Tips needed for renting

[CAROLW]

I am attempting to rent out my home week in Aruba for the first time. I just placed an ad in redweek.com.

I have already been asked by a prospective renter if I would escrow, but that doesn't sound like a good deal for me.

What do you folks do as far as collecting payment? Do you get all of the money up front?, etc. also, how do you transfer the reservation to the renter's name?

Any advice would be most appreciated?

(I read the tug article)

 

[Docklander]

I don't use an escrow service. I provide the potential renter with the confirmation number so they can check the week is as advertised (by calling the resort), then I take 50% deposit up front and 50% 8 weeks before check in. Both non-refundable (that tends to stop time wasters in my experience). Once the first payment has cleared I put the reservation in the name of their choice, let them know that it's been done and that's usually the end of that until time comes for the balance to be paid.

 

[travelmom11]

I rented once from an owner on redweek. It was my first time so I asked the owner if we could do the escrow and I would pay the fee. He was more than happy to do that. No issues on any end.

 

[Smooth Air]

I have done both: Rented my Marriott weeks to others and rented Marriott weeks from Owners.
I have used Redweek and TUG classifieds to do this.
Every time, 100% payment has been upfront.
Upon receipt of payment, the resort is called and the Renter's name is added to the reservation. The Confirmation number is provided to the Renter.

I have never had any problems. I should also add that, in every case, I have spoken on the phone with the Renter or Owner.

PM me if you would like additional details.

Smooth Air

 

[cp73]

I have done both: Rented my Marriott weeks to others and rented Marriott weeks from Owners.
I have used Redweek and TUG classifieds to do this.
Every time, 100% payment has been upfront.
Upon receipt of payment, the resort is called and the Renter's name is added to the reservation. The Confirmation number is provided to the Renter.

Smooth Air

I have done almost the same. Only difference is I provide the renter with a rental agreement. I like the agreement because it makes them aware of their responsibility just so there is no confusion. IF you send me a note I can send you a copy of the agreement.

Several of the times I have done this I never spoken with them. It was all handled via email. I always provided my cell and I asked for theirs just in case.

You really should collect all your money up front. I make sure that at least 30 days prior (if possible) I have 100% of their money and at least 50% prior to that. In the event they change their mind you can continue to try to rent it and then if successful refund their money. Fortunately that has never happened to me.

 

[LUVourMarriotts]

I have rented a bunch of times. All but once, I rented through the TUG Marketplace, the other time was through the forum on visitaruba.com. I have always done similar to docklander. I call MVCI and ask them to add a note to my reservation that Joe Schmo will be calling to confirm that the reservation exists and they are allowed to confirm that. I then get 50-75% of the rental up front. At that time, I also have the renter fill out a contract that it is all non-refundable and they are responsible for anything and everything that happens on their vacation. I also add their name, but keep my name on the reservation and point that out to them, so they know that I could easily pull their name if they don't pay me the balance when it is due. But there name being there seems to give them some warm fuzzy feeling that its their vacation. I get the balance usually 2 months before the vacation.

I have always asked for just a little bit over the MF. People always seem to know what the MF is, even if they are not TS owners. I always seem to rent pretty quick doing that. Last time, I rented for $1500 in Aruba and got it in 6 days.

 

[Robert D]

I rent quite a few timeshares each year and always use a rental agreement and get a 50% deposit with the balance due 60 days from check in, and none of it is refundable. Never used escrow but allow them to pay with Paypal (add 3% fee if they want to use a debit or credit card). Am willing to talk to them by phone and send them a copy of my reservation without the full reservation number on it before they pay. Transfer the reservation into their name after I receive the deposit.

I also use Redweek, TUG, Myresornetwork, and Craigslist to find renters and get 80% of the renters from Craigslist. Strongly suggest you use Craigslist too if they have one for Aruba. Just have to know that 80+% of the Craigslist replies you get will be scammers but they're usually pretty easy to spot.

 

[MOXJO7282]

I am attempting to rent out my home week in Aruba for the first time. I just placed an ad in redweek.com.

I have already been asked by a prospective renter if I would escrow, but that doesn't sound like a good deal for me.

What do you folks do as far as collecting payment? Do you get all of the money up front?, etc. also, how do you transfer the reservation to the renter's name?

Any advice would be most appreciated?

(I read the tug article)

I've been renting my Aruba Surf Club 2BDRM OV Plat for almost 10 years and its always been one of my best rentals. Forget escrow because it favors the renter and jsut wait to find someone who will pay you our your terms.

I've rented close to 100 weeks and mainly receive full payment but if I do offer a plan its one that full payment is completed by 90 days before checkin.

 

[ronparise]

Not Marriott, but I do do some rentals.

I dont use an agreement, except for a few lines on my paypal invoice. I get a small deposit, put the reservation in their name and collect the rest after I present them with a written confirmation and give then an opportunity to talk to the resort.

Ive already rented and collected the money for next years Superbowl and Mardi Gras.

 

[normab]

We have more weeks than we can currently use, so we have rented about 8 times, and never have used escrow.

I use a rental agreement that stipulates the responsibilities of both parties and the payment terms (50% non refundable deposit and 50% upon reciept of the reservation number). I send the prospective renter the agreement to make sure they agree with the terms prior to moving forward.

I give them my home address and phone number, and on one occasion the renter called me.

The only "issues" I have had are:

1. People who try to bargain us down ridiculously, especially when the rental is many months out. If it were last minute we might bargain, but we typically ask a very low price so we are not going to come down 25% with 6 months left to rent.

2. Third parties trying to make money on my rental by rerenting it (Because we are charging a reasonable rental rate they can..) We want to have that rental agreement directly with the renter.

Other than those annoyances, we have completed all of our rentals by Redweek ads successfully.

Good luck with your rental.

Norma

 

[kjd]

Is it a good idea to rent as a lock off with two separate units or is it better not to lock off? For example, can a three bedroom command more rental dollars than a two bedroom and a one bedroom. What about a studio? Is that even rent-able? What about gold and silver seasons? Thanks for your help.

 

[Robert D]

Is it a good idea to rent as a lock off with two separate units or is it better not to lock off? For example, can a three bedroom command more rental dollars than a two bedroom and a one bedroom. What about a studio? Is that even rent-able? What about gold and silver seasons? Thanks for your help.

I think you're better locking off the unit because you can usually put it back together if someone wants the entire unit. This way you can try to rent it in pieces or as a whole. Forget about renting anything but peak season weeks and reserve the highest demand week(s) of the peak season. Gold and silver season weeks can usually be rented for less than the maintenance fee.

 

[MOXJO7282]

Is it a good idea to rent as a lock off with two separate units or is it better not to lock off? For example, can a three bedroom command more rental dollars than a two bedroom and a one bedroom. What about a studio? Is that even rent-able? What about gold and silver seasons? Thanks for your help.

I just think its easier with less risk to rent it as a full unit. Yes it is possible to secure a little more income if you split are are able to rent the sides separately,but with some risk involved.

For instance, I know a 2BDRM OV plat will rent for $3k-$3500. However a 1BDRM could easily rent for $2k and the studio for $1800 for perhaps a slightly higher profit margin but you're then dealing with the LO fee and the possibility that one side won't rent and you'll be left scrambling to find a renter.

A 2 or 3BDRM at a fair price will always rent because of the demand so that is the way I would go for sure.

 

[Robert D]

I forgot that Marriott charges a fee to lock it off. Starwood and most others don't charge a fee. This could play into the equasion. I know a guy who owns over 30 weeks at Sheraton Desert Oasis that he rents. He told me he always locks them off when he makes the reservation but that if someone wants a 2BR, the resort will give them adjoining rooms so it's like having a 2BR reservation. This give him to flexibility to rent a studio, 1BR, or 2BR. But, Starwood doesn't charge a fee to lock it off.