How do most of you conduct your rentals

birthdayboy wrote:

Renting a floating week: I see others have postings with a date range, unit listed as 'unnassigned', and view listed as 'varies'. Are such postings successful? I'm not asking for exact details, just want to know if people are doing this successfully on redweek. thank you.

In the ad, I state that Week X is available and other weeks are based on availability. If you wait until you get a request, you might not be able to reserved the requested week. Then, if you wait too long, you might not be able to reserve any good week at your resort.

Don't forget to advertise at the other popular sites: TUG, My Resort Network, bidshares, Vacation Timeshare Rentals, craigslist, and eBay.

These sites also have either no or very minimal fees to post an ad.

mike1536 wrote:

birthdayboy wrote:

Renting a floating week: I see others have postings with a date range, unit listed as 'unnassigned', and view listed as 'varies'. Are such postings successful? I'm not asking for exact details, just want to know if people are doing this successfully on redweek. thank you.

I own a floating week and I've listed my unit as you mentioned. While I give a range of dates, I reserve a high demand week (for example 4th of July week) that I can use or deposit with an exchange company if I don't get a rental.

In the ad, I state that Week X is available and other weeks are based on availability. If you wait until you get a request, you might not be able to reserved the requested week. Then, if you wait too long, you might not be able to reserve any good week at your resort.

Don't forget to advertise at the other popular sites: TUG, My Resort Network, bidshares, Vacation Timeshare Rentals, craigslist, and eBay.

These sites also have either no or very minimal fees to post an ad.

Escrow: When posting a rental on redweek, do you use their escrow service; First American Title Insurance Co.? If so, have you had a good experience with them? Did you offer the renter an option of using escorw serice or not? For example)use the escrow service for a fee vs. paying direclty with no fee

birthdayboy wrote:

Escrow: When posting a rental on redweek, do you use their escrow service; First American Title Insurance Co.? If so, have you had a good experience with them? Did you offer the renter an option of using escorw serice or not? For example)use the escrow service for a fee vs. paying direclty with no fee

If someone insisted on using escrow, I would ask that they pay the entire fee. As an owner, my biggest issue with escrow is the renter can cancel up to 60 days prior to the check-in date, but I only get the 50% deposit. My rental rates are not high and getting the deposit would not even cover my maintenance fees. With only 60 days left, my chances to re-rent the unit get slimmer.

If the renter never completes the transaction, I would still get the deposit, BUT it would take an additional 5-10 days since First American Title has to contact the renter. This give me LESS chance to re-rent the unit.

In addition, First American Title doesn't release the money until 10 days or so after the rental period. This might be several months after the contract was initiated. Many owners need the cash up front to pay the upcoming MFs.

I would probably consider using escrow if the check-in date was within the 60 day window since the renter has to pay the entire amount, vs a 50% deposit.

mike1536 wrote:

birthdayboy wrote:

Escrow: When posting a rental on redweek, do you use their escrow service; First American Title Insurance Co.? If so, have you had a good experience with them? Did you offer the renter an option of using escorw serice or not? For example)use the escrow service for a fee vs. paying direclty with no fee

I have not used First American Title. It's a great service for the renter, but IMO it doesn't offer any protection for the owner.

If someone insisted on using escrow, I would ask that they pay the entire fee. As an owner, my biggest issue with escrow is the renter can cancel up to 60 days prior to the check-in date, but I only get the 50% deposit. My rental rates are not high and getting the deposit would not even cover my maintenance fees. With only 60 days left, my chances to re-rent the unit get slimmer.

If the renter never completes the transaction, I would still get the deposit, BUT it would take an additional 5-10 days since First American Title has to contact the renter. This give me LESS chance to re-rent the unit.

In addition, First American Title doesn't release the money until 10 days or so after the rental period. This might be several months after the contract was initiated. Many owners need the cash up front to pay the upcoming MFs.

I would probably consider using escrow if the check-in date was within the 60 day window since the renter has to pay the entire amount, vs a 50% deposit.

Yesterday, I replied to a new posting for a good price on a week at the Aviara in the next two weeks. I wanted to proceed and he wanted a paypal payment in full. I suggested something that worked well before at Marriott and the Aviara where the owner added me to the reservation and I sent the payment after confirming with the hotel. That way, if the owner did not receive payment, they could take me off the reservation. These were all last minute rentals. I've never had a problem, but have always spoken with the owners and we felt mutually comfortable with this.

Yesterday, I left my number and address on the email. He ignored my suggestion and wanted payment in full. I mentioned that I wanted us both to feel comfortable and told him to feel free to call me. He did not, but said that we could go through an escrow company if I wanted to pay the entire fee. I was thinking I could call the Aviara to find out if this person has a rental for the week in question, but then I wondered if anyone else had a better suggestion. I may just give up on this one.

Thanks for your thoughts.

Many renters say they want to verify their name is on the reservation before they pay. This is understandable, but many of those renters never pay after their name is on the reservation! Maybe they found another unit, maybe they weren't properly honest about why they were asking to be placed on the reservation. A number of companies (I'm not certain about Four Seasons Aviara) charge the owner a fee $35-$135 to add a guest. Often, owners don't want to get involved if they don't have a sure thing. Asking to be on the reservation before payment is not a guarantee you will book, and is inconvenient to owners faced with renters calling to ask for alternate dates when only a specific date is offered, being placed on the reservation but never paying, detail questions about the resort/unit but then not booking thru the owner, etc.

When a renter asks me to place them on the reservation I require a $100 to 50% payment to do so, especially when the resort charges to add a guest name or the reservation has a cancellation penalty to the owner. If you are a renter, please consider the following: - I know you want to be safe and have proof the owner reservation is valid. This is understandable. But you are also asking for the owner to have faith you will pay. Renters are often fickle, resulting in owners unwilling to have faith the renter will pay. - A lot of owners don't want to do any more work than necessary and you're asking for them to do something they have no guarantee will result in a booking. - If you use an escrow service or pay with a credit card, you have used the safest payment methods to protect you. Thus there is no need to see your name on the reservation before payment. And if you pay directly by check it doesn't matter if they added your name before payment because if anything at all happens to your reservation (on purpose or accident) you will probably never be able to get your money back. Even if you successfully sue to get your money back it is unlikely you will recover all your expenses IMHO.

So far everyone who wants me to add their name has agreed to pay an initial deposit. This is mutually beneficial since I know the renter is properly motivated to make the final payment and the renter makes the final payment knowing they have the reservation in their name! I feel this is extra work, but I'm willing to do it in order to get a booking! I feel this has separated real customers from looki-lo customers (a customer asking me to provide validation but never pays for the rental their name is on).

I would be happy to pay a deposit, but this person was asking for 100% of the money up front through paypal. Also, I understand you can add a name to the reservation at the Aviara and they do not charge unless the owner takes their name off. Perhaps, I will suggest a deposit and see what he says. We have never backed out of a rental commitment, but I can see how owners who've had bad experiences would be wary. Thanks for your thoughts.

I usually ask for 50% if there are several months left before the checkin date. I then inform the resort that a guest will be using my unit and get a confirmation in their name. At this time I ask for the balance to be paid within 1-2 weeks. If I am within 90 days of the checkin date, I will as for the entire amount.

I also recommend the potential renters to call the resort and confirm that I am an owner.

mike1536 wrote:

... Don't forget to advertise at the other popular sites: TUG, My Resort Network, bidshares, Vacation Timeshare Rentals, craigslist, and eBay.

These sites also have either no or very minimal fees to post an ad.

I have not had much sucess using Bidshares, but the basic services are free. I have among the lowest prices on that site so I am suprised I receive so few inquiries and pretty much no bookings.

peterp151 wrote:

I have not had much sucess using Bidshares, but the basic services are free. I have among the lowest prices on that site so I am suprised I receive so few inquiries and pretty much no bookings.

A buddy of mine said he lists on bidshares and had some success, causing me to also list. The odd thing about bidshares is the vendors list their prices fairly high - so I wouldn't buy or rent from an owner there. Yet even though my prices are pretty much the lowest there, few people inquire. If I'm among the lowest, I figure the site doesn't have much customer traffic.

RedWeek owners are better about listing prices in more attractive price ranges.

If you rent a unit from an owner then cannot go can you re-rent it yourself?

gloriat62 wrote:

If you rent a unit from an owner then cannot go can you re-rent it yourself?

An intelligently prepared rental agreement (most certainly including mine) will very overtly and very specifically PROHIBIT any sub-lease. In any case, why on earth would you believe that you could rent out something / anything that you do not own in the first place?