Holiday Rental Post-mortem

[JudyS]

Now that the 2008 Holiday rental season has ended, I figured I'd ask other owners here for a post-mortem on how well their units rented. ("Post-mortem" seems an appropriate term, given how the economy was this year!)

This was my first year doing any substantial number of rentals, so I have nothing to compare it to. But, finding renters was hard! My biggest disappointment was a week 52 at the Park Hotel in Park City that I had listed all over the place for months in the $700 - $900 range, with no takers. It ended up renting for $250 after the week had already started. All of my other weeks did better, including a week 51 at Park City that went for $750. I've heard reports that ski weeks were tough this year. (And most of my weeks were ski weeks; my few warm-weather weeks were much easier to rent.) Also, I know there was talk of boycotting Utah because of its role in passing California's Proposition 8, so that may have affected Park City tourism -- not sure.

Nest year, I hope to start listing earlier. (I was quite ill this fall, which hampered my efforts.) I also want to have a rental site up (I just listed on various rental sites this year, rather than my own webpage). Plus, I should have some repeat customers, I expect.

What I'm really hoping, though, was that the rental market will be better in the future. For folks that have rented in previous years, did you notice a decline in rentals & rental prices this year, and if so, by how much?

 

[funtime]

Judy - what we noticed was that the traditional rental sites that we normally used - bidshares, redweek and myresortnetwork.com were dead. Very little inquiries this year. My sister has started putting some of our rentals on Craig's List and we are getting some response from that but also a lot of spammers. We got some action on ebay but it was for cheap prices. I like your website idea -- I would like to start thinking about that also. Anyone else have a website? Funtime

 

[DeniseM]

I had a 2 bdm. Christmas week at Tahoe that I had advertised all year, and ended up giving it away for $500 two weeks before check-in.

I have a website - I still advertise in all the usual places, but I place a link in my Ads to my webpage with lots of pictures and my terms. It's a big timesaver.

 

[MuranoJo]

Got just 50% of normal on a Cancun week 52 this year. Redweek and TUG ad inquiries were way down, but responses started to increase about a month before check-in. I could have gotten about 75% 2 mos. ago, but my renter had to back out about a month prior to check-in due to an unexpected surgery.

While disappointed, I realize not as many are able to travel, and am thankful for what I got.

 

[buceo]

Inquiries slowed as the economy crashed, no doubt about it. I too have gotten some recently, even though all are rented. I only had 2 of 7 remaining when it slowed, but they still rented okay at a 10-15% discount. I agree with DeniseM a web page is a time saver and it's what everybody wants these days, something to click on, since funtime asked ours is [Webpage link removed-DeniseM Moderator]

Yahoo makes it doable with free and easy* software, but they make their money back in monthly fees, though worth it to me (I'm sure I look at it more than anybody else ). There are cheaper web hosts out there (looks like Denise's is free by its name), but in some cases I think that can mean adds/banners put onto your site etc.
*everything is "easy" after you do it once

Okay, thanks (signature test)


[*Buceo, I know you are really just trying to help, but you can't post a link to your rental Ad in the TUG forums. You can post a generic link in your Signature line if you like, but it must be something like "My Web Page." In other words, it can't refer to your rental in the name of the link. Thanks - DeniseM Moderator]

 

[buceo]

I've seen suggestions starting early/later for advertising rentals. I think the earlier the better and all the way through. Everybody is different while many plan very early (using freq flier miles) and others go all the way to the last minute.

 

[Blues]

I myself am still very curious about everyone's experience on the timing of their rentals.

I have a 2 BR ski timeshare that I rent nearly every year (wife no longer likes to ski). Have successfully rented it in past years for $1200. Put it on TUG and Redweek this year for $1000. As the time approached, I lowered it to $900.

Just before the 45 day window for the LMR board, I offered it to co-workers for the same $700 I'd be able to request on LMR. Had 4 people express interest, one snapped it up at that price. Within a day, I got responses from both the TUG ad and Redweek ad at the $900 price, but I had to tell them it was gone.

My wife claims that I was too quick to lower the price & rent it out. I always thought that the 45 day window for LMR was cutting it close to the vest. But I think that, in the future, I'll probably leave it out there at the higher price until 30 days before, and then go to LMR.

What's everyone else's experience?

-Bob

 

[aliikai2]

This Xmas season was awful

We have our own site, plus we use Tug, bidshares, Redweeks and Craigslist.

Out of 12 Hawaii Xmas New Years weeks we rented 6

4 of them rented this time last year for full price, the last two were close to start dates and severely discounted.

The others sat empty. The only offer I turned down was for $250 for a Xmas week at the Shearwater in Princeville, I figured if all they could afford was $250 for a prime 2 bedroom week, I didn't want them in a unit I was responsible for.....

fwiw,

Greg

Judy - what we noticed was that the traditional rental sites that we normally used - bidshares, redweek and myresortnetwork.com were dead. Very little inquiries this year. My sister has started putting some of our rentals on Craig's List and we are getting some response from that but also a lot of spammers. We got some action on ebay but it was for cheap prices. I like your website idea -- I would like to start thinking about that also. Anyone else have a website? Funtime

 

[GrayFal]

My two warm weather spring break weeks rented - one a FL ocean front resort studio rented within 5 days of posting at 6 months out and a 1BR Aruba at 11 months out by someone who owns at the resort. I got full asking price for both.

I have two summer, drive-to locatins - got an email today from the person who rented one last year and they will take it again - same price.The second July 4th week rented last year at 3 months out...so I will be patient.

Also got an inquiry about my european week today - people are starting to think about vacation.

I post here, TS4Ms and redweek - all my rentals have been from Redweek ads.

 

[bnoble]

I rented an Easter week at Bonnet Creek here at TUG within a week of posting it, about two months back. But I also priced it aggressively---I wanted to get it off my books before the end of 2008 so that I could use my "free" '08 GC to put it in the renter's name.

 

[funtime]

As to timing, ebay and craig's list appears to appeal to last minute renters. I would definately not cave in until two weeks out if I was using those sources - and even Redweek. Most all of my rentals appear to be in the last six weeks before the rental date even my drive to southern california summer week. Funtime

 

[donnaval]

Rented just one of three holiday weeks. The wk 52 Colorado ski week rented for my asking price through Ebay. Wk 51 Williamsburg - nada. Wk 52 Orlando - a couple of low-ball offers but nothing approaching my MF. Previously I had rented these weeks for substantial amounts above MF. I deposited both of them into II.

I have some spring and summer weeks for rent. Lots of lookie-loos but no takers yet.

For 2008 Ebay worked best for me.

 

[NTHC]

We found that Xmas week was way down this year in rentals. New Years weeks went quickly in warm areas. Ski weeks were tough.

We also found that people trying to use frequent flyer miles needed 10 and 11 night stays which is not possible in timeshares unless you have two weeks back to back. For example, in Grand Cayman and St. Martin, people were willing to pay for two weeks in order to get reasonable airfare. The same with Orlando and Southeast Florida.

We had a tremendous amount of requests for last minute Cabo and Cancun. Perhaps that was based on airfare as well.

Our high end properties went with no problems as always.

Back at work today, things have picked up for spring break in any island and mexico.

JMHO,
Cindy

 

[MuranoJo]

I post here, TS4Ms and redweek - all my rentals have been from Redweek ads.

GrayFal,
All but one of mine have been with Redweek, too. So, regardless of the fee people have to pay, it does get traffic.

 

[JudyS]

Thanks very much to everyone who responsed! Much appreciated!

.....
I have a 2 BR ski timeshare that I rent nearly every year ....

Blues, is that the Ridge Tahoe? That's a nice resort! Shame to have it not go for more. But, as Cindy was saying, ski weeks seemed tough this year. My guess is, people chose vacations that didn't require the extra expenses of lift tickets and equipment.

....
The others sat empty. The only offer I turned down was for $250 for a Xmas week at the Shearwater in Princeville, I figured if all they could afford was $250 for a prime 2 bedroom week, I didn't want them in a unit I was responsible for.....

Yikes! Sorry that so few rented, Greg. My guess is, the loss of two low-cost Hawaii carriers and sky high fuel (and ticket) prices really decimated the Hawaii market this year. Now that fuel prices are down, let's hope ticket prices drop, too, and travel to Hawaii recovers in 2009.

I agree with you on not renting to people who give extreme low-ball offers. I had one very nice unit where someone wanted to pay just $100 total for a couple of nights after it had already started. I said no. The person kept emailing me back (like, 3 times after I said no each time!), saying, "It's just sitting empty, don't you want to get something for it," etc. I wouldn't do it. If a person puts so little value on the unit, I don't trust them to take good care of it.

My two warm weather spring break weeks rented - one a FL ocean front resort studio rented within 5 days of posting at 6 months out and a 1BR Aruba at 11 months out by someone who owns at the resort. ...

Thanks, Pat. Are you referring to how your 2008 spring weeks rented, or your upcoming 2009 Spring weeks?

....
Back at work today, things have picked up for spring break in any island and mexico....

Thanks, Cindy. Nice to hear that some things have picked up!

 

[PerryM]

2008 was tough for Park City

Rented 10 units this holiday season - Park City was tough though. The airlines really stuck it to folks this year.

Round trip from St. Louis to Salt Lake averaged about $700 all year - on the morning of July 4 we were in Tahoe and I checked Kayak and snapped up $296 tickets for us - a day later they were at $900 and were as high as $1,100 sometimes but never below $600.

Traveling to Maui was normally just $100 more.

So for some reason Salt Lake City was a fat target of the airlines this year for the holiday season.

Beyond that I averaged 2.5 times the MF per rental; less than my normal 3.

Hopefully the airlines will buy cheap jet fuel instead of the expensive stuff - I'm assuming someone will tell them when its cheap. (Like it is now you idiots!)

 

[irish]

i had a thanksgiving week at marriott aruba ocean club for rent on redweek and didn't even get a nibble. when it hadn't rented by august, i turned it into II and got an A/C and a banked week. so i didn't do badly, however i would have liked it to rent to pay the OUTRAGEOUS increase in m/f's we got for 2009.

 

[Blues]

Blues, is that the Ridge Tahoe? That's a nice resort! Shame to have it not go for more. But, as Cindy was saying, ski weeks seemed tough this year. My guess is, people chose vacations that didn't require the extra expenses of lift tickets and equipment.

Yep, Ridge Tahoe Naegle. But I misread the topic - it's not a Christmas/Thanksgiving week, it's President's week. I just rented it last week, just as it would have qualified for the LMR board. Thanks for your sympathy. But at least I rented it to a co-worker who I consider a friend. I don't mind it going so cheap in that case. And the co-worker knows he got a steal. I figure, maybe next year he'll rent it for market value.

-Bob

 

[falmouth3]

ski weeks

I saw on the local news that the New England Ski areas were having a great season. They've had lots of natural snow and people are staying close to home and saving airfare. I guess the folks here are finding that to br true.

Sue

 

[bluehende]

airlines hedge

Perry;
Airlines hedge their fuel costs. A good thing when they go up, but definitely slows their advantage when they go down as quickly as they have.

Wayne

Rented 10 units this holiday season - Park City was tough though. The airlines really stuck it to folks this year.

Round trip from St. Louis to Salt Lake averaged about $700 all year - on the morning of July 4 we were in Tahoe and I checked Kayak and snapped up $296 tickets for us - a day later they were at $900 and were as high as $1,100 sometimes but never below $600.

Traveling to Maui was normally just $100 more.

So for some reason Salt Lake City was a fat target of the airlines this year for the holiday season.

Beyond that I averaged 2.5 times the MF per rental; less than my normal 3.

Hopefully the airlines will buy cheap jet fuel instead of the expensive stuff - I'm assuming someone will tell them when its cheap. (Like it is now you idiots!)

 

[bluehende]

I saw on the local news that the New England Ski areas were having a great season. They've had lots of natural snow and people are staying close to home and saving airfare. I guess the folks here are finding that to br true.

Sue

I think this is wishful thinking. I have been getting about twice as many emails from skiing mailing lists with many great skiing offers. Not the strategy for resorts that are doing well. Also the snow is horrible. Mad River Glenn is basically closed in Vt. And NH resorts are struggling to get 1/3 of their terrain open. But a storm is prediceted in the next couple days so THINK SNOW.

Wayne

 

[JudyS]

i had a thanksgiving week at marriott aruba ocean club for rent on redweek and didn't even get a nibble. when it hadn't rented by august, i turned it into II and got an A/C and a banked week. so i didn't do badly, however i would have liked it to rent to pay the OUTRAGEOUS increase in m/f's we got for 2009.

Those Marriott MFs have gotten scary! I think the problem with renting Aruba was the airfare. Hopefully, it will be better next year.

Perry;
Airlines hedge their fuel costs. A good thing when they go up, but definitely slows their advantage when they go down as quickly as they have.

Wayne

I know that Southwest has done major fuel hedging, but I think most other airlines have done far less. Southwest had to take a loss "on paper" last fall to cover the decline in value of its fuel hedges. But overall, fuel hedging has helped Southwest a lot.

Yep, Ridge Tahoe Naegle. But I misread the topic - it's not a Christmas/Thanksgiving week, it's President's week. I just rented it last week, just as it would have qualified for the LMR board. Thanks for your sympathy. But at least I rented it to a co-worker who I consider a friend. I don't mind it going so cheap in that case. And the co-worker knows he got a steal. I figure, maybe next year he'll rent it for market value.

Thanks, Bob! Knowing how upcoming weeks are doing is helpful, too. I just don't want to ask any very specific questions about my upcoming weeks, because most of them haven't rented yet and I don't want to appear to be posting ads.

 

[PerryM]

eBay saved the day for me....

This holiday season ALL 10 of my rentals came from eBay – not one nibble from Redweek or MyResortNetwork – not one little, tiny, nibble.

eBay has a new way to rent timeshares – you pay $10 for a month and run a classified ad – you can reference your own web sites and folks just flocked to my site and this is much superior to an auction. Not one person haggled over my rates – they asked a few questions and then rented.

I ran the classified ads for 2 months or $20 for each destination and I didn't act like my life is one nickle and dime auction.

I’m a happy camper and probably will dump Redweek and MyResortNetwork in the future.

 

[irish]

hey perry
thanks for the great info. where on ebay do i find the place to sign up for this?
thanks

 

[AnnaO]

This holiday season ALL 10 of my rentals came from eBay – not one nibble from Redweek or MyResortNetwork – not one little, tiny, nibble.

eBay has a new way to rent timeshares – you pay $10 for a month and run a classified ad – you can reference your own web sites and folks just flocked to my site and this is much superior to an auction. Not one person haggled over my rates – they asked a few questions and then rented.

Great news. I was beginning to hate eBay with passion. Do you still need to be Sqare Trade verified for this? Do people want to complete transaction via ebay after going to your website?