Successful Resales & Rental Feedback Wanted

I just logged in to post my annual rental, a 2-BR suite in Maui which I split into 2 rentals via the lockoff option. I've rented both units for multiple years. The past few years I've had to lower my asking price, but I've still been able to recoup my costs. This site definitely works for me.

Would someone give a quick step-by-step on the rental process from the renters side. Is it primary renter/owner contact and transaction? Can the renter confirm the reservation? If anyone has rented recently? What are some do's/don'ts?

Abe newbie

abrahamf7 wrote:

Would someone give a quick step-by-step on the rental process from the renters side. Is it primary renter/owner contact and transaction? Can the renter confirm the reservation? If anyone has rented recently? What are some do's/don'ts?

Abe newbie

Search forums for 'rental contract' .... that should answer most of your questions. Yes, the renter can confirm the confirmation after the owner has contacted the resort with confirmation or the owner can send you a copy of the confirmation.

If you are trying to get a rental through RedWeek or similar sites, it is indeed a renter/owner contact and transaction. Only the owner can request and confirm a reservation, but once it is confirmed you should get a copy in order to access the resort.

The person trying to secure a unit needs to know that the other party truly has it to rent out. Sometimes on RedWeek etc. Float time is listed and the unit is not yet booked. The "owner" just has the right to book it if it is available at the needed time. In other cases, a reserved unit is being offered with the dates and size stated. In the "float" case, you can choose exactly the dates and types of unit you would like--if they can be had. In the second instance, you know what is available but may wish it were slightly different because you have (foolishly) booked your air before knowing when or where you should land.

In either case, when I am renting out timeshares, I send the prospective renter a copy of the resort confirmation in MY name so they know it is truly available. They also get a copy of the Rental Agreement stating their obligations and mine. Depending on how far in advance of use the unit is rented, either a partial down payment or payment in full may be required. Part of this may be non-refundable, since the owner will likely have losses of one kind or another should the reserved unit need to be cancelled.

As soon as full payment is received, I put the unit in the renters' names and send them the revised confirmation which they will use when checking in at the resort.

I have seen recommendations that you call a resort to see if the person offering the rental owns there. This may work if you are dealing with someone who owns a specific week at a specific resort location. However, many of us own with resort GROUPS that have many locations among which we can travel. These usually have an internal point system. For example, we are Wyndham and Bluegreen points owners. Our contracts happen to be at 3 specific locations, but we can reserve at over 80. Reservations are made at a central office, not at the individual resorts. Once the reservation has been put into your name, I suppose you can call the resort and ask if they have received it. Before that, I don't think they would be allowed to say if the reservation exists in the owner's name.

Scott, I think a million satisfied Redweek members speaks for itself. Is it possible to rent anything without a classified ad? I don't think so. So the fee that Redweek charges is much less expensive than running a newspaper or internet ad.

Personally, I have never NOT had a response to my rentals and I thank Redweek for that. However, I am also aware that be it a 5 star resort, restaurant or hotel, there is bound to be a disgruntled customer and, sorry to say Scott, you are that one!

adahiscout wrote:

...I have seen recommendations that you call a resort to see if the person offering the rental owns there...

While I suppose it is possible to get some employes to admit a specific person owns at their resort, privacy laws prevent companies from verifying information like that. Usually a waiver or authorization must be submitted in writing to allow a company to verify owner info, even something as simple as confirming someone owns at the resort.

peterp151 wrote:

adahiscout wrote:

...I have seen recommendations that you call a resort to see if the person offering the rental owns there...

While I suppose it is possible to get some employes to admit a specific person owns at their resort, privacy laws prevent companies from verifying information like that. Usually a waiver or authorization must be submitted in writing to allow a company to verify owner info, even something as simple as confirming someone owns at the resort.

None of my 3 timeshares allow the info to be given out. When I call in I have to provide a lot of info before they talk to me. But I send a copy of my reservation with my name and then I change the name when the monies are paid in full. If it is less than 90 days I require full payment. Other rentals I will take payments but still not put it in their name until it's paid (by 60 days out). I like PayPal and the renter is protected because they can use a credit card. It does cost about 3% fees but just add it to your cost and you have a few dollars to bargain with if the renter wants you to lower your price. I know some people don't like PayPal but I find it so easy to use and safe for me. (No bogus money orders or Cashiers checks--Craigslist tells you not to take them because they can be dangerous?) Because you own it you are always in control until someone checks in so you should have time to make sure all the rent has been paid. My resorts require the person on the reservation be the person checking in so you're in control until the last minute. So far I've had respectable renters. I know some folks have last minute emergencies so you should build in a non-refundable amount to cover any costs or losses you might have and put it in your documents.

I'm always surprised to hear and see how trustful all of my renters have been!!

I am in the home stretch of selling my Ko Olina property. I am so greatful for Redweek. They have been great in helping me rent my unit over the last couple of years. The rental rates have gone down in the past year but it is still possible to rent you unit through Redweek. Redweek also helped me find a realtor to sell my unit. Unfortunately, I bought from Marriott in 2008 at $46,700 and am selling now at $14,500. It breaks my heart to see the $32,200 loss and I feel completely violated by Marriott. The lesson for others is never buy a timeshare from timeshare companies like Marriott. Always buy them as a resale. Don't be suckered in by the "250,000 Marriott Points" offer that they extend to consumers buying directly from them. The Marriott points are not worth $32,200. The resort is well worth owning a timeshare, just not worth the Marriott full price. I also recommend Redweek for renting your timeshare when you want to go somewhere else in a given year. I found Interval International difficult to work with. I found it hard to get the week I wanted where I wanted it by using Interval. I have found Redweek to be so much more straight forward for finding a resort that you want when you want it. My experience has also been that when you rent through Redweek, the resort sees you as a non-owner and they give you the best units (trying to entice you to buy). When I came into a resort with an Interval reservation I felt like they knew I was an owner already and they gave me the least desirable units. Redweek helped me rent my unit out, find resorts for my family to rent for a week and they helped me sell my unit. Success!

How may I ask did you go about selling all your timeshares?? Did you use Redweek? or do it another way...would love any feedback you could give...my husband & I own 2 and really need the money...as things are out of control at this time...the timeshares need to go!! Any advice you can give is helpful..thank you in advance. Francesca

Any advice for me who would like to sell two timeshares?? I have been scammed many times from those people who call..redweek seems to be the way to go....any help will be greatly appreiciated...thank you.francesca

Hi

Location, location, location is the first key. If the timeshare is not in a high interest location you may have trouble. The next thing is the pricing. Check the Redweek site and see what your resort is selling for making sure you use the same size and time periods. Many people overprice their unit and it never sells. I try to price mine on the lower end to beat the competition. You will never get what you paid for it unless perhaps it was after market sale or a really prime location. You may get clues from the listings by the number of units listed. Some locations have 150 for rent and 50 for sale and that will be a tough market.

I get a lot of email hits to my listings so Redweek is a great site.

Warning: This year is terrible for pricing and my rents have been lower than what I could get last year. Sales might be tough unless really low prices.

Good Luck

Thank you much...our TS isin Aruba La Cabana and Florida Westgate Lakes...any idea if they are good locations..I think so....

francescak2 wrote:

Thank you much...our TS isin Aruba La Cabana and Florida Westgate Lakes...any idea if they are good locations..I think so....

Aruba is a very popular vacation destination .... however I don't know about the supply and demand of your resort .... probably depends on the time you own .... Westgate Lakes in Orlando is located in the largest population of timeshare resorts in the entire world so it's anybody's guess what demand your particular resort/week would garner since there's so many resorts/weeks to choose from in the area.

Most timeshares have a limit on when you can book the dates. If it is less than a full week rental, you usually can only book it 3 months in advance. Otherwise, you can rent the entire week and leave early, but get no refund. Usually there is not a penalty for early check out.

Has anyone sold their Grand Mayan timeshare recently on their own or with a good Time Share Rental Company-that comes thur with their promise. Thank you. Rose

Lots of variation on this. 3/4 splits, full weeks only, 2 night minimum, etc. etc. To each his own resort regulations. MD

germained3 wrote:

Most timeshares have a limit on when you can book the dates. If it is less than a full week rental, you usually can only book it 3 months in advance. Otherwise, you can rent the entire week and leave early, but get no refund. Usually there is not a penalty for early check out.

That's true with weeks owners, but if you have points you can book (or rent) by the night.

My husband and I own our timeshare at Streamside at Vail - Cedar building. Has any member of RedWeek successfully sold a unit at this resort? We are interested in selling our week 9 1BR unit that sleeps 6. I've spoken with MANY solicitors but all want me to pay upwards of $1800 for a "guaranteed" sale. We realize we won't make any money selling the unit; we haven't used the unit or rented it out in years, either. It was a great investment when our son was young and we took some great vacations, but now he's grown, lives in another state and we aren't able to exchange to anything close to him.

Since it is realistically impossible to "Guarantee" a sale, you are smart to avoid the up front fee people. Is your place a "ski in/ski out " location? Vail surely would be attractive to certain people. Look at the "For Sale" area of RedWeek for similar units at ski locations and see what they are asking. Then post yours for a reasonable amount and see what happens. What can you lose? The RedWeek charge to advertise is chump change, as the saying goes!

Thank you for sharing your Ko Olina experiences! These are my sentiments as well, although we still have our units and are trying to rent them through Redweek.

How do you minimize your risk when renting? Did you transact through American Title and/or request a refundable security deposit?

How did Ko Olina treat your guests/renters? Did they truly have all rights of ownership (and good rooms) during their stay?

Any tips at all would be very much appreciated. We're simply trying to offset some of our increasingly high maintenance costs when we're unable to use the units.

Thanks again!