Renting your timeshare is, for many owners, is a great idea. It’s a way to cover your maintenance fees while not having to sit by and watch your points go to waste. Just like anything else you own in life, you want to extract maximum possible value
from this major purchase.
And, to be sure, unused time is a big problem among timeshare owners. For instance, check out this 2016 ARDA study which indicates that nearly 2 million owners have unused time in their account. If you expect to have unused time in the year ahead, planning out how you are going to rent that time may make your timeshare ownership experience more affordable in the end.
If you are thinking of renting, there are a number of things you need to consider before you can actually do so. Below, we have created a general outline of the process that you can follow step-by-step.
Step #1 – Can You Rent?
Before you list anything for rent, you need to make sure that you are allowed to do so with your developer. Will a guest be able to check-in when they arrive at the resort with a reservation made under your name? The fastest way to determine rental eligibility is to contact the resort and ask.
Step #2 – When and Where
This is a step which is important for those who own a timeshare that works on a points-based system. If you can pick the time and location for your booking, think about making a reservation that is likely to be in high-demand. Of course, a desirable booking is going to be much easier to rent out.
If you own a timeshare which has your time and location fixed in advance, you obviously won’t need to worry about this step.
Step #3 – Do Some Homework
How much are you going to ask for in exchange for use of the timeshare? This can be a tricky question to answer. Asking for too much will cause people to ignore your listing, while pricing it too low will result in leaving money on the table. Fortunately, you can look at similar listings in places like Facebook, Timeshare Users Group (TUG), RedWeek, and eBay. After browsing some listings, you should get a pretty good idea of the typical asking price.
Step #4 – Make the Reservation
This is important – you don’t want to rent something that you can’t actually offer. Make sure that your dates are confirmed and that the room is officially secured before you go any farther. Also, check on the cancellation policy so you will have a clear picture of the timeline for this transaction.
Step #5 – Create a Rental Agreement
Many timeshare owners skip this step, but that is a mistake. You don’t want to open yourself up to personal liability in this transaction, so create a rental agreement which will be signed by both parties. If you need help developing this document, Timeshare Users Group (TUG) has examples.
Step #6 – Establish a Payment Method
In the modern world, electronic payments are likely the most commonly used option here. For instance, you could use PayPal to accept the appropriate payment from the renter. Alternatively, you could take checks or money orders, but those are not a quick or convenient.
Step #7 – Where Will You List?
There are a variety of options available for listing your timeshare. Some of the popular methods include Craigslist, Facebook, Timeshare Users Group (TUG), RedWeek, and eBay. Additionally, if you plan on renting your timeshare on a regular basis, it might be worthwhile to create a simple website which you can use to promote the rentals. Of course, you don’t just have to pick one of these options, as using more than one will help you expand your reach.
Step #8 – Write the Listing
Unfortunately, this step is often taken for granted. Once you know where you will list the rental, take some time to put together a detailed listing that answers as many questions as possible. The basics should be covered, such as the size of the room, the name of the resort, the key amenities, and more. Beyond the selling points of the rental, also highlight important details of the transaction, like guest policies, check-in age, deposits due, etc. The more information you can offer upfront, the more likely it is that you will be contacted only by qualified renters.
We hope the idea of renting your timeshare is now less intimidating than it was just a few minutes ago. If you would like help renting your timeshare, feel free to contact us for assistance. Thanks for reading!