Help with First Time Rental

[vlapinta]

I have just posted a rental in the Tug classified section. I have never rented before. I have read the "how to rent your timeshare sticky" but I still have a few qustions I could really use your help on...

Which rental agreement do you think I should use?
I have read through the rental agreements and it looks like they look for 50% up front, but I also read it is best to get it paid in full, so what is your opinion on this? I have a paypal account, so I can ask for payment through paypal.

I would like to have a security deposit. Is 10% a good amount

Any other suggestions would be most appreciated.
Vicki

 

[AwayWeGo]

Rental Agreement, Shmental Agreement.

Any other suggestions would be most appreciated.

Maybe we're living in a fool's paradise, but we've never bothered with any rental agreements when we've rented out our timeshare(s).

Likewise we've never been confronted with rental agreements when we've rented somebody else's beach house or vacation home for a week. We just hand over the money & get the key & give the key back after we leave.

What we do do is get all the money from our timeshare renters before the deadline for changing or canceling the floating-week reservation.

Once we get full payment, we notify the timeshare via fax & E-Mail & snail mail that our renters will be checking in for our reserved time instead of us, with a copy of that notification going to the renters.

When we get a partial payment, we send the renters a photocopy of the reservation slip. When we get all the money -- & when the check clears if the payment is by check -- we send'm the original copy of the reservation slip (keeping a photocopy ourselves just in case).

So far, so good.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DeniseM]

I ask for $100 to put the reservation in the renter's name and the balance in full as soon as they receive the confirmation.

If you only get half up front, and the balance closer to the rental date, and they back out, you may end up not being able to rent it to someone else on short notice, especially in this economy. Even if you keep the 50% deposit (and you should) you will still lose half the rent, if you can't re-rent it. In this economy, there are a lot of people renting their timeshares instead of using them, and travel is depressed, so it's not as easy to rent as it used to be.

Both deposits are nonrefundable for any reason and I state that in my Ad and recommend travel insurance.

I don't ask for a security deposit, because they have to give the resorts a credit card to check in and any damages or charges will go on their credit card. However, I do not rent to anyone under 25, unless they are with their parent(s.) Also - It is very unusual for renters to damage a rental - we would hear about it here on TUG if it happened.

I think the most important thing is to make your terms very clear right upfront. I don't use a contract unless the renter wants one, but I state my terms in my Ad, confirm them by email with the renter, and put the terms in my Paypal request for payment as well.

Good luck!

 

[vlapinta]

Thank you for your help! I am renting a Marriott. Do I pay a fee to Marriott to change the reservation to the renters name, or just add the renters name to the reservation?

Vicki

 

[urban5]

No Marriott Fee

There is no fee to change the reservation into the renters name. It can be done over the phone or online.