A few questions when renting out points

[vittoria]

Hi - I have decided to rent out my 300 banked points this year, as my health (and my older cat's health) are making it difficult to go to WDW recently.
(It's been a little over a year since I've been to WDW, which seems like eons, considering I've alwway gone a few times a year.)

Anyway, I posted a note regarding my points in the Rent/Trade area and have received some responses. This process is a new one to me, as I've always used my points for myself and my family, so I have a few questions for people who've done this before.

1. When I make a reservation in the name of another person will their name appear on the ID card when they check-in or mine? (I know when I've reserved a few rooms at one time for my own vacations all family members had my name on their cards.) I would like for their name to show on their cards.

2. I'm going to have a whole bunch of dates/resorts/room types to check with Member Services. Is it best to just tell them I'm renting the points right away?

3. Can the DVC member be responsible if a guest using the members points causes any room damage?

4. Any suggestions on the best way to make a transaction a smooth one for both sides? What can be done to insure the buyer feels comfortable that they are getting what they're paying for and that I (the seller) would receive appropriate payment?

5. Does the mailed confirmation from MS have my membership# on it? I'm hoping not. That way it could be forwarded on to the renter.

Any other tips or suggestions?

Thanks for any help-

Vickie


OKW since '94

 

[Dean]

1. Currently each name will be on the Room Key, but in the past only the members name was listed on the Key's.
2. Tell them it's a rental when you make the reservation in the other person's name. If you make a reservation in your name then later put a renters name on it, tell them when you change to the renters name.
3. Yes, not only can they but they will ultimately be responsible for any unpaid charges and any damage not covered by the renter.
4. Many use paypal for this. It's always a balance between what feels good to the renter and what's safest for you. I'd recommend a deposit then the balance at a time far enough in advance to give you options, say 3-4 months. Make it all non refundable but you could give them the chance to subrent or change dates subject to availability. Try to rent out for times early in your use year so you'll have more options if something goes wrong.
5. The confirmation does not have any sensitive data. It should be forwarded but DVC will not do so.

 

[RobDoc]

1. When I make a reservation in the name of another person will their name appear on the ID card when they check-in or mine? (I know when I've reserved a few rooms at one time for my own vacations all family members had my name on their cards.) I would like for their name to show on their cards.

The name of each person staying in the room will be on the room id.

2. I'm going to have a whole bunch of dates/resorts/room types to check with Member Services. Is it best to just tell them I'm renting the points right away?

Sure- in fact members are supposed to tell MS that it's a rental.

3. Can the DVC member be responsible if a guest using the members points causes any room damage?

Yes - although we've had no reports here of any damage issues, there was a case where the member was expected to make good on an unpaid room charge. It was eventually dropped (the "renter" was a family member who took care of it).

4. Any suggestions on the best way to make a transaction a smooth one for both sides? What can be done to insure the buyer feels comfortable that they are getting what they're paying for and that I (the seller) would receive appropriate payment?

Be sure to read the "sticky" threads at the top of the board. There are somm good suggestions in there applicable for both member and renter.

5. Does the mailed confirmation from MS have my membership# on it? I'm hoping not. That way it could be forwarded on to the renter.

No, your membership number will not be on the confirmation. The renters name should be on it- so be certain to make the reservation in their name. It will still be sent to your address though.

Good luck with your rental!

 

[Dean]

Yes - although we've had no reports here of any damage issues, there was a case where the member was expected to make good on an unpaid room charge. It was eventually dropped (the "renter" was a family member who took care of it).

I now of two cases. If I recall correctly, the one you refer to was simply a mix up on DVC's part where they didn't post the charges correctly for a family member using their points and simply listed the member as not in good standing but hadn't yet notified them. The other I know about was where a renter did not leave a credit card and made long distance phone calls then left without paying. The member did have to cover those charges. I know of no cases personally for any timeshare where damages were an issue. I do hear from several Marriott managers that do do rarely have to charge people for damages or smoking in non smoking units. They only do so when it's obvious and reasonably provable. They take pictures to document. I've not gotten the impression they have ever put that back on the member. I know of a couple of cases indirectly where the member was charged for damages as reported on TUG at least one of which was an exchange through an independent exchange company. Overall I don't think it's a major concern, just something to be aware of.

 

[vittoria]

Thank you for these great responses!

I think I might make some sort of "renter is responsible" statement regarding any property damage or unpaid on-site charges as part of any agreement. Not sure how iron-clad that would be but it seems like it would be better than nothing.

The points I'm renting were banked from 2005 and need to be used before my April use year begins again. The maximum advance reservation at this point would be 4 months out, and many of the requests I've gotten so far have been much sooner than that. What's a fair window to request full payment vs just a deposit?

Thanks again-
Vickie

 

[Muushka]

4. Any suggestions on the best way to make a transaction a smooth one for both sides? What can be done to insure the buyer feels comfortable that they are getting what they're paying for and that I (the seller) would receive appropriate payment?

I have only rented points a few times. I know many will disagree with this, but I accepted a personal check from the rentee. There was plenty of time for the check to clear, and it showed them that I trusted them. Also, I gave them access to my home telephone number and email address. Periodically I would email them just to say Hi, but mostly to let them know that I had not abandoned them. I also used a contract.

I have to say, I am in the process of renting a 1 night at a TS from someone and their communication skill are not very conducive to making a rentee feel comfortable. The first phone conversation went well, but after that it went very cold. Email messages with strictly the info on it, like they were talking to a company and not a person. I am pretty confident that the room will be there when we arrive, but I would never deal with this person again.

These are my suggestions. The renting process can be fun, and it can be very cold (like the one I am in now).

PS I am not renting from someone on these boards
.

 

[Dean]

What's a fair window to request full payment vs just a deposit?

3-4 months in general but it depends on how much you ask for a deposit as well. And if you're dealing with banked points near the end of the use year, you should likely just go with payment due in full from the get go. And I agree with Muushka that if you give yourself plenty of time otherwise, a personal check is reasonable. I'd say 80% of the DVC and non DVC rentals and sales I've done over the years were by personal check.

 

[vittoria]

Thanks again, everyone.

I've been looking at the various sample contracts people posted for renting points. Is it necessary to mail contracts back and forth between Member and Renter to get signatures or does simply acknowledging the contract via email suffice?

I saw one of the contracts had a space for an Electronic Signature. I'm not sure what that is, but a quick Google search on it gave me the impression it was more involved than I could get.

What do most people do?

Thanks-
Vickie

 

[FarmerJohn]

Vickie,
I rented out our points recently this is what worked for me
1: post on rent trade board
2: get in contact with potential renters (email & phone)
3: make reservation in their name
4: mail them confirmation & contract (signed contract & 1/2 payment required back in 10 days)
5: I required full payment 90 days before checkin (that way if I had to cancel I had plenty of time to deposit points back in my account)
personal check or money order was fine with me as there was plenty of time for funds to clear John

 

[Muushka]

In my transactions I always provided the rentee with a copy of the contract signed by both them and me. On this recent rental where I am the rentee, I requested that the renter send me back a copy of both signitures. Not sure if he would have, but like I said, a sort of funny not real friendly feeling about this transaction. I felt better about it (plus there were some changes that were not correct on the contract and I asked him to date and initial the changes).

 

[vittoria]

Hi - I have a few another questions...mainly about forum procedure.

The majority of the 300 points I listed in the Rent/Trade forum are now spoken for by various people, but no money has exchanged hands yet. Do I close the thread now or wait until I've received some sort of payment first?

I also wanted to list a new confirmed reservation in the same forum that I made using the remaining points. Can that be done while the other thread is open or must I wait for the first one to close?

Thank you-
Vickie