process for renting

we have just listed our time share at the Hilton Grand Pacific Palisades. What is the process once we have a prospect? Do we contact the hotel do they? where does the money go? we have points, what is the process??

Its your week, so you need to take care of everything. One you are contacted, you should forward your terms (a contract) to the buyer. Once everything is agreed to you would get a deposit. Contact you resort and place the reservation in the renters name and then send an invoice for remaining amount. Some people take 100% at the time the reservation is placed in the renters name, others do 50% now and the other 50% at a later time. It is whatever you and the renter agree to and should be spelled out in your terms.

Is the process seamless or would it pay to use First American Title as your go between person. They do all the back and forth with agreements etc.

I do realize ther is a cost to use FAT and it appears they sit on the rent money till after rent period.

tracey75 wrote:

Its your week, so you need to take care of everything. One you are contacted, you should forward your terms (a contract) to the buyer. Once everything is agreed to you would get a deposit. Contact you resort and place the reservation in the renters name and then send an invoice for remaining amount. Some people take 100% at the time the reservation is placed in the renters name, others do 50% now and the other 50% at a later time. It is whatever you and the renter agree to and should be spelled out in your terms.

Using an Escrow service is up to the parties involved. There is a minimum fee of $100 and it is higher for higher value rentals. The owner does not get paid until after the rental is completed. A combination of expense and the lateness of being paid makes many owners refuse of at least be reluctant to use an escrow service.

Some feel (myself included) that if Redweek had a system of feedback like ebay that could show a number of satisfied customers, renters could feel more assured when renting even without Escrow. Some believe that Redweek does not offer this because they have a deal with the escrow service and gets a cut or a referral fee when redweek rentals lead to escrow use through the recommended company.

Thanks for the reply. I have rented directly in the past. Never have gotten burnt...just put off by the excuses when dealing with $$$'s. I agree that the process should stay within the boundaries of Red WeeK. This would assure more credibility with the renting public.