I am developing a new rental platform, what features would owners want to see?

[Jacob Thomas]

Good Morning!
I am developing a new rental platform, we will be live in 60-70 days. In development, we have an owner centric platform that charges ZERO fees to the owner, all you'd have to do is tell us how much you want for a week and we have been developing a dynamic pricing model to mark up the units so we can make a profit. We intend to exclusively start with Marriott (and subsidiary brands) and Hilton. Once we rent, what you ask for is what you get paid! We also have a concierge and customer support team coming online for our renters and owners to provide a nearly turnkey solution. We are launching with iOS and web applications (very user friendly), what features would you, as an owner, like to see?

Thank You!!!

 

[Jacob Thomas]

If you have any questions, please ask them!

 

[OldGuy]

OK, let's see . . .

free

locations everywhere

established and well-viewed

oh, wait, craigslist

 

[Tank]

Good luck!
I'm sure we will try to take advantage of another option to rent our timeshares.
Also another place to look for vacations available.
Keep it simple!

 

[VacationForever]

It all depends on how much is the mark up. I know of one site with what I consider a fairly large mark up which is likely successful for low supply and high demand weeks and locations. A high mark up for most timeshare rentals will kill any interest in renting from the site.

 

[WVBaker]

Valid points due to the fact that someone will pay for the costs involved in operating this business. If the owners pay nothing, those renting will. Unless of course this system is operating pro bono, which I doubt.

In this attempt to build a better mousetrap so to speak, outline your plans for improvement. What can you offer to someone looking to rent a timeshare that's not currently being provided by others in the market?

 

[OldGuy]

I'm wondering . . . is this a necessary thing because some Resort (Boards) do not have an Owners Rental Program?

Two of ours do, and I use them, and one does not, and I use Craigslist.

Independent resorts are missing a significant source of revenue by not having an ORP. With them, resorts are able to turn a maintenance fee into a maintenance fee plus a rental commission, and in popular areas, that commission can be a valued source of income for the resort/all the owners.

Of course, in the case of disinterested owners, an ORP can keep them interested.

 

[magmue]

what features would you, as an owner, like to see?

• A list of "value added" features that are not currently available with other platforms for both owners and renters
• a meticulously developed structure for trust and protection - again, for both owners and renters

 

[ski_sierra]

Good Morning!
I am developing a new rental platform, we will be live in 60-70 days. In development, we have an owner centric platform that charges ZERO fees to the owner, all you'd have to do is tell us how much you want for a week and we have been developing a dynamic pricing model to mark up the units so we can make a profit. We intend to exclusively start with Marriott (and subsidiary brands) and Hilton. Once we rent, what you ask for is what you get paid! We also have a concierge and customer support team coming online for our renters and owners to provide a nearly turnkey solution. We are launching with iOS and web applications (very user friendly), what features would you, as an owner, like to see?

Thank You!!!

How do you plan on making it attractive to renters? What is the advantage over Redweek/Airbnb/Marriott.com?

The booking experience on Marriott.com is easiest and Craigslist/eBay hardest. Hope you find something to bridge the gap.

If you want to gain trust from users, you may want to avoid the hidden fees model of airbnb and hotels (resort fees, parking fees).

 

[hurnik]

I'd like a renter/rentee feedback mechanism. Like if I've rented many times on redweek, but nobody knows I've had many successful rentals, so new folks are a little leery. Kinda like when you're buying a big ticket item on eBay and the seller has 0 feedback vs. someone with 100% (and hundreds of sales), you're probably more likely to go with the one with the better history.

 

[bizaro86]

Two things I think are potentially differentiating.

- pay the owner upfront, or at least guarantee that it will rent. This involves taking inventory risk, but would be the fastest way to gain scale.

- offer protection/guarantee for the buyers. The biggest thing you can sell isnt a vacation, it's trust

 

[VacationForever]

Two things I think are potentially differentiating.

- pay the owner upfront, or at least guarantee that it will rent. This involves taking inventory risk, but would be the fastest way to gain scale.

- offer protection/guarantee for the buyers. The biggest thing you can sell isnt a vacation, it's trust

I like the first point very much. I rented out for the first time this year for two 2020 weeks and rented within 3 weeks of listing with full payment. Our plan B was to withdraw rental advertisement by the date for election of what we want to do with the weeks. I do not want my timeshare weeks sitting there until they get rented late in the game. If the guarantee is a couple of hundred dollars less than rental value it still works for us due to getting them out of our hands when we want them rented out.

 

[Jacob Thomas]

It all depends on how much is the mark up. I know of one site with what I consider a fairly large mark up which is likely successful for low supply and high demand weeks and locations. A high mark up for most timeshare rentals will kill any interest in renting from the site.

Our markup will be relative to demand. For example, if direct to owner rentals are retailing for $3000 for a specific week and VRBO and management companies are selling units for $4000, we will try to be around $3500. Our renters will also have a guarantee that the unit is secured along with 24/7 support and a concierge team.

 

[Jacob Thomas]

Two things I think are potentially differentiating.

- pay the owner upfront, or at least guarantee that it will rent. This involves taking inventory risk, but would be the fastest way to gain scale.

- offer protection/guarantee for the buyers. The biggest thing you can sell isnt a vacation, it's trust

For high demand weeks at specific properties, we will have a guarantee for our owners that their unit will rent (such as Marriott’s Mountainside during Christmas, Sundance, and the spring ski season). Our renters will have a guarantee for their unit rented, or they receive 200% of their money back. I appreciate your response!

 

[Jacob Thomas]

I like the first point very much. I rented out for the first time this year for two 2020 weeks and rented within 3 weeks of listing with full payment. Our plan B was to withdraw rental advertisement by the date for election of what we want to do with the weeks. I do not want my timeshare weeks sitting there until they get rented late in the game. If the guarantee is a couple of hundred dollars less than rental value it still works for us due to getting them out of our hands when we want them rented out.

Our owners have the ability to receive payment in full, though we will require a valid credit card on file until the rental is completed. In addition, we will send payment to the owner’s credit card billing address and the name on the reservation must match the name on the credit card. This enables us to provide our guarantee to our renters.

 

[RX8]

Not sure I understand. So you would pay the owner in full only after the reservation period? Why would you need to hold the owners CC until after the rental?

 

[Jacob Thomas]

How do you plan on making it attractive to renters? What is the advantage over Redweek/Airbnb/Marriott.com?

The booking experience on Marriott.com is easiest and Craigslist/eBay hardest. Hope you find something to bridge the gap.

If you want to gain trust from users, you may want to avoid the hidden fees model of airbnb and hotels (resort fees, parking fees).

We will be similar to Marriott, far from Craigslist and eBay. First, a renter would have a guarantee for their unit, unlike eBay or Craigslist. In addition, we will offer multiple flexible payment options, such as pay in full, installments (at a steeper fee), and financing. Our booking process is similar to you booking a hotel room, they would simply type in their dates (must start on specific dates, but the renter could leave early if they wish), number of occupants, select a room type available, and provide payment information. We would near-immediately begin an basic audit on the renter, contact the next owner in our cue, verify the renters name is added to the reservation, and then issue payment to the owner. To differentiate ourselves from Redweek, we will require no membership fees from anyone. Thank you for your response!

 

[Jacob Thomas]

Not sure I understand. So you would pay the owner in full only after the reservation period? Why would you need to hold the owners CC until after the rental?

The owner would be eligible for payment immediately after we rent the unit. The added risk we are assuming by issuing payment immediately is offset by holding a credit card on file.

 

[Jacob Thomas]

The owner would be eligible for payment immediately after we rent the unit. The added risk we are assuming by issuing payment immediately is offset by holding a credit card on file.

We wouldn’t issue payment after the rental period, it would after booking-

 

[Jacob Thomas]

OK, let's see . . .

free

locations everywhere

established and well-viewed

oh, wait, craigslist

We are different from Craigslist because we offer protections to our owners and renters. Even if a renter attempts to pay via PayPal, PayPal offers no guarantee for real estate transactions, including rentals.

 

[Jacob Thomas]

I'd like a renter/rentee feedback mechanism. Like if I've rented many times on redweek, but nobody knows I've had many successful rentals, so new folks are a little leery. Kinda like when you're buying a big ticket item on eBay and the seller has 0 feedback vs. someone with 100% (and hundreds of sales), you're probably more likely to go with the one with the better history.

We are not a classified ad service, we are closer to a full service program. Through targeted promotions, we would incentive our high completion renters to rent for following years with our most loyal owners. We plan to cue units pending rental by loyalty and price. Thank you for your response!

 

[Jacob Thomas]

Good luck!
I'm sure we will try to take advantage of another option to rent our timeshares.
Also another place to look for vacations available.
Keep it simple!

Thank you!

 

[Jacob Thomas]

• A list of "value added" features that are not currently available with other platforms for both owners and renters
• a meticulously developed structure for trust and protection - again, for both owners and renters

We intend to implement a rigorous and thorough protection guarantee for our renters and owners, such as immediate payment to our owners (in most cases) and if a renter arrives at a property and their unit isn’t there, we will offer a 200% refund and work diligently to arrange for other accommodations.

 

[Jacob Thomas]

• A list of "value added" features that are not currently available with other platforms for both owners and renters
• a meticulously developed structure for trust and protection - again, for both owners and renters

Could you clarify what you are looking for in “value added” features?

 

[magmue]

Could you clarify what you are looking for in “value added” features?

Like, why take a chance on a new unknown? If I compare your rental service to Redweek or eBay (OK, being better than eBay is probably not a difficult goal), what convinces me that you offer benefits that outweigh the risks of using an unknown?