Successful Resales & Rental Feedback Wanted

Thanks for your reply to Jarin. That was exactly my question and a good answer with the details I need. Thanks

Hi Arnold, use redweek to rent them out, don;t pay up front fees, do it yourself. read up a few comments and see my lenghly note MAR 2 on renting out your timeshare, also mentions a few pointers. Something I do is to request that the renters name be on the cheque so you know the amount you are charging is not being upsold to another person. You get companies that do contact you for rentals and upsell to someone else.. Also the resort needs to know who you are renting to because it should be on the confirmation from the resort. Registered cheques I believe can only be taken from the persons account and would have their name on it. This has been my experience. Dealing with a private rental, the confirmation would come from you and your not there when they check in. A rental agreement would play in this too. Hope this helps.

Hi - My name is Erika Lopez and I am looking into purchasing a new timeshare, I am looking on the resale market for a Wyndham proprty at Bonnet Creek? Can some one help me? I am very new to this? I have called a broker but it seems like you can pay much less if you do it direct. I just dont know what too look for, or watch out for? Any help would be great.

jayjay wrote:

jenniferc518 wrote:

However, the Boomer demographic is aging, and the demographic that is taking their place - Gen X - is much, much smaller.

I agree with the above .... my husband retired in 2000 then we got into timesharing and we traveled for 5 years .... we are to the point now that traveling with the constant packing, unpacking, packing and unpacking got to be old AND we got to the point that we didn't want to stay away from home for an entire week .... we now prefer much shorter stays of 1-2 days (locally since we've moved to the NC mountains with the Smokies being practically in our back yard and there's so much to see and do) ... we were successful in selling all of our timeshares before the bad economy hit, thank goodness.

johnl880 wrote:

My question is how you went about selling your timeshares. We have much the same problems now on travel, but I am at a loss on how to sell our points timeshare all I get now are cold calls from upfront listing companies.

I have purchased 3 time shares and sold 4 time shares in the last 3 years. If you understand the market situation, and are willing to accept that you will not make money selling your time share, then it is possible to get out from under the annual fees of time share ownership.

The two obvious places to sell your time share, would be RedWeek and eBay. Both will incur fees for the listing. eBay also requires an annual fee to belong to their system for verifying that you actually own the time share you are trying to sell or rent.

Look for time shares that are comparable to yours, to find out what the going price is - usually under $100, but sometimes more. You will need to list yours at or below the going rate or you won't get any interest from real buyers.

You can arrange for the closing company to handle the actual transaction. They can provide a generic sales contract, and also escrow service if needed, should the monies involved be large. This can often be secured for under $500 in total costs. They will make sure all the papers are signed, deed recorded and ownership transferred at the resort (very important, as you will still be billed until the resort transfers the unit into the new owners name).

I have had 3 closings with Titleoutletinc.com and 2 with Timeshare Closing Services, Inc. Both are located in the Orlando, Florida area, but can handle timeshares elsewhere as well. The advantage of using the escrow service is that all monies go through a third party, as does your title. That way, you don't give up your title, until you know the ownership has been transferred away from you.

You can make your sale more attractive by offering to pay all or part of the closing costs, and/or offer the usage for the current year or banked weeks as part of the sale.

What it come down to is to stop the bleeding, of the annual fees for a timeshare that no longer fits your needs. With the current buyers climate, and the changing demographics of the country, I don't think that the time of high resale prices is coming back anytime soon.

The other option that may be open to you, since you have a points system, is to see if there are any resorts in your system that would interest you, which offer shorter stays. My points system offers stays of three or more days to owners, and shorter stays with an added fee. These are all based on a points per day per unit basis, that add up to the same total points that the unit requires for a full week stay. If you system offers such an option, it may be better for you than selling the time share, at least for now.

good luck

johnl880 wrote:

jayjay wrote:

jenniferc518 wrote:

However, the Boomer demographic is aging, and the demographic that is taking their place - Gen X - is much, much smaller.

I agree with the above .... my husband retired in 2000 then we got into timesharing and we traveled for 5 years .... we are to the point now that traveling with the constant packing, unpacking, packing and unpacking got to be old AND we got to the point that we didn't want to stay away from home for an entire week .... we now prefer much shorter stays of 1-2 days (locally since we've moved to the NC mountains with the Smokies being practically in our back yard and there's so much to see and do) ... we were successful in selling all of our timeshares before the bad economy hit, thank goodness.

My question is how you went about selling your timeshares. We have much the same problems now on travel, but I am at a loss on how to sell our points timeshare all I get now are cold calls from upfront listing companies.

Like I said above, we sold all of our timeshares (all but one we bought on the resale market) before the market crashed. Even though we had timeshares in very nice resorts in nice locations, we probably couldn't give them away now as many people simply can't afford the rising yearly maintenance fees. As far as selling points ..... we were in the fixed weeks system and know absolutely nothing about selling points .... there are SO MANY different points systems out there now.

We sold via internet timeshare ad sites such as Redweek, My Resort Network and other internet ad sites. I assume you would list it like you would a fixed week ..... just state that your timeshare is in a points system and how many points you are selling.

I have purchased from a company called Wholesale Points and they had fair prices. The company that did the transfer was professional and communicated well. Be careful with who you purchase from, I have heard many nightmares regarding resale purchases!

This company also referred me to a reputable rental company as well.

johne499 wrote:

I have purchased from a company called Wholesale Points and they had fair prices. The company that did the transfer was professional and communicated well. Be careful with who you purchase from, I have heard many nightmares regarding resale purchases!

This company also referred me to a reputable rental company as well.

I don't know how fair Timeshare Wholesale Points are when selling RCI points, but their sister company is surely not selling timeshares for wholesale prices .... for instance Bent Creek in the Gatlinburg/Pigeon Forge area has one resale for $140,000 and others in the 5 figures .... now tell me, who would pay $140,000 for a timeshare anytime, much less in this economy?

johne499 wrote:

This company also referred me to a reputable rental company as well.

If the socalled reputable rental company asks for a large upfront fee to list your timeshare for rent then they are a scam.

Hi Steve, Would you run that by me (us) again? I have a Marriott timeshare in Orlando (bi-annual). I have already booked a week for this year (week after July 4). I pretty much just want to dump this thing as quickly as I can...

These 'closing' companies that you mention. You said the basic fee to handle this is somewhere around $500? Do you contact them after an offer has been made? They have generic contracts to use or have you gotten contracts somewhere else?

Also, since I have a week booked for this year, do you think I'd have better luck renting the unit for this year and wait until late 2013 to sell so someone can book whatever week they want for 2014 (I have an even week unit)?

Hi read the forum on paying to get rid of timeshares, but I have put a note on it also in regards to verify that they recieved documation they are legaly out of the timeshare and all has been transfered, also to chreck with resort that you no longer are on there owners list.

I am new to this and wanted some feedback as to how to go about renting my timeshare. I own at Silverleaf Oak N Spruce, but I also have one week banked with RCI, and I have another "Comp" week with any of the Silverleaf resorts for anytime as long as I let them know 30 day in advance. My question is do I need to pick a week first, is the Summer time the best time to try to rent and can I also advertise for the week that I have booked with RCI, same thing with that one, do I pick popular time frame? Any feedback will be appreciated. Thanks

todays inquiry on how to rent your timeshare. First if you have a week deposited into RCI you cannot rent it out to a 3rd party. The resort can refuse to let the renter use the property. Next know if your week is a fixed week or floating week. Check with your resort on the process to rent it out. For ex - I have listed it on Redweek from a time frame of say six months, I can book time anytime of the year, but only on availabity, if not prereserved..By putting a longer range of time frame rather than a specific time gives you the option of changing the week. If a specific time is listed, it can limit your rental inquiries. Look on your resort on redweek and see how others are listing it and stay with in the price range others are asking. Some people prereserve the week or weeks with their resort and when they get a renter they call the resort and give the names etc, Then you get the confirmation with their names on it from the resort. The confirmation should also have your name on it and they are guest of yours. You should have authority to cancel the reservation with the resort if the renters do not come through with the money etc. Redweek has a rental agreement that you can send to the renter. Also a few suggestion on how to transfer the funds etc. Watch out for rental companies they generally upsell it and then you have a third party involved. Hope this helps. email me if you have further questions.

RCI LAWSUIT CLASS ACTION

You May be Entitled to a Payment from a Class Action Settlement About the RCI Points® Exchange Program A Settlement has been reached in a class action lawsuit that claims that RCI, LLC violated certain consumer protection and other laws by renting timeshare inventory deposited by members of the RCI Points Exchange Program. RCI denies it did anything wrong. Am I included? You are included if you (1) Are a resident of the U.S. or its territories, and (2) Were a member of the RCI Points Exchange Program on or before April 25, 2012. If this postcard is addressed to you, you are included in the Settlement unless you exclude yourself. What can I get? If the Settlement is approved, Settlement Class Members who submit Claim Forms may receive a payment. Current members may get $12 and former members may get $10. Claim Forms are due by August 24, 2012. What are my other rights? If you do not want to be legally bound by the Settlement, you must exclude yourself in writing. The exclusion deadline is October 2, 2012. If you stay in the Settlement you will not be able to sue RCI for any claim relating to the issues in this lawsuit. If you stay in the Settlement, you may object to all or any part of it by October 2, 2012. The Court will hold a hearing on November 1, 2012 at 10:00 a.m. to consider whether to approve the Settlement and a request for attorneys' fees, costs, and expenses in the amount of $835,000.00. The Court has appointed attorneys to represent the Class. You may hire your own attorney at your own expense. This Notice is Only a Summary. For Detailed Information and a Claim Form: Visit: www.pointsprogramsettlement.com, Call: 1-866-647-5645 or Write: Settlement Administrator, P.O. Box 2662, Faribault, MN 55021-9662

I have had great success with Redweek.com for rentals of my Playa Granda Resort in Cabo and my Eagles Nest resort in Marco Island. I have been renting both of the for the past 3 years and have always gotten renters. Unually rent for approximately $900.00 to $1000.00 per week.

Has anyone sold a Playa Granda Resort through RedWeek?

Alexis Wilk

I've been desperately trying to rent my Orlando Marriott Harbour Lake unit and I'm not having any luck at all. I'm guessing there are so many timeshare units around that competition is tough in Orlando. I have the week and can't use it...I think my asking price of $950 or $975 (forgot which it is!) is very reasonable for 2br for the week after July 4.

I'm new to Redweek but do people generally have luck renting properties at popular areas like Orlando where there's so many timeshares?

daves399 wrote:

I've been desperately trying to rent my Orlando Marriott Harbour Lake unit and I'm not having any luck at all. I'm guessing there are so many timeshare units around that competition is tough in Orlando. I have the week and can't use it...I think my asking price of $950 or $975 (forgot which it is!) is very reasonable for 2br for the week after July 4.

I'm new to Redweek but do people generally have luck renting properties at popular areas like Orlando where there's so many timeshares?

You are correct that there's a glut of timeshare rentals on the market, especially in/around Orlando ..... try lowering your price weekly.

My Mother-in-law has dementia and we need to get rid of her time share since we are still paying the 1300.00 a year maintenance fee and no one has used the property in probably 15 years! (My father-in-law passed away 8 years ago). We would like to try and sell it if possible. I am open to all advice. We live in San Diego, CA. Thank You, Sherri

Can anyone tell me what all the hidden costs are that I should be looking for when renting my timeshare. This is a first time for me. I realize I have to pay the maintence fee and added to that is the renovation fee but think I saw somewhere on this site, something to the resort when renting to someone else. I would greatly appreciate any input. Have wk 5 in the Penthouse @ Divi Village Resort, townhse, with 2 1/2 Ba. sleeps 6.

Thanks, Marilyn