Newbie--Need to Rent a Week in 2008 -

[chi1ddd]

Hello Everyone,

I am a newbie.

I have a floating week and I have not reserved a week. I have bonus weeks through RCI.

I would like to rent the 08 week but I am completely confused. I read the guides at the top of the forum.

1) What are the websites that seem to generate the most success? I noticed that when I searched the ones listed (Redweek, My Resort Network) on this forum, I find threads from 2005 and 2006. Are these sites still the way to go. Also, I looked at Ebay and I did not see very many "rental" sales completed.

2) What is the best way to complete the deal? Contract, deposit, etc?

3) I have a floating week. Should I select a week and reserve it now or keep it open?

4) When should I give up the rental and just trade into RCI for a later week?

HELP!!!!!!!!!!!!!

I see why so many people become fustrated with timeshares and just get rid of them.

Bonus ? - I do not understand the RCI and SFX at all. If I wanted to deposit my week, do I select a week or deposit floating week. Why can't they tell me if a week somewhere else is available? Shouldn't it just be whatever is already deposited and if I want it now, why can't I have it. I guess I don't understand this purchasing power.

 

[KenK]

Welcome to TUG.

Needed to remove some parts of your post so it would not appear as an ad.

Several helpful tuggers will probably respond to help after they get back from Christmas shopping.

 

[AwayWeGo]

Renting Timeshares & Renting Out Timeshares.

Renting timeshares, unfortunately, is ambiguous.

If I've got 1 & I rent it to you, that's renting a timeshare.

If you've got 1 & you rent it to me, that's renting a timeshare.

The only way I can keep it straight, conversationally, is to speak of renting a timeshare (when I pay to use somebody else's timeshare) on the 1 hand, & on the other hand to speak of renting out a timeshare (when somebody else pays to use mine).

On that basis, it would make sense for this TUG-BBS forum heading to be called Buying, Selling, Renting, Renting Out.

So it goes.

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

 

[london]

Renting Timeshares You Own To Others

We have rented weeks at only one of the resorts we own. It has worked out well.

We prefer not to rent weeks, and sometimes will bank the week rather then try to rent it.

When to do rents weeks, we send the renter a contract, and ask for 50% of the rent. The balance is paid prior to 30 days before the rental date.

The rentals were contracted about 6 months prior to the start date.

We were renting winter weeks in Florida, and the renters were retired folks.

I am sure other Tuggers will give you insight as well. Good luck.

 

[DeniseM]

TUG has a webpage with TONS of info. about how to rent a TS:

http://www.tugbbs.com/forums/showthread.php?t=43

One note - the exchange companies do NOT allow you to rent out exchange weeks, or bonus weeks, and you can lose the week and have your account closed if you get caught.

Bonus ? - I do not understand the RCI and SFX at all. If I wanted to deposit my week, do I select a week or deposit floating week.

It depends on the resort & exchange Co., but yes, in general you reserve a specific floating week and deposit it. If you deposit early enough, you may be eligible to receive bonus weeks. SFX is offering 2 bonus weeks right now for 2008 deposits of resorts that they accept.

SFX only accepts Gold Crown/5 Star resorts during popular seasons, so contact them before you reserve a week to deposit to find out: 1) if they will accept your resort, 2) what week they want you to deposit. With SFX you reserve a week at your home resort exactly as if you were going to use it yourself, and then depost it with SFX - SFX will then contact your resort and complete the transfer.

Why can't they tell me if a week somewhere else is available? Shouldn't it just be whatever is already deposited and if I want it now, why can't I have it. I guess I don't understand this purchasing power.

Some companies will accept a "request first," which means you don't deposit your week, until you get the exchange you want. - I think that is what you are asking about here. SFX will accept a "request first," as will Interval International. However, you don't usually get a bonus week with "request first." There are several other independent exchange companies, besides SFX, that are popular with Tuggers. Hawaii Timeshare Exchange and DAE are two that are mentioned frequently.

Here is the TUG Advice Page with lots of articles you may find helpful. If you scroll down you will see 11 different articles about exchanging and exchange companies.-
http://www.tug2.net/tugadvic.shtml

 

[Jennie]

If/when you get to the point where someone has agreed to rent your week, you can handle the transaction yourself using the forms and instructions in a kit sold by Timesharing Today Magazine, at a minimal cost--$10. if mailed to you and $7.95 if you download from their site.
Go to: www.tstoday.com
Look for the "Document Kits" link in the left hand column/sidebar (highlighted in green)
While at the web site you can also request a free copy of a recent issue of their magazine. Many of us have ben subscribers for years.

I have rented out many weeks via ads at www.Redweek.com
It will cost around $10. or 15. to become a member and $19.99 to run each ad for 6 months. Redweek has an in-house escrow company that can handle the transaction completely--preparing all the paperwork, verifying your right to rent the week, collecting the deposit and final payment from the renter, notifying the resort to expect the renter instead of you etc...However, they charge $100. for this service and do not release the money to you until the renter has completed their stay at your resort. You could ask the renter to pay 50% of this fee but many may balk at doing so and may change their mind about renting from you.

You can view the ads on Redweek as a guest for 30 days. I think (but am not sure) that you have to pay the annual fee upfront and then request a refund anytime within the first 30 days. By doing this you can see the ads already posted for your resort and get a feel for what price people are asking. You will also see a "rented" stamp over the ads that were successful.

If you want to place an ad on Redweek, reserve the "best" week available at your resort. List the dates in the ad but state that you may be able to obtain a different week and will check any requests sent to you. If you do not obtain a renter, and the check-in date is approaching, call your resort and ask to change your reservation to another check-in date. Some resorts will do this at no cost. Others charge a fee (around $30.to 50.) to make a change. Then "edit" your ad adding the new dates. I have done the above (change dates, change ad) many times and it has always worked out well.

However, I spent several years here on the TUG forums learning which resorts are the nicest and which resorts and weeks have the highest trading power and rental potential. Yes, timesharing is a complex product and requires "homework" to learn all the ins and outs. But if you take your time to do it, you will be rewarded in many ways.

Good luck and welcome!

 

[Carol C]

Depending on where your resort is located, holiday weeks are always good, and week 7 (sometimes 6, but stick with 7) because it's President's Day week. That's a good one to reserve and deposit if you own floating time, prime, all year round. (Surprisingly Thanksgiving week doesn't generally have great trade power.)

As for renting, I'm sure you could easily find something on skyauction, redweeks, ebay, and yes here on TUG. PM me for more ideas on renting and also re: reserving the best floating week for deposit and with whom to deposit (and when).

Welcome to TUG, and Happy Holidays to you and yours!

 

[dchilds]

SFX only accepts Gold Crown/5 Star resorts during popular seasons, so contact them before you reserve a week to deposit to find out: 1) if they will accept your resort, 2) what week they want you to deposit. With SFX you reserve a week at your home resort exactly as if you were going to use it yourself, and then depost it with SFX - SFX will then contact your resort and complete the transfer.

SFX will also accept non-Gold Crown resorts if you have a prime week. For example, they accepted my one bedroom Christie Lodge Christmas week.

 

[wanttorelax]

Renting out a floating week vs. set week?

I am glad to see this thread because I have similar renting out questions.

I, too, own a floating week. I have tried advertising my rental as an open week but now wonder if I would get more interest if I actually went ahead and reserved my week for certain dates and then advertise it.

However, my resort has penalties on cancellations of reservations. I lose 50% of my MF if I cancel 60 to 31 days prior to the confirmed arrival date. If I cancel less than 31 days prior, I would lose the total amount of my maintenance fee and the use of your vacation week.

Does anyone else have that policy and if so, how do you work around that when renting out a set week? I obviously would worry about this if I get no interest prior to 60 days of the reserved week.

 

[DeniseM]

However, my resort has penalties on cancellations of reservations. I lose 50% of my MF if I cancel 60 to 31 days prior to the confirmed arrival date. If I cancel less than 31 days prior, I would lose the total amount of my maintenance fee and the use of your vacation week.

I don't understand the part about losing your maintenance fee. I lose my whole MF every year - I pay it and they keep it!

Also - Instead of losing your week, why don't you deposit it with an exchange compay? Your resort has no say about that!

Do you mean exchange fee by any chance? Most exchange companies do NOT allow you to rent exchange weeks anyway.

 

[wanttorelax]

I don't understand the part about losing your maintenance fee. I lose my whole MF every year - I pay it and they keep it!

Also - Instead of losing your week, why don't you deposit it with an exchange compay? Your resort has no say about that!

Do you mean exchange fee by any chance? Most exchange companies do NOT allow you to rent exchange weeks anyway.

Hi Denise, yes I agree with losing my MF every year regardless if I use it or not.

No, they stated MF fee not exchange fee. I guess what they mean is that I can't expect the MF to be a credit for another week if I do not cancel a previous reservation before the "deadline"..does that make sense? And I am trying to figure out how long to hold onto a reservation because I really do not want to end up with a handful of deposited weeks to have to use and besides I would have to still pay exchanges fee just to use those deposited weeks. I use DAE and their fees have gone up.

If I cancel my reserved week in time, I can actually "bank" my week for another year with the resort but I also lose out on potential rental interest since I think a lot of interest would come within 60 days of the reserved week.

 

[hotmike98]

who pays for changing week

We placed our TS for rent on the TUG classified. Our resort charges $25 to change from the week reserved. Assuming the resort has the week a potential renter wants still open, should I ask for a deposit before making the change, but then absorb the cost in the agreed rental rate? Wouldn't the potential renter be reluctant to put up money for a week I might not be able to reserve--sometimes when you call back after confirming an opening, the week is sold out. Any suggestions?

 

[DeniseM]

I charge $100 to put a reservation in a renters name and I only refund it if the week is not available. I do that because some of my resorts charge for changing the name/date and also as "earnest money," from the renter. Also - If I have a reservation for a really high demand week, and give it up because the renter wants another week, and then backs out, I may lose the ability to reserve the better week. As soon as the renter receives the confirmation in their name, the balance is due within 24 hours. No cancellations, no refunds - I recommend travel insurance right in my Ads.

This summer I had someone deposit $100 and then check airfare and decide it was too high - I didn't return their deposit.

There are always going to be some people who are going to be uncomfortable with a private rental - frankly, they should rent from the resort if they need more reassurance than I can provide.

 

[hotmike98]

changing week

Thanks for your input, Denise--that was my concern about changing weeks. I tried to pick one right after school lets out--also influenced by a direct trade that ended up falling through.