First time renting out my points

[jaggiemaggie]

This will be my first time renting out my points. I just want to make sure I get all the administrative things correct.

When I enter the guests (renters) information when I book their stay, what phone number and email address do you guys put in? Thank you for the help.

 

[cm8]

Hello! and welcome to the club! You need to make sure to use their email address and phone number.

 

[jaggiemaggie]

Thank you. but they have no control of the reservation correct? ie they can't call DVC and give the reservation number and make changes and what not...

 

[cm8]

Thank you. but they have no control of the reservation correct? ie they can't call DVC and give the reservation number and make changes and what not...

Correct, that power lies with you, the member

 

[jaggiemaggie]

thank you

 

[Sandisw]

That is just for guest information purposes so when list in MDE it does connect with their information.

The reservation will always stay with you up until check in. Be sure that your contract includes no changes can be made at the front desk in terms of asking about a room type change or upgrade.

 

[gisele2]

That is just for guest information purposes so when list in MDE it does connect with their information.

The reservation will always stay with you up until check in. Be sure that your contract includes no changes can be made at the front desk in terms of asking about a room type change or upgrade.

Because they could and we would be charge some points ?

 

[DVCSunDevil]

That is just for guest information purposes so when list in MDE it does connect with their information.

The reservation will always stay with you up until check in. Be sure that your contract includes no changes can be made at the front desk in terms of asking about a room type change or upgrade.

Interesting. Thank you for sharing that. Anytime I see good tidbits on renting I put into into my "notes", lol. So in your scenario, if a renter had a studio booked and requested an upgrade to a 2BR at check in would all the difference in points come out of the members account? What if there were no points available for that UY in the account?

 

[Cyberc1978]

. Be sure that your contract includes no changes can be made at the front desk in terms of asking about a room type change or upgrade.

im wondering if this is a thing of the past?

I recall that we heard stories in the past about renters being upgraded and points got taken from owners account. However I don't recall any recent stories.

However I personally have experienced that a renter got upgraded to a lager room, the original points was returned to my account as holding points but was removed from my account again a few days later.

 

[DVCSunDevil]

I have another question for all you experienced DVC owners who have rented points in the past. I found a really good rental contract to use, but the terms are 20% due at booking and the other 80% due within 60 days of check in. I am guessing that those terms would be in situations where check in is occurring within the banking window. What terms do you all use if check in would occur within the final 4 months of your UY? For example, I have a June UY and someone rented my points for a May reservation at the 11 month booking window. Would you use terms that stipulate 100% of the total is due at booking, or would you say 20% due at booking and the other 80% due by the end of January (which is when the booking window closes for a June UY)? The obvious risk of letting the renter do a final payment once the booking window is closed is that your points will expire if they do indeed cancel during that timeframe.

I am just trying to understand what other people are doing. UY alone can be confusing, but then add in someone renting points and it becomes a whole new level of confusing

 

[cm8]

I have another question for all you experienced DVC owners who have rented points in the past. I found a really good rental contract to use, but the terms are 20% due at booking and the other 80% due within 60 days of check in. I am guessing that those terms would be in situations where check in is occurring within the banking window. What terms do you all use if check in would occur within the final 4 months of your UY? For example, I have a June UY and someone rented my points for a May reservation at the 11 month booking window. Would you use terms that stipulate 100% of the total is due at booking, or would you say 20% due at booking and the other 80% due by the end of January (which is when the booking window closes for a June UY)? The obvious risk of letting the renter do a final payment once the booking window is closed is that your points will expire if they do indeed cancel during that timeframe.

I am just trying to understand what other people are doing. UY alone can be confusing, but then add in someone renting points and it becomes a whole new level of confusing

I always explain the terms as to when the points expire. I also collect payment 100% in advance. I have set terms and do not allow any payments in the last 30 days before check in unless it’s like cash. I especially don’t allow payments that can be reversed in that time frame as well. Say for instance you rented you 200 points for usage in 40 days. The renter then tries to dispute with whomever that they didn’t get the stay or use the points but you know they did? Some creditors will side with the renter and you’re now out your money and points!

 

[Sandisw]

im wondering if this is a thing of the past?

I recall that we heard stories in the past about renters being upgraded and points got taken from owners account. However I don't recall any recent stories.

However I personally have experienced that a renter got upgraded to a lager room, the original points was returned to my account as holding points but was removed from my account again a few days later.

I don’t think you can ever be too careful because not all understand that asking could cause the owner to be charged.

So, the few times I rented to people I included that as a condition to ensure it was clear that asking was not permitted, including offerings to pay the difference in cash..even though that is not allowed.

 

[DVCSunDevil]

I always explain the terms as to when the points expire. I also collect payment 100% in advance. I have set terms and do not allow any payments in the last 30 days before check in unless it’s like cash. I especially don’t allow payments that can be reversed in that time frame as well. Say for instance you rented you 200 points for usage in 40 days. The renter then tries to dispute with whomever that they didn’t get the stay or use the points but you know they did? Some creditors will side with the renter and you’re now out your money and points!

Good to know. So you collect all 100% up front even if the reservation is several months down the road AND occurs within your banking window? What happens if the renter has to cancel due to unforeseen circumstances, and the cancellation is still several months out from the reservation and those points could still be banked if needed?

 

[cm8]

Good to know. So you collect all 100% up front even if the reservation is several months down the road AND occurs within your banking window? What happens if the renter has to cancel due to unforeseen circumstances, and the cancellation is still several months out from the reservation and those points could still be banked if needed?

Yes, I do and my contract includes clauses for them needing to reschedule. Once they are bought, I consider those points no longer mine. I will assist them with securing new dates within the use year of the life of the points.

 

[Matty B13]

I always get 100% payment, after I send them the confirmation email for the reservation. I only use personal checks, and offer no refunds, but will allow for rebooking for the life of the points.

 

[DVCSunDevil]

Yes, I do and my contract includes clauses for them needing to reschedule. Once they are bought, I consider those points no longer mine. I will assist them with securing new dates within the use year of the life of the points.

Interesting. I like that approach. So, in essence, your approach is more of a “purchase” than it is a “rental” of points. You are basically selling them the points and then the points are the buyer’s to manage.

 

[DVCSunDevil]

I always get 100% payment, after I send them the confirmation email for the reservation. I only use personal checks, and offer no refunds, but will allow for rebooking for the life of the points.

It looks like your approach is the same as cm8’s. I think this is fair, since points have restrictions that can cause them to expire. It would not be fair to put owners/members in limbo by cancelling after or close to the banking deadline.

One more question. What if someone buys the points from you and you make the reservation for them and then they have to cancel and bank those points into the following UY? Do you just go ahead and do that for them and then just keep managing those points for them as needed?

 

[RanDIZ]

I am also considering renting some of my points out this year. Does anyone have current rental agreements they'd like to share? Maybe with updated COVID stipulations. Thanks.

 

[GoingSince1990]

I always say that the rental is nonrefundable except in the case of resort closure (and I take 100% payment from the renter once the reservation is made and linked in their MDE account). Having said that, if the renter has a medical emergency or some other reason that they cannot go as scheduled, I am not going to say "Mwahahaha! I did say it was nonrefundable!", cancel the reservation, keep the money and re-rent the points to someone else so that I can profit from someone else's misfortune. Instead, I would be happy to rebook the renter during the lifetime of the refunded points. If this was not possible for the renter I would re-rent the points for whatever price I could obtain and give the money to the original renter so they would get at least a partial refund.

 

[Sandisw]

Interesting. I like that approach. So, in essence, your approach is more of a “purchase” than it is a “rental” of points. You are basically selling them the points and then the points are the buyer’s to manage.

Everything is really up to you as an owner and what and how you do it. You are renting a reservation to them. But, you can also allow changes to it if comfortable.

When I rent..and if I did again..I do not allow reschedules or changes and no refunds. But, I’d be renting below market value so the renter would have to decide if my price and restrictions was worth it.

Some owners are flexible and others are not. Since I don’t plan to do often..I prefer the transfer to another owner, I want to be one and done.

Obviously my terms won’t work for all renters and I am fine with that!