet era people can usually find the same week in the same place for considerably less money than the resort or management company charges (VRI included, but in most other cases as well) --- you might want to consider renting your week out
on your own, if time permits...