Points rental message board

[smithde]

Greg,

Thanks for the thorough reply. I really appreciate it.

 

[GregT]

Can I ask TUGgers who have rented points how many of you used a contract (like the one available on the Tripod website below), versus how many of you did it with email communications (and trust in your counterpart)?

Please advise and thanks!

 

[SueDonJ]

Can I ask TUGgers who have rented points how many of you used a contract (like the one available on the Tripod website below), versus how many of you did it with email communications (and trust in your counterpart)?

Please advise and thanks!

Greg, I haven't done any renting/rentals but will it help you to have the "what if" question answered?

If I was involved in a DC Points-transfer transaction, I wouldn't feel like we needed a contract because that transaction can be made in a 3-way conversation between the parties and a VOA. In that case it's verified immediately, and once it's done then the DC Points and how they're used are no longer under the control of the person who owns them.

If I was either party in a reservation-rental transaction, I'd use a contract because the DC Points would remain in the owner's control. As the person renting out the DC Points, I'd want protection from the rentee (I don't think that's a real word?) canceling at a later date thus resulting in my Points becoming distress points. As the rentee, I'd be concerned that the owner still had control of the Points and could theoretically scam me out of the reservation.

(FWIW, the one and only time we rented DVC Points from an owner, she and we would not have gone through with the transaction if we didn't agree on the written contract terms.)

 

[NJDave]

Can I ask TUGgers who have rented points how many of you used a contract (like the one available on the Tripod website below), versus how many of you did it with email communications (and trust in your counterpart)?

Please advise and thanks!

I purchased 2011 and sold 2012 points. I trusted the seller when I was purchasing but I was only buying 200 points (i.e. it was only $100). When I sold the 2012 points for around $1,000, the seller trusted me but we used paypal which provided some protection.

 

[chunkygal]

I sold points. No contract. He paid me before I transferred them, but I would have transferred them first.

I have rented my DVC points over 15 times and never had a contract and never had a problem. I am aware it could happen, but I haven't had any issues. I figure people who can afford these probably are fairly responsible people.

Bu t maybe I am not the person to ask. We never lock our house and once when a serivce person locked the doors when he left (we weren't home) we had no idea where the keys were.

 

[curbysplace]

I sold 2011 and 2012 points in various amounts seven or eight times so far and never used a contract. We used both email and phone communications, often depending on the circumstances. The transactions are very smooth and seamless using paypal and once the funds are received contacting a MVOA to transfer the points. As mentioned in a prior post there are safeguards for the buyer and seller using paypal.

 

[NJDave]

If I was involved in a DC Points-transfer transaction, I wouldn't feel like we needed a contract because that transaction can be made in a 3-way conversation between the parties and a VOA. In that case it's verified immediately, and once it's done then the DC Points and how they're used are no longer under the control of the person who owns them.

Maybe I am too conservative, but I would rather not have a three way conversation and disclose the information needed to approve the transfer of my points when selling to a person that I don't know. When buying I feel that I must disclose my account number and owner name to get the points transfered into my account and would thus be OK with a 3 way call.

I don't think it is important for the buyer to know my account number and other account information. When I was buying points (although it was a small amount), I was only concerned that I had the sellers contact information and was able to confirm that the points were in my account. In both transactions I have been involved with, the steps occured as follows:

Buyer pays seller via Paypal
Seller confirms payment received
Buyer provides account information
Seller calls Marriott and makes transfer
Seller notifies buyer points are transfered
Buyer calls Marriott to confirm transaction was executed
Buyer notifies seller that they confirmed transaction was executed

 

[GregT]

In both transactions I have been involved with, the steps occured as follows:

Buyer pays seller via Paypal
Seller confirms payment received
Buyer provides account information to Seller
Seller calls Marriott and makes transfer
Seller notifies buyer points are transfered
Buyer calls Marriott to confirm transaction was executed
Buyer notifies seller that they confirmed transaction was executed

Dave, this is a nice process, I did the same thing. Thank you for documenting this.

As a supplemental note, the account information that the Seller needs to get from Buyer is:

Buyer's Account Name
Buyer's Account Number

When I called my VOA, my little script was:

"I'm Greg Tibbitts, Account Number ######, and I want to transfer X,XXX [Legacy] Points from Usage Year [2012] to [Buyer Account Name], at Buyer's Account Number ######."

Since I don't own Trust Points, it wasn't really necessary for me to specify whether it was Legacy or Trust points to be transferred, but I included it above for clarity. I did also put the same information into an email which I sent to my VOA, and cc:'d my Buyer to increase confidence in the transaction.

That's all I needed to do and it was very easy to complete the transfer.

Best to all,

Greg

 

[dioxide45]

Dave, this is a nice process, I did the same thing. Thank you for documenting this.

As a supplemental note, the account information that the Seller needs to get from Buyer is:

Buyer's Account Name
Buyer's Account Number

When I called my VOA, my little script was:

"I'm Greg Tibbitts, Account Number ######, and I want to transfer X,XXX [Legacy] Points from Usage Year [2012] to [Buyer Account Name], at Buyer's Account Number ######."

Since I don't own Trust Points, it wasn't really necessary for me to specify whether it was Legacy or Trust points to be transferred, but I included it above for clarity. I did also put the same information into an email which I sent to my VOA, and cc:'d my Buyer to increase confidence in the transaction.

That's all I needed to do and it was very easy to complete the transfer.

Best to all,

Greg

Isn't there a risk if you are calling AND e-mailing that the points get transferred twice?

 

[GregT]

Isn't there a risk if you are calling AND e-mailing that the points get transferred twice?

Dioxide,

It is a good point, to be very careful if emailing and calling about the transfer. In my email, I did ask my VOA to call me as part of doing the transfer. When I called and spoke to her, she had not yet seen the email, and she made the transfer while we were speaking. However, perhaps the email is redundant and introduces an unnecessary risk of duplicate transfer....?

All the best,

Greg

 

[GregT]

All,

Some interesting activity over on the points marketplace (none are my ads).

1) First Classified Ad for Trust Points -- someone is renting 2,000 Trust points
2) Several ads for 2011 points (that will expire in 90+ days)
3) A couple ads for points that are in a holding period (ie, require a reservation be made in the renters name -- and reservation must be made within 60 days of check-in).

I continue to think that the ability to rent (and transfer) points is very very powerful, and a major positive for the Marriott system. The different types of points (Trust/Legacy/Expiring/Holding Account) add a level of complexity -- but also provide an opportunity for those of us who are comfortable with the system.

I am curious what the clearing price ultimately is for these three different categories of points (Trust/Expiring/Holding Account). There is a precedent transaction of $0.29 per point for expiring points -- and those still had 5 months of useful life left (July transaction). As we approach 30-60 days of useful life, the point value may come under additional pressure.

Best to all,

Greg

 

[mjm1]

Greg, thanks for the update. It will be interesting to see how the points rental market develops. I don't anticipate using points for 2012, but may for 2013. Depending where we want to go, I may look to rent additional points.

Cheers.

 

[TUGEileen]

Can I buy these points and use them to book a stay at a Marriott hotel? Thank you for your help.

 

[dioxide45]

Can I buy these points and use them to book a stay at a Marriott hotel? Thank you for your help.

You could use them for explorer packages that include hotels. I really don't know much about the explorer packages so I don't really know the logistics. You can't convert them to Marriott Reward Points to use for hotel reservations. You also can't directly book Marriott hotels with them.

 

[GregT]

All,

As we had speculated, there are a number of advertisements for points that expire at 12/31/11 (moderator note: none are my ads).

This is interesting, and creates the possibility for discounted travel late in the year, by renting points that are near expiration.

Good luck to both the rentors and rentees, and I hope that each are able to find their match.

Best,

Greg

 

[m61376]

This is likely a stupid question, but while reading Dioxide's post about using the points to book explorer packages- when booking explorer packages, does the trip have to occur before the points expire, or do they just have to be booked? If the latter, it could be an interesting way to utilize expiring points. I am assuming it is the former. but I was wondering....

 

[jin]

This is likely a stupid question, but while reading Dioxide's post about using the points to book explorer packages- when booking explorer packages, does the trip have to occur before the points expire, or do they just have to be booked? If the latter, it could be an interesting way to utilize expiring points. I am assuming it is the former. but I was wondering....

I asked this question about the ocean explorer, and was told the cruise has to include at least one day from 2011, but the rest can go into the following year....

 

[slum808]

While the price might be right, availability seems to be a stumbling block. Piccio was nice enough to check for rooms for me at Ko Olina. No 1, 2, or 3 bedrooms left for any weekend from thanksgiving till the end of the year. I'm sure there's availability somewhere else, just none that I can drive to. Still I'm glad Greg's site is around to at least give us the opportunity to look.

All,

As we had speculated, there are a number of advertisements for points that expire at 12/31/11 (moderator note: none are my ads).

This is interesting, and creates the possibility for discounted travel late in the year, by renting points that are near expiration.

Good luck to both the rentors and rentees, and I hope that each are able to find their match.

Best,

Greg

 

[jin]

[Advertising deleted]

[Advertising is not permitted in the discussion forum. - DeniseM Moderator]

 

[dioxide45]

DELETED

Shouldn't you have posted this on the rental board?

 

[jin]

Shouldn't you have posted this on the rental board?

Sorry, I saw title of thread was "Point rental message board", and thought I could see if anyone had extra points they wanted to sell....

 

[dioxide45]

Sorry, I saw title of thread was "Point rental message board", and thought I could see if anyone had extra points they wanted to sell....

You need to go to the My Website link in GregT's signature to get to the site where you want to post your request.

 

[RBERR1]

Greg,

Love that marketplace website you created. Needed a small amount of pts because when I wanted to move a trip up two weeks it crossed a new pts threshold (unfortunate). I found one of the people who had pts who listed on your site and got it all done including the new reservation in DC in less than a day with no hassles.

Love when a plan all comes togther that easy.

Rich

 

[ccpinternational]

I couldn't post anything at this points rental boards it returned below erro message.

Internal Server Error
The server encountered an internal error or misconfiguration and was unable to complete your request.

Please contact the server administrator, support@boardhost.com and inform them of the time the error occurred, and anything you might have done that may have caused the error.

More information about this error may be available in the server error log.

It might be due to I logged in from overseas in Asia.

Can Greg solve this problem? I need to rent some points for my trip to Las Vegas next January. Thanks a lot!

 

[GregT]

I couldn't post anything at this points rental boards it returned below erro message.

Internal Server Error
The server encountered an internal error or misconfiguration and was unable to complete your request.

Please contact the server administrator, support@boardhost.com and inform them of the time the error occurred, and anything you might have done that may have caused the error.

More information about this error may be available in the server error log.

It might be due to I logged in from overseas in Asia.

Can Greg solve this problem? I need to rent some points for my trip to Las Vegas next January. Thanks a lot!

CCP,

I wasn't able to recreate the problem -- can I ask you to try again, perhaps they were having a technical glitch that they've now fixed?

Thanks!