Protection of owners when renting properties

Does anyone have any suggestions on this subject. i have several units and feel uncomfortable when i rent them out.

Thanks

Leroy

leroym6 wrote:

Does anyone have any suggestions on this subject. i have several units and feel uncomfortable when i rent them out.

Thanks

Leroy

1. You can utilize an escrow service to handle the funds. There is an associated cost (generally about $100 or so) and you won't actually receive your payment from the escrow company until AFTER the rental is completed. Nonetheless, an escrow service provides an objective "third party" avenue which looks out for BOTh the renter AND the owner.

2. With or without utilizing an escrow service, you absolutely should always have a signed rental contract. Samples of such rental contracts are readily available either for free or at a nominal cost on virtually every timeshare related web site in existence. The contract should also very clearly and specifically address refund (if any) in the event of cancellation.

3. Ultimately, you are personally responsible for any damages caused to your unit by your renter if YOU conducted the rental yourself. If the resort rents your week for you, then you are released from personal responsibility (you are also usually "out" a representative 25-30% commission if the resort does the renting for you, however). Most resorts take a credit card imprint from the occupant upon check-in, to cover any damages immediately discovered at later check-out. However, this does not alter the fact that actual responsibility for uncovered damages (e.g., credit card limit amount exceeded) will fall directly upon you as the owner of the week involved if you conducted the rental yourself. You may have to chase the renter --- the resort will chase YOU as the actual owner of the week.

In my observation, there is reason for discomfort at BOTH ends of a rental. People (both private individuals and commercial entities) seem to continue to try to rent out RCi and /or II "exchange" weeks, which they have absolutely no right to do, thereby jeopardizing BOTH their own exchange company membership and the occupancy of the unwary and innocent renter.