How to avoid Risk of Renting??? Advice???

I will be renting my timeshare for the first time. Can anyone offer any advice to avoid risks? Should a contract be created and signed by the renter? The potential renter has offered to make a payment via paypal. thanks in advance.

It should be signed by both the renter and the owner. And yes, Pay Pal is a recommended way of paying.

hi Lance, thank you for the quick response. Is there a "form type" contract that is available either on-line or at an Office Max? Any recommendations would be appreciated. Best Regards, Barbara

Hi, I'm in the same situation (first time renting out timeshare. I found the Rental Agreement from (3 pages) as a link in the Red Week tips for renting out units. Good Luck.

Is it necessary desirable to use title co?

robertb1166 wrote:

Is it necessary desirable to use title co?

No it is not necessary. Is it desirable? It has its advantages but there are other disadvantages, especially to the owner. For one thing, it costs about $100.

Secondly, if you use the company that RedWeek recommends (First American Titile) then the owner does not get paid until 11 days after check out. That leaves the renter plenty of time to file a complaint for a frivolous reason and get his money back (eg., "The pool was too cold"; "The weather was too sunny", etc.).

Thirdly, the renter, once he has paid, can change his mind 60 days before check-in. So now the owner only has 60 days to try to find another renter.

Pay Pal is usually a good alternative for both the renter and the owner.

What is pay pal

joseph1225 wrote:

What is pay pal

Go to Paypal.com. It's a way of having one party pay another over the internet without the payee knowing any credit card information of the payer.

You have to set up an account at Paypal in order to send or receive money. Paypal usually charges about a 3% transaction fee that is absorbed by the seller/payee. There is a bit of an advantage in that the payer/buyer can file a dispute in case of an unsatisfactory transaction. You can read more details about this at Paypal's website.

Paypal is also used a lot in E-Bay transactions.

I believe that Paypal has made it pretty clear that they will not go to bat for either side in a Timeshare matter. I could be wrong but please investigate the Paypal issue before relying on it. Just sayin...

I am going to rent an RCI exchange soon. Does RCI object and how do I pick a good resort with high demand to make sure I can get it rented?

richardk169 wrote:

I am going to rent an RCI exchange soon. Does RCI object and how do I pick a good resort with high demand to make sure I can get it rented?

If you mean that you acquired an exchange from RCI and want to rent it out, then yeah, not only does RCI object, it forbids it. If yoou get caught, then RCI will cancel the exchange, cancel all deposits you have with it, and cancel your membership.

If you mean thats you are going to rent from an owner who acquired this interval via an RCI exchange, then if RCI finds out, you will be denied use of the unit.

PayPal covers nothing related to timeshare stay clear of this scam artist dream

Considering renting my 1BR at Marriott Maui next year, it ought to be successful:)

Never having done it before, I looked thru' RedWeek's rental/escrow agreement and see no cancellation policies so you could be left up in the air with 60dys to go :(

How do you other owners cover this ?

Thanks

I;ve had an exchange and then rented it out, by using a guest certificate, renters name, etc. but it cost me a certif. fee. No problems!

paul1616 wrote:

Considering renting my...Never having done it before, I looked thru' RedWeek's rental/escrow agreement and see no cancellation policies so you could be left up in the air with 60dys to go :(

How do you other owners cover this ?

Like many owners do, they say "Pay in full now before I book it for you and put your name in the rental agreement. If you're worried about having to cancel after you pay, then I suggest buying cancellation insurance."

Thank you for this valuable tidbit. What electronic method of payment (besides ACH transfer) is suggested? I personally would rather do a direct rental than renting to a 3rd party entity, and could potentially be a higher risk for scam.

This is a great point. Paypal protects neither party with any transaction involving timeshare. I refuse to use this service for my owners. People know this and rely on that. There are as many scammers trying to get money refunded from owners as their are "fake renters". Just be careful and remember I'd you utilize a platform you will receive a 1099 to claim income.

Depends on how much your renting? A merchant account works best or Google Wallet is free of charge for personal transactions. If anyone needs help email angelatwhr@gmail.com. I've got templates etc if you need.

For further information and analysis of payment methods, you may want to visit this RedWeek page: Payment Method Comparison

I'm looking to rent a week a few months from now and the owner is asking me to sign and have notarized his contract and send the full amount in a cashiers check. He has not signed the document, but claims the email string from him will suffice and he will send a signed copy back to me when he receives my signed/notarized contract and money. Anyone have experience with this?