Keep trying to rent or just bank with Interval?

[nycjimster]

I have a late August unit reserved at Ko Olina. I can't use this year, and posted on Redweek. I have no bites at all. I am not sure if there is a rental market this summer with the coronavirus. Should I cancel the listing, and bank the week with Interval? Or take the risk of finding no renter and late deposit with Interval.

 

[TheTimeTraveler]

I have a late August unit reserved at Ko Olina. I can't use this year, and posted on Redweek. I have no bites at all. I am not sure if there is a rental market this summer with the coronavirus. Should I cancel the listing, and bank the week with Interval? Or take the risk of finding no renter and late deposit with Interval.

Are you a gambler?

Personally, I'd take the sure bet and bank it with Interval. It will provide you with a longer time span in which to utilize your trade.......

No one really knows for sure what travel will be like to our 50th state come August.




.

 

[mjm1]

I have a late August unit reserved at Ko Olina. I can't use this year, and posted on Redweek. I have no bites at all. I am not sure if there is a rental market this summer with the coronavirus. Should I cancel the listing, and bank the week with Interval? Or take the risk of finding no renter and late deposit with Interval.

Assuming you have it listed at the lowest price of all MKO similar view units for that week I would keep trying to rent until a week before 60 days before check in. If you still don’t have a renter locked in by that time then deposit it in II. Don’t wait longer than that so that your exchange won’t be limited to confirming an exchange within 60 Of check in.

This happened with us, not to mention many others, for a reservation for us to stay in June. We ended up cancelling and depositing the unit into II without restrictions. The trading power is definitely less since the deposit was made just over 60 days before check in, but at least we can use it for something in the future. In addition, II had a promotion running and we received an accommodation certificate just for making the deposit. I am not sure if that is still available and it likely depends on the date of the reservation being deposited. We just used the AC and confirmed a 2BR unit at Desert Springs Villas in late October for $399. We can drive there, so don’t need to worry about flights. That helps us recapture some of the value we are likely to lose from exchanging MKO. We would rather be at MKO and still may be if we can get a trade back in next year, but we are happy with the results so far.

Good luck.

Best regards.

Mike

 

[LUVourMarriotts]

I'm doing what Mike mentioned, above, for my Surf Club week in mid-August. I am the lowest on Redweek by $400 for a 2BR. Some are as much as $2200 higher than me, with different views. I have posted to several other places as well. I even called MVC because someone in a FB group said MVC gave them just below MF for the same time period and view. I called and they offered me $700 below MF, so I declined.

 

[davidvel]

I'm doing what Mike mentioned, above, for my Surf Club week in mid-August. I am the lowest on Redweek by $400 for a 2BR. Some are as much as $2200 higher than me, with different views. I have posted to several other places as well. I even called MVC because someone in a FB group said MVC gave them just below MF for the same time period and view. I called and they offered me $700 below MF, so I declined.

Marriott paying for weeks usage? Never been reported before. Much less, in this environment? Heard on a Facebook group?

 

[Fasttr]

Marriott paying for weeks usage? Never been reported before. Much less, in this environment? Heard on a Facebook group?

I believe he is referring to the Marriott rental program, whereby they give you cash for your weeks' usage, so they can rent it out on Marriott.com for more cash than they gave you.

 

[LUVourMarriotts]

Marriott paying for weeks usage? Never been reported before. Much less, in this environment? Heard on a Facebook group?

I believe he is referring to the Marriott rental program, whereby they give you cash for your weeks' usage, so they can rent it out on Marriott.com for more cash than they gave you.

Fasttr is correct. But, no worries, as I believe I just rented my week via Redweek. Yay!!

 

[davidvel]

I believe he is referring to the Marriott rental program, whereby they give you cash for your weeks' usage, so they can rent it out on Marriott.com for more cash than they gave you.

But I still ask is Marriott actively paying for its rental program in these conditions? That would shock me, given Marriott's recent comments on demand to its employees and so many closed resorts.

Any first hand confirmation of this?

 

[LUVourMarriotts]

But I still ask is Marriott actively paying for its rental program in these conditions? That would shock me, given Marriott's recent comments on demand to its employees and so many closed resorts.

Any first hand confirmation of this?

As I mentioned, I can confirm they are offering rental payments to owners. Remember, they are offering very low payments, compared to MF's, and then renting for probably 4-5x that amount on a daily basis. For my situation, they would have paid me $178/night and the same week is normally priced around $750/night via Marriott.com, so that is 4.2x the return.

 

[nycjimster]

Thanks for the great advice. I called Marriott and was planning to deposit with Interval. At the last minute, I decided to check on Marriott rental program. The offer was reasonable in light of the covid-19 environment. I also had 2 1/2 months from reservation date. Therefore, I decided to rent to Marriott. Besides, I have too many Interval weeks right now.

 

[Retired to Travel]

Does anyone have experience with ConciergeRealty.com? We get solicitations from them periodically and might want to take advantage of it. (It's the first time EVER we may decide not to occupy.)

 

[TXTortoise]

Well known company. Active with sales and rentals. Don’t know what their rental commission is.

I’d list on Redweek and/or VacationCandy.com, at a minimum.

 

[mjm1]

Does anyone have experience with ConciergeRealty.com? We get solicitations from them periodically and might want to take advantage of it. (It's the first time EVER we may decide not to occupy.)

I have dealt with them and been very happy. Personable staff and easy to work with. I would recommend them.

Best regards.

Mike

 

[Retired to Travel]

Thanks for your quick responses. When I learn the commission % I will repost here.

 

[Big Matt]

Demand for Hawaii is very low right now. I would put it in II and hope for the best. Don't wait too long because they penalize you the closer it is to check in.

 

[TheTimeTraveler]

Thanks for the great advice. I called Marriott and was planning to deposit with Interval. At the last minute, I decided to check on Marriott rental program. The offer was reasonable in light of the covid-19 environment. I also had 2 1/2 months from reservation date. Therefore, I decided to rent to Marriott. Besides, I have too many Interval weeks right now.

Curious as to what they did with your rental week; Did they end up renting it for you and what was your net out of it ?

Looks like Hawaii will have restrictions thru the month of August so I think you made the correct move .



.

 

[nycjimster]

Marriott changed the rental program a few years ago. They just sent me a check. Granted less than maintenance but still better than nothing. I have no idea what happened to my week. They probably lost money.