New to timeshare renting and Redweek. Need some info and insights

Looking to take the wife and child on a vacation to Atlantis on Paradise Island. Wife and I were there as a couple a few years ago, before the birth of our son. We know the room rates are sky high for a less-than-stellar room, but we love the resort and want to take him and go back. Via searching, we found this site with some very good deals at the time share units associated with the resort. Some of our other regular vacation spot sare up here at good deals as well -- Hawaii, Aruba, Vegas, Orlando. So, my interest is high but I am still uncertain.

I looked at "How Redbook can work for you" and the FAQ on this site, but I still am unsure if this is a legit site and a trustworthy way to get a room. I am not familiar with timeshares, what they are, and how they work. It appears that I would be sending money off to a person to secure the room, not a company, not this website, and not the resort. Is that safe? Is there not a huge chance of an internet scammer getting my cash and me having no room and no recourse? How would I know that when I fly to the Bahamas with my wife and child a room actually awaits me? If so, will the resort ask me for more money in fees and such? Why does this site want to charge $15 just to get reviews and info on the sellers? That seems odd. Wouldn't they want customers and new folks like me to see the offerings for free? I'm looking for input and insights before I consider moving forward. Thanks in advance for any help you can give. -John

There are some very good rental deals out there now with this bad economy as people are not vacationing nearly as much so they're putting their owned weeks up for rent.

As far as renting from an ad owner on Redweek, a rental agreement should be sent to you by the ad owner with all the details outlined. Also, ask for some verification that the lister owns the week/unit (ie; copy of paid maitenance fees, abbreviated version of owner contract etc.) I would also ask for the owner's telephone number so that I could talk to him/her directly. This helps to set up a better form of trust between you and the owner than just a written rental contract.

Redweek is the most respected timeshare ad site on the entire internet and scams are few and far between, BECAUSE one has to become a member in order to get owner email addresses to ask for information. This is why Redweek charges the fee.

I think, after the first time you successfully rent from an owner, that you will neve go back to paying rack rates for a mere hotel room. A timeshare is much more than a hotel room, it's a entire condo. Good luck, and don't be afraid if you follow the advice I gave above.

So, let me get this straight. The people advertising on this site --- the ones that I am potentially renting from -- have already esentially paid for the condo room via a timeshare deal? They have paid an upfront cost and annual fee to secure a condo at a given locale. They then offer up the condo room on this site for either a profit, or to break even because they can't go on their own due to work schedule or flight costs or whatever?

johnc1149 wrote:

So, let me get this straight. The people advertising on this site --- the ones that I am potentially renting from -- have already esentially paid for the condo room via a timeshare deal?

No, they own the week and unit they're renting, but this should he verified to you by them.

Quote:

They have paid an upfront cost and annual fee to secure a condo at a given locale.

Yes, they bought the week and unit that they're renting ... they own it.

Quote:

They then offer up the condo room on this site for either a profit, or to break even because they can't go on their own due to work schedule or flight costs or whatever?

Exactly, they offer the rental, because, for whatever reason, they can't use it and renting helps pay their annual maintenance fees. All owned timeshares have annual maintenance fees.

Redweek provides no help or backing to help make it legit. $150 to escrow company for that?

johnc1149 wrote:

Redweek provides no help or backing to help make it legit. $150 to escrow company for that?

Once again, Redweek is merely a timeshare ad site for owners .... nothing more, nothing less.

Redweek can't control what may be legit or not legit, but they will follow up on any ad that turns out NOT to be legit (most ads sites don't do that).

I'm assuming if you're used to paying astronomical rack rates at Harborside Atlantis then a mere $150 to an escrow company to secure your timeshare rental money would be peanuts.

Most people don't use an escrow service at all once they've done their due diligence with the owner, but if it would make you feel better then I'd certainly use one.

Also, one other thing to remember, these weeks/units are owned by individuals so the rental rate CAN BE negotiated. In this economy, I would think you would be able to negotiate better deals than what's listed. It surely wouldn't hurt to try. From what I've read on other timeshare forums, Nassau and the Bahamas are really hurting due to this economy.

P.S. I assumed you were speaking of rentals at Harborside Atlantis, but there are two other Paradise Island resorts with owner rentals here on Redweek, however most are at Harborside.

You are correct ... I am focused mainly on the Haborside rentals. Appreciate your insights. I do see some interesting weeks and nice prices listed on Redweek. I'm trying to get this set in my mind. Thinking (and typing) out loud here ..... let me know how I'm doing, coaches.....

So, next I first would need to cough up the $$ to get a full membership to RedWeek. Then I start contacting a couple of the owners via email to gauge mutual interest based. I'd choose who to contact based on their listed weeks. Maybe then also some phone conversations with said owners. We can talk price and specifics. Then I'd call the Atlantis resort to check on the owner to ensure they have the "goods" they are actually offering. If all checks out I can give the owner the go-ahead to send a contract, or use the escrow service (with owner approval). Sign a contract. Payment goes to either owner or escrow service. Call Atlantis to confirm a week or so later to ensure things are booked and hunky-dory (should be in my name then, right?) Call Atlantis again a week or more before departure to re-confirm. Check-in at front desk with my own credit card to cover phone calls, damage, mini-bar, and/or incidentals. If we use escrow, the owner gets his/her pay at the completion of our stay.

johnc1143 asks in part: >>So, next I first would need to cough up the $$ to get a full membership to RedWeek.<<

That's all of about $12 for a full year membership. If you can afford a vacation rental in the Bahamas, you can surely afford the $12. ;-)

Re: >> Then I start contacting a couple of the owners via email to gauge mutual interest based. I'd choose who to contact based on their listed weeks. Maybe then also some phone conversations with said owners. We can talk price and specifics. Then I'd call the Atlantis resort to check on the owner to ensure they have the "goods" they are actually offering. If all checks out I can give the owner the go-ahead to send a contract, or use the escrow service (with owner approval). Sign a contract. Payment goes to either owner or escrow service. Call Atlantis to confirm a week or so later to ensure things are booked and hunky-dory (should be in my name then, right?) Call Atlantis again a week or more before departure to re-confirm. Check-in at front desk with my own credit card to cover phone calls, damage, mini-bar, and/or incidentals. If we use escrow, the owner gets his/her pay at the completion of our stay. <<

It sounds like you have it all down just about right, except that it might just take considerably more than a week for resort reservation records to become updated after the owner formally notifies the resort of someone else using their unit / week.

Also, you may or may not already be aware that some owners (yes, even some completely honest and entirely legitimate owners) may summarily reject any involvement of a third party escrow service, since utilization of such a service means, by definition, that the owner won't have ANY payment in hand until some weeks after the actual usage. Owners have to pay their annual maintenance fees long in advance of their usage week, so many owners expect (indeed, demand) to have payment in full in hand BEFORE any occupancy and use. Then again, in this sorry economy, a formerly solid rejection posture may now be softened a bit. Bear in mind that an owner is NOT legally obligated to accept the involvement of an escrow service, regardless of who is paying for the service. It's a matter and a decision to be discussed and resolved on a case by case basis with the particular, individual owner.

Good luck. Bon Voyage.

Ken, thanks so much. As a nervous 1st time RedWeek person I feel compelled to use the escrow to help cover my butt from scammers. I'll have to test the waters with owners to see if I can have anyone bite on escrow with the charge and week I am looking for.

Do owners tend to post their open listings at the start of the calendar year, or closer to the time of the rental, .. or just random....

I am hoping that a down economy and a lack of traveling will help me get some leverage wth owners.... I will rent with escrow for this price or it might sit empty. I am flexible with my off time. We'll see. -John

johnc1143 asks in part: >> Do owners tend to post their open listings at the start of the calendar year, or closer to the time of the rental, .. or just random....<<

Personally, I don't think there are really any truly consistent patterns. Most people own timeshares to use them, not to rely upon renting them out each year (I can't think of very many worse financial investments than a timeshare purchase, quite frankly). Sometimes, however, "life is what happens to you while you're busy making other plans". Financial, medical, family, work problems arise unexpectedly and vacation plans change accordingly. An intended vacation at an owned timeshare suddenly becomes a rental ad instead. Insane airfare costs have been a factor in the recent past. Gas prices threatened to create a travel crisis all by themselves, but seem to have stabilized a bit. Right now, of course, the economy just plain stinks overall...

I guess the shorter answer is --- it depends!

Ken ... considering you said, "I can't think of very many worse financial investments than a timeshare purchase, quite frankly)." Does this mean you don't own a timeshare? Are you here as a renter? Experiences?

johnc1143 wrote:

Ken ... considering you said, "I can't think of very many worse financial investments than a timeshare purchase, quite frankly)." Does this mean you don't own a timeshare? Are you here as a renter? Experiences?

Actually, I own a total of SIX weeks of timeshare, located at several different coastal facilities. Three of the six have been owned for over 25 years now. The others were slowly acquired, one by one, after I retired. One is "every other year". I use them all and I thoroughly enjoy them. I don't "exchange" and I very rarely "rent out" my weeks, except in exigent or highly unusual circumstances (such as unexpected medical and / or other family situations or crises, for example).

What I meant by my "poor financial investment" comment is that most timeshare weeks do NOT increase in monetary / market value (even if purchased resale). An "increase in value" is the customary and usual objective of a strictly "financial" investment. Most timeshare "values", however, remain relatively static (...or even decrease), while the annual maintenance fees can be expected to consistently increase by an average of least 5 or 6% per year. That's certainly not a good "financial" investment return by any possible standard or measure.

For me, ownership of timeshare weeks simply constitutes guaranteed access to prime vacation spots during "tough to book" dates at some high demand locations of my own pre-selection. There is, for me anyhow, great intrinsic value from the standpoint of enjoying guaranteed, annual, quality vacations at places I know and enjoy. Nonetheless, that ownership hardly qualifies as a good "financial investment" by the benchmark of "increasing in value". I harbor no delusions whatsoever that any of my ownerships are increasing in market value. If they are, that increase is minimal and surely less than the percentage of annual maintenance fee increases (not to even mention the occasional unwelcome but often unavoidable "special assessment" charges imposed upon timeshare owners).

I hope this clearly explains exactly what I meant by my comment portraying timeshares as a poor "financial" investment. That statement is certainly true, BUT...."financial" is not the only (or even the primary) value inherent in a (good) timeshare ownership. Different strokes for different folks....

Ken bought where he wanted to go every year or every other year.

He bought in southwest Florida during snowbird season (when northerners flock to south Florida) so he made a wise decision although it wasn't necessarily a financial decision .... he bought for quality vacations for he and his family in desirable locations during desireable times.

As far as an Atlantis owner possibly rejecting your use of an escrow service ..... they're biting off their noses to spite their faces. I looked at the rental rates (nightly) for Atlantis and most were astronomical, and many people just do not have that kind of money to book at luxurious resorts in this economy.

It is a renters/buyers market out there, so if someone rejects your offer to rent and use an escrow service, then merely move on to others who will likely be more than willing to do so. The money eventually goes to the owner after the renter's vacation so escrow protects owners also.

Just to share my experience with purchasing Timeshares. I buy 4 star or Silver Crown resales in desirable places I love to go to. I don't need a high end expensive timeshare when I am spending most of my time sight seeing. All my timeshares are very nice though (better than hotels) and the maintenance fees are not outrageous. I use them and I gift them. I am sending my parents to Scottsdale, Arizona in the winter as a birthday and Christmas gift. They love it! My daughter got married and I am sending her and her new husband to stay right on Myrtle Beach, South Carolina. I am going to stay right on the beach in Daytona, Florida with a friend this March. I pay for the room, she pays for the rental car. My husband and I are staying in the mountains in Park City, Utah in Sept. I consider this an investment in life experiences and fun. We are all happy with this and that is what counts bottom line.

diannek12 wrote:

Just to share my experience with purchasing Timeshares. I buy 4 star or Silver Crown resales in desirable places I love to go to. I don't need a high end expensive timeshare when I am spending most of my time sight seeing. All my timeshares are very nice though (better than hotels) and the maintenance fees are not outrageous. I consider this an investment in life experiences and fun. We are all happy with this and that is what counts bottom line.

You bought a timeshare for all the right reasons from what you said in your post.

I have always told everyone to only buy a timeshare for use and buy where you are happy going every year. Anything after this is a plus from renting to exchanging.

The people that buy because they can not say no to a resort or fall in love in a instance while on vacation many times live to regrett it.

We own two units in Lake Tahoe and look forward to our weeks there every year. We bought a even year unit just so if we decide to do a exchange every other year we still can go to the Ridge Tahoe for July Fourth Week each year.

Even with low pricing you don't find many of the very good timeshare resorts for giveaway type pricing because the owners are happy with their timeshares even now.

PHILL12

Tell me, please, what are "floating" points?

Sorry to hear about the loss of your brother.

Did you post your ad in the For Rent section? Your post will eventually be edited by RedWeek staff to remove all the ad info.

Some other places to post rental info: www.tug2.net, myresortnetwork.com vacationtimesharerentals.com

Check the RedWishes on Redweek and Rental Wanted ads at those sites as well.