As the owner renting the points out?

[MinnieVanMom]

Is there a primer for renting points? I have been the renter before but never the owner renting out. I have read the sample contracts and read a lot of what the renters need but what about the owner?

Should we add an extra % for taking the paypal payment and the fees for getting the money?

At what point do we ask for the payment and do we do a deposit, then partial payments or all at once?

How much hand holding do you do? Do you explain each resort and room type or should the renter know already?

Thanks for the help.

 

[cseca]

It's all up to you as the owner really. If you want to accept paypal or not, when you require payment(s), etc. You just have to find a renter that will accept your terms.

And for me personally, my terms of payment depends on my points situation.
If I need to borrow points to make the ressie then it'll be 100% payment upfront before I even make the reservation.
If it's current year points and not even close to my banking date, then my terms will be more lenient (50/50 within so many months).
If it's close to the banking date then the full/final payment will have to be made so many days prior to banking date. It just depends.

Generally people who wants to rent already have some basic knowledge on the system. Some needs a little bit more information (regarding DDP, ME, etc.). But other than that usually they've done their own homework on the stuff.

Remember YOU as the owner have to do all the work. Reservation, DDP, ME. Your renter will have no access to the reservation whatsoever.

And yes, I have a contract I always send to a renter if they sound serious. If it's just a "hey, can you check availability?" kinda inquiry I wouldn't bother with sending them contract. But after a serious email/pm conversation I will send them a copy of the contract to review. If they don't agree, that's ok too.

Good luck!

 

[MinnieVanMom]

It's all up to you as the owner really. If you want to accept paypal or not, when you require payment(s), etc. You just have to find a renter that will accept your terms.

And for me personally, my terms of payment depends on my points situation.
If I need to borrow points to make the ressie then it'll be 100% payment upfront before I even make the reservation.
If it's current year points and not even close to my banking date, then my terms will be more lenient (50/50 within so many months).
If it's close to the banking date then the full/final payment will have to be made so many days prior to banking date. It just depends.

Generally people who wants to rent already have some basic knowledge on the system. Some needs a little bit more information (regarding DDP, ME, etc.). But other than that usually they've done their own homework on the stuff.

Remember YOU as the owner have to do all the work. Reservation, DDP, ME. Your renter will have no access to the reservation whatsoever.

And yes, I have a contract I always send to a renter if they sound serious. If it's just a "hey, can you check availability?" kinda inquiry I wouldn't bother with sending them contract. But after a serious email/pm conversation I will send them a copy of the contract to review. If they don't agree, that's ok too.

Good luck!

Thank you so very much. So far the person didn't even know what resorts are DVC and room types so I have exchanged a lot of information already. I think she is just shopping and learning right now. But so am I! I like the 50/50.

At what point do I ask for the 2nd payment? I am thinking 60 days out so I could have options should they cancel. I would hate to have points in holding. Do you think it is wise to put in a cancel clause? What if they cancel within 30 days and I get stuck? I am sure that is why the contract to spell it all out. I would think that there would not be a full refund within 30 days but I wondered if there is an industry standard?

I think I will go and re read the Disney contract again.

Payments: What about charging a % for the paypal fees to take in payment? Do I put that back on the renter?

Thanks so much again!

 

[ccgirl]

Thank you so very much. So far the person didn't even know what resorts are DVC and room types so I have exchanged a lot of information already. I think she is just shopping and learning right now. But so am I! I like the 50/50.

At what point do I ask for the 2nd payment? I am thinking 60 days out so I could have options should they cancel. I would hate to have points in holding. Do you think it is wise to put in a cancel clause? What if they cancel within 30 days and I get stuck? I am sure that is why the contract to spell it all out. I would think that there would not be a full refund within 30 days but I wondered if there is an industry standard?

I think I will go and re read the Disney contract again.

Payments: What about charging a % for the paypal fees to take in payment? Do I put that back on the renter?

Thanks so much again!

I am currently renting points from an owner. They charge 4% for paypal. I have a contract. There are no cancellations. After they make the reservation, a 25% deposit was due (within 10 days). onc I received the hard copy of the reservation (a few weeks later) the rest of the balance was due. They were able to change my resorts, add magical express and are going to add the dining plan at a later date (since you need to pay for that before checkin now). I need to send them a check for the dining plan. Once they receive it, they will add that to the reservation.

Hope that helps.

 

[MinnieVanMom]

I am currently renting points from an owner. They charge 4% for paypal. I have a contract. There are no cancellations. After they make the reservation, a 25% deposit was due (within 10 days). onc I received the hard copy of the reservation (a few weeks later) the rest of the balance was due. They were able to change my resorts, add magical express and are going to add the dining plan at a later date (since you need to pay for that before checkin now). I need to send them a check for the dining plan. Once they receive it, they will add that to the reservation.

Hope that helps.

That really is so very helpful knowing about the paypal. I really wondered if it was ok to pass the fee along to the renter. I wondered about the cancellation too. I needed to know what others are doing so I am inline with what is "normal".

 

[robinb]

You can do whatever you feel comfortable with, but I would put it all in writing so everyone is on the same page. I have my renter print 2 copies out the contract and sign both of them and then send them to me. I sign both of them and send one back to the renter so we both have signed copies. I also give my renters complete contact information so that can call/write/email me.

 

[ccgirl]

You can do whatever you feel comfortable with, but I would put it all in writing so everyone is on the same page. I have my renter print 2 copies out the contract and sign both of them and then send them to me. I sign both of them and send one back to the renter so we both have signed copies. I also give my renters complete contact information so that can call/write/email me.

Good point. The people I am renting from gave me their address, phone number, and email as well.

 

[MinnieVanMom]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

I have done over the top hand holding today with the would be renter. She didn't even know which resorts were DVC or what type of rooms. I am glad to share information with others but renters also need to do their part to know what they want.

She then wanted my DVC membership number and that is when I said no. I also said that I don't know a single member that would give out their number either. In a nice way. I referred her to the rental board and to the posts about renting.

I am learning so much already.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

 

[CarolAnnC]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

I have done over the top hand holding today with the would be renter. She didn't even know which resorts were DVC or what type of rooms. I am glad to share information with others but renters also need to do their part to know what they want.

She then wanted my DVC membership number and that is when I said no. I also said that I don't know a single member that would give out their number either. In a nice way. I referred her to the rental board and to the posts about renting.

I am learning so much already.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

I would suggest you check out David's rental site (there is a link on the top of the page). As a first time owner/renter, you may be more comfortable utilizing his site to help you rent out your points. Good luck!

 

[mousefan1972]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

I have done over the top hand holding today with the would be renter. She didn't even know which resorts were DVC or what type of rooms. I am glad to share information with others but renters also need to do their part to know what they want.

She then wanted my DVC membership number and that is when I said no. I also said that I don't know a single member that would give out their number either. In a nice way. I referred her to the rental board and to the posts about renting.

I am learning so much already.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

What you experienced is exactly why, should we ever need to rent our points, we would use a 3rd party broker to do so. I am glad to help a new renter, but they need to help themselves a little bit, too. When we rented once prior to joining, I think I was the easiest renter the owner everhad. We knew our resort, room type, and dates right off the bat. Secured an agreement with her prior to the 11 month window. Paid immediately. No changes, no waffling, etc. We exchanged full names, addresses, emails, and home and cell phone #s. I also verified her ownership on the FL Comptroller website. There really wasn't anything else I would need.

For the prospective renter to call you dishonest because you wouldn't give her your membership number is ludicrous. She has no right to ask for it, as she can't do anything with that info other than try to pose as you. (although she would also need to know the last 4 digits of your ss #) You were 100% right to not give it to her. I hope you have better luck going forward.

 

[Cinderella909]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

As a new first time potential renter, no we are not all this bad! Doesn't sound like someone I'd want to do business with. Good luck to you!

My question concerning the contract, is why would the seller not sign one copy of the contract and send to this to the renter along with the copy that the renter signs and return. That way, the renter has a copy that is signed in hand. The other way, the renter signs two contracts and send both back. Just asking.... earning my ears in renting DVC points.

Karen

 

[CarolMN]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

I have done over the top hand holding today with the would be renter. She didn't even know which resorts were DVC or what type of rooms. I am glad to share information with others but renters also need to do their part to know what they want.

She then wanted my DVC membership number and that is when I said no. I also said that I don't know a single member that would give out their number either. In a nice way. I referred her to the rental board and to the posts about renting.

I am learning so much already.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

Most will not be like that, but if you rent on a regular basis, you will undoubtedly encounter some who will just waste your time or otherwise make you crazy, lol.

If you are going to rent, you really need to weed out those you do not want to work with as soon as you can. Practice saying, "Sorry, my terms are firm. You'll need to look for someone else who has terms more to your liking."

FWIW, I would never give my member number to someone else. And I would not do a 3 way call either. There's no need. Immediately after a reservation is made in the renter's name, the renter can verify its existence on Disney's website -

www.MyDisneyReservation.com/DVC

All the renter needs is the confirmation number which the owner should provide.

 

[cseca]

...
If you are going to rent, you really need to weed out those you do not want to work with as soon as you can. Practice saying, "Sorry, my terms are firm. You'll need to look for someone else who has terms more to your liking."

FWIW, I would never give my member number to someone else. And I would not do a 3 way call either. There's no need. Immediately after a reservation is made in the renter's name, the renter can verify its existence on Disney's website -

www.MyDisneyReservation.com/DVC

All the renter needs is the confirmation number which the owner should provide.

I completely agree with this PP.
You want renter who are serious and not just "shopping". And in return they get to be treated properly. Respect, excellent communication, etc. etc.

I always tell my renter than they can call or email me anytime and if I'm out of communication for more than 3 days I will let them know in advance. No surprises. The contract should clearly states the owner's expectation of the agreement. Cancellation policy and payment expectations should be 2 of the basic items covered in the contract.

Again good luck and so far *knock on wood* I've been blessed with great renters. The wishy washy ones I weeded out in the beginning of the conversations...

 

[MinnieVanMom]

You are all the best!

Thank you so much for helping me out. I did what one person said and went with my gut. I know that this person is wasting my time. I have spent more time today teaching them about DVC. I thought a renter should know what they want and even how many points they need for all options. Being prepared makes you a serious renter and easy for the owner to want to rent.

I can't wait to go forward with a good renter!

 

[MinnieVanMom]

Ok, I listed my points for rent on the board, 52 points @ $11. How does it look? I put in a lot of what I expected but is it too much? Will it push people away?

I am just tired from the interaction today but still glad that she learned more about DVC and hopefully she won't do the same to the next person.

 

[Presley]

I looked at your post and thought it was great. I think it is important to weed people out from the get go. You will probably still have people who will ask something that was already spelled out, but at least you have it black and white now.

 

[robinb]

My question concerning the contract, is why would the seller not sign one copy of the contract and send to this to the renter along with the copy that the renter signs and return. That way, the renter has a copy that is signed in hand. The other way, the renter signs two contracts and send both back. Just asking.... earning my ears in renting DVC points.

Karen

I emailed my renter the contract and they sent back the signed ones with their check .

 

[Deb & Bill]

Good point on the contract. I can scan it and send it to them and they can have a copy after they sign and send it back to me.

I have done over the top hand holding today with the would be renter. She didn't even know which resorts were DVC or what type of rooms. I am glad to share information with others but renters also need to do their part to know what they want.

She then wanted my DVC membership number and that is when I said no. I also said that I don't know a single member that would give out their number either. In a nice way. I referred her to the rental board and to the posts about renting.

I am learning so much already.

UPDATE: She just wrote me and said that she had someone else call and there was not availability and it was a 3 way call. She said I wasn't honest because I wouldn't give her my member number or do a 3 way call. I don't have 3 way on my cell.

Please tell me not all renters are this bad? I am done already!

Consider yourself lucky to be rid of this person. They weren't honest with you and made you do a lot of work and then went with someone else. Like Carol said, if a non-member wants to dicker about the terms of the rental, tell them your terms are final and kiss them good-by. There are enough people who want to rent a reservation that you don't have to coddle them. Point them to the R/T Board and the threads at the top of the page. Tell them your terms and tell them to contact you if they want to rent from you.

You want to require a final payment to give you time to bank your points if the non-member backs out of the deal. At that point, you keep what they already gave you and keep your points. And if you can't use them, you'll want to be able to bank them.

But you must use a contract, DVC requires that on all rentals. You don't need to use Paypal, it's not always friendly to the person selling.

 

[dianeschlicht]

I'm glad you got out of renting to that person. Under NO circumstances should you EVER give out your member number to ANYONE other than Member Services! I treat it just like my SS number.

 

[robinb]

I'm glad you got out of renting to that person. Under NO circumstances should you EVER give out your member number to ANYONE other than Member Services! I treat it just like my SS number.

ITA.

The only time that I would consider a 3-way call (and I would bring in the renter AFTER I verified my identity) is if I my renter wanted to add the DDP since MS now needs a credit card when the DDP is added.