Lisa Ann Schreier, the Timeshare Crusader, presented some great information on how to rent a timeshare on a webinar hosted by RedWeek.com last month. Lisa Ann’s intent was to help allay the fears of any of you “newbies” to the process, which is really quite simple – and safe as long as you follow some suggested guidelines (see Part 1). Here in Part 2 is a bit of the Q&A session from the webinar.

Q&As

Q: When I rent a timeshare am I obligated to attend the resort’s timeshare sales presentation?

A: No. You absolutely do not have to attend a sales presentation. They will ask, bribe, cajole , but you are free to say yes, and free to say no. It is Not mandatory. You are renting, you are there to enjoy your vacation, you are not there to take a sales presentation, unless you choose to.

Q: Who is responsible for damage to the unit?

A: If you are renting out your timeshare make sure there is a clause in the contract that the renter is held responsible for any damage. You should also contact the resort and confirm that their policy is that whoever is occupying the unit is the responsible party.

For you renters – don’t take offense when this is in the contract. The renter is simply protecting their personal property, just as you would want to do.

Q: What if I only want to rent 2 or 3 days instead of the entire week?

A: That would be something you could negotiate with the owner. Do understand, however, that the owner owns a week, and can’t break it up, so the owner might need to charge you for the full week. If the owner’s timeshare is on the point system, then it’s easier to break up the time, and give you 2 or 3 days now and take the rest of the time later for themselves.

Q: Do I need to be a timeshare owner to rent a timeshare?

A: Absolutely not. Many members of RedWeek do not own timeshares themselves. Renting a timeshare is a great way to experience vacationing with a timeshare and see first-hand what it’s all about. This is a way of enjoying timeshare vacations without ever having to own one. Or, you might find out that this is the way you want to continue vacationing. Besides rentals, RedWeek members also list many timeshare resales, which are astonishingly cheaper than buying from a developer.

And remember, many people tend to think of timeshare resorts in far-flung exotic locations, but don’t overlook resorts within a 2 or 3 hour drive of where you live. With 6,000 timeshare resorts around the world there’s sure to be one near you. Renting a timeshare close by gives you the opportunity of exploring places closer to home, and you don’t have to incur the expense of airline tickets or car rentals to have a really great vacation at a timeshare resort.

Tips on Renting a Timeshare: Webinar Recap (Part 1)

Lisa Ann Schreier is the Timeshare Crusader, and writes the Timeshare Crusader Column in the RedWeek Newsletter. A webinar on timeshare rentals, hosted by RedWeek and featuring Lisa Ann, was held last month. Lisa Ann’s purpose in presenting the webinar was “to take a little bit of the fear away from “newbies” about renting a timeshare.”

The webinar booked up quickly and if you were one of the people who did not get to attend the webinar live, we are posting Lisa Ann’s highlights in a 2-Part series.

Tips on Renting a Timeshare:

1. Listings. You can find a lot of listings on RedWeek – and here’s a helpful hint – shop around. In most geographical locations you’re going to find a lot of listings, so see what’s out there, do some research, find information about the resort online, such as the resort’s own web site, Tripadvisor ratings, and be sure to read the reviews posted on RedWeek.
2. Negotiate. Once you find what you’re looking for – don’t be afraid to negotiate the price with the owner. We typically don’t negotiate very often – not when we go to the grocery store, for example, so for some it can be a little scary. All the owner can say is no. Make a reasonable offer. Nothing bad will happen, and you might get a better deal. Especially if time is short, and the owner is well-motivated to rent.
3. Verify. Once you settle on a price, verify the resort and unit details. You want to make sure you’re getting what you think you’re getting. For example, if you are under the impression that it’s an ocean front unit or has a pool view, be certain. Verify the number of bedrooms, etc. Verify with the owner, and with the resort itself.
4. Sign a contract. The safest thing to do at this stage is to go through an escrow service. RedWeek makes First American Title, one of the most reputable escrow businesses in the country, available for your use. Timeshare rental escrow works this way: The owner or renter initiates the escrow. Both parties pay a $125 fee. The contract is sent out by the escrow company for both parties sign. At that time the renter pays either half or the full amount of the rent, and that money is held by the escrow service until after the renter’s vacation stay. The escrow company will get confirmation from resort that the reservation is in your name (however, you should still call the resort yourself and verify).

   After the vacation stay, if the renter files no complaints the money is released to the owner. This keeps scammers from renting out non-existent timeshares. (A red flag is if the “owner” asks for money via wire service.) The security of escrow does a great service for both parties. After all, the owner doesn’t know you, and you don’t know owner.

5. Confirm. Confirm the reservation yourself by calling the resort directly. You need to make sure that they know you have the owner’s permission to be staying there. Otherwise, since you are not the owner, the resort will have no record of your name. Send the contract to the resort by FAX. When you arrive at the resort for your vacation, make sure you have their confirmation and a copy of the your contract with the owner.

This might all sound to newbies like a little bit of work, but honestly ask yourself would you not do all of this if you went to a hotel? And the extra step of using the escrow service is simple and easy.

Tips on Renting a Timeshare: Webinar Recap (Part 2)