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Re: Tips on Renting Out Timeshare (by Marie M.):

soonn Jennie,

In your experience, had any renters ever changed their mind not renting, when they were asked to sign a rental agreement, or leave a deposits, or were told that they will be responsible for the damages if they or their guests damaged the rental unit. I am new at this, this is all very stressful! What have I got myself into owning a timeshare to start with. And at which point during the rental processes, that you ask the renters to sign the rental agreement.

Thanks for you help! Soonn ------------------------------------------------------------------------------------------------------------------------------------ Hi Soonn,

In my experience, people are very happy when I discuss the rental forms. Don't forget, it gives them protection too. Many first time renters are nervous about renting a week from a total stranger over the Internet. They wonder how they can be sure that I actually own, and have the right to rent, what I have advertised. They can envision a scenario where they have bought expensive airline tickets, rented a car, and show up at a resort, only to be told that the unit is not available for them.

It helps when you speak with them by phone and they realize they are dealing with a "normal" decent person. I let them know that hubby and I are seniors who have owned our home for over 20 years. We had responsible jobs, have grown children, etc...

Obviously I don't start out reciting all these facts. But as we converse about the unit, the conversation gradually drifts into more personal areas. They want to know that we are honest and reliable and I want to feel that they are mature responsible people who will pay on time and not do any damage to the unit. If someone balks about signing a rental agreement and sending a deposit check, then I wouldn't want to do business with them.

One time a person with an Email address of "richbuns" at xxx.com requested more information about a unit we had for rent at a Cancun resort during the "Spring break" season. Fearing that I might be dealing with a group of wild "party animals" which would not be tolerated at our resort, I was tempted to respond that the unit was no longer available. Instead, I asked who would be using the unit, and I explained that it is a sedate resort with a lot of older owners. The person responded that that was exactly what he and his wife were looking for, as they were in their 60's and appreciated a quiet place. When we subsequently spoke by phone, I commented on his unusual Email "name." He told me that he owned several franchise stores of a major company that sells buns and it had made him "rich." Along with the signed lease contract and deposit check, he sent me a bunch of free coupons to use at any of the chain's nationwide locations. Hubby and I enjoyed the unexpected treat during several visits to a mall near our home. Yummy!

Well getting back to your question, I tell potential renters that we own many (too many) timeshares and have rented a few each year for several years. This instills a sense of confidence that we are experienced and competent about doing rentals. I offer to give them the names and phone numbers of people who have rented from us. No one has actually taken us up on this offer, but I do have several satisfied "customers" who would be glad to vouch for us.

If they state that they want to rent our unit, I "fill in the blanks" on the rental lease form and send it by fax, Email attachment, or regular mail--whatever they wish. They then sign the lease and send it back to me with a check for 50% of the rental price. Or in some cases, they send the payment through PayPal.

The lease specifies that the deposit is non-refundable, and that the balance is due 30 days before the check-in date. I personally choose to tell them that if a genuine emergency arises on their end, and they cannot go through with their rental plans, I am willing to re-advertise the week and send them a refund of their deposit if I am able to find another family to rent our unit. Most owners do not make an offer like this, but I like to be "a nice guy." So far, no one has taken me up on this offer. And no one has ever caused any damage or other problems while vacationing at our units. Many have sent lovely notes or Emails after returning.Some have rented from us again or referred family or friends. We even get holiday cards from people who rented from us.

Keep in mind that a timeshare vacation is usually a very special experience for people who have previously stayed in cramped hotel rooms. They consider it a real bargain and a treat. Most people are very nervous when they are considering their first rental of a timeshare. But after all goes well, they come back to Redweek for more vacation opportunities and are usually quite comfortable with whatever process you specify, so long as they can feel confident that they will be getting what they have paid for.

There are more great rental tips in other postings in the various Redweek forums.

If you are too nervous to handle the rental yourself, consider using the excellent escrow service that Redweek has available. The only downside is that it costs $100. which is generally shared 50/50 with the renter. And you do not receive any money until after the renter has completed their stay in your unit.

Good luck. Give it a try. You have nothing to lose (except for the low ad fee). Or perhaps you would want to try the new FREE exchange feature Redweek is promoting. For details go to: http://www.redweek.com/articles/free-exchange-promotion

In case you are wondering if I have any employment or financial connection to Redweek, the answer is a big NO. I live in New York. they are in Seattle. I am just a very satisfied member. It was very difficult and expensive for owners to rent out their weeks before Redweek came along.