For those of you who rent your points

[KandiB47]

Mods I'm not sure where to put this one but I'm sure you'll move me if needed.

I have a question for people who rent out their points. How do you prevent getting burned?

This is the first time I'm renting out my points and I'm having trouble. I get a PM from someone, call MS, and email them that I got their reservation for them. Then people wait two days to email me back and tell me they have other arrangements. The last time I got the reservation within a couple of hours of the first PM and they already had something different lined up.

What should I be doing differently? I notice many people send messages to several people in the rent/trade board. How do I get these points rented without calling MS so often for new reservations?

 

[Y-ASK]

I've rented a bunch in the past. Normally the reservation is usually far enough away that you, as the owner, can always cancel the reservation if it doesn't work out. Most of the problems come from the renter, not the owner. Here's how I do it. My terms are very simple. As soon as the price has been agreed to and I have been given the go ahead to make the reservation I make the reservation and get the confirmation number. I relay that info to the renter and at that point in time 100% of the agreed upon price is due. I'll take a personal check, bank check, and/or Paypal. Two weeks or so later when the written confirmation comes in, I immediately forward it to the renter and e-mail/PM them. I continue to communicate via PM's and E-Mails and respond as quickly as possible to questions and concerns. So far I've been lucky and have always received the funds quickly and I've never had any problems with any of the bank transactions.

As far as renters who are on the fence, I also tell the interested parties that it's a 1st come 1st serve deal. The 1st renter that gives me the go ahead to make the reservation gets the points. Transfers pretty much work the same way except that the check or paypal transaction must clear 1st before the transfer can take place.

Keep it simple and keep it striaght forward is how I like to work the deal. Oh and no refunds...

Y-ASK

 

[browniemtb]

It sounds like the renter you have been dealing with kept you on the hook and continued shopping for a lower cost reservation. Is there a way to stop this? Not really. As long as points rent for different amounts it will happen. You may want $12 per point but all of a sudden some one hits the rent/trade board with use-em-or-lose-em points for $8 to $9.......Its a chance we all take when and if we rent. Good Luck........
Brownie

 

[Lewisc]

When I rented a few years ago the member made the reservation. I sent a check for half when I got the written confirmation. The second half was due 45 or 60 days in advance. The first payment was by personal check the second by bank check.

The reservation was made more than 9 months before my travel date, I'm sure the member could have canceled if there was a problem. The member checked availability but didn't make the reservation until I gave the go ahead. By having the reservation confirmation I was able to verify the reservation was made correctly, right dates and resort. I was able to verify that I was making the check payable to the actual owner.

Asking for immediate payment makes sense if the reservation is in the near future.

I decided I'd pay the "market" rate of $10/point. I didn't bother wasting my time trying to bargain with owners looking for $12 nor did I waste my time trying to find a desperate seller. I think any time one of the parties isn't happy with the price problems can follow. I think owners asking for higher prices may find some renters continue to shop even after the owner thinks they have a done deal. Likewise I'd be nervous if an owner was renting for under $10 without a good reason, such as points that were about to expire.

 

[JimMIA]

I think you've already gotten some excellent advice, and I especially like Lewis' comment about necessity of the price being right for both parties.

Realistically, I think you have to expect people to shop prices. People who are renting a DVC reservation are looking for a great bargain in the first place, and I'd expect them to check around...before they give you the go-ahead.

Once you make an agreement, you'd hope they'd honor it, but that doesn't always happen. In the back of my mind, though, I always have this sneaky suspicion that the owner who lost a rental to bargain hunting probably saved themselves a barrel full of headaches.

 

[Callalily6]

I'm usually on the other end of this (Im peeking around this board b/c Im looking into buying into DVC). Short version...Serious renters have the same issue. They have trouble finding points to rent and then they are all gone, price goes up, or you have that horror story posted here. My last 2 rentals that went off without a hitch went like this: I posted a want ad and BOTH of the DVC members contacted me. Which freaked me out at 1st, but they wanted to rent points NOW and I needed points NOW. So that worked out better. Maybe you'd be better off persuing those looking to rent - afterall they took the time to write the ad. Maybe they'll be less flakey? Good luck!

 

[disney-super-mom]

I'm a recent renter. I rented points just a few days ago for a trip I'm taking in January.

I made one main rule for myself when I decided to rent points:

1. I was only going to rent points from someone who was an active member of the Disboards. In other words, if they only had a few posts, or if the only posts they had were on the rent/trade board, then I would not rent from them. Because of this rule, I didn't do any "shopping" for lower priced points. I had one veteran Disboard member contact me (she has over 800 posts), she told me that her price was $11 per point, and I was happy with that. Let me tell you, just to be safe and for peace of mind to do business with someone who has a history here and who seems honest, I was happy to pay her $11 per point.

I sure as heck would not rent from a virtual stranger here just because their price per point was $8 or $9. NO WAY!

If I was a DVC owner and I wanted to rent my points, I would make the same rule. Rent to Disboard members who are active and who've been here awhile. It's no guarantee that you won't get burned, but I think it increases the likelihood of a successful rental experience.

 

[mmmcq]

I've rented several times in the past, but mainly when I had a personal reservation which we had to cancel because of a change in our family plans. So I didn't usually have to put points out that weren't already in play.

I'm having trouble remembering....but I think my terms were 50% upfront and the remainder when I confirmed the reservation. I buy/sell on ebay so I have an account with 100% positive feedback that I encouraged them to view and I offered referrals of past renters - although no one has ever followed up on them. I've never asked for more than $9-10 because I was never thought it was necessary to ask for more than fair market rate.

I think given the most recent rental fiasco unfolding on the DIS boards, it would be tougher to get the 50% upfront right now. But I'm also a long time DIS member - although I'm not on the boards daily like others. I try to limit my addiction.

I also have always asked for Pay pal and once it's in my pay pal account, I immediately transfer it to my bank account. A couple of times folks have asked for extended payment - once I allowed it, but it had to be completed by 45 days out in case I had to cancel for non payment. Once someone sent me a cashier's check which was fine.

I've been lucky. I've had repeat renters and I've never had a problem. But I'm not sure I'll ever rent again to anyone I don't already know well either through this board or friends. The current PP/rental scam has really shaken me. I don't think I'll take the chances with my points or our hard earned cash.

I didn't use a formal agreement....but I think if I were you I'd draft one up. I have copies of vacation house leases that we use if you need something similar. You can fill in the info with DVC and point info. PM me if you want a copy of one.

 

[Granny]

I have a question for people who rent out their points. How do you prevent getting burned?

Read this new thread which has excellent information to specifically answer your question: DVC Point Rental Primer

 

[isyt]

I am not sure there is any way we 100% guarentee that we do not get burned. I have rented out many, many times (I have alot of points because we plan on using it for retirement, but we have 20 years). I rent out half the points each year. I have been very lucky and my renters have come back to me. My only advice is that I encourage people to check me out , get refrences. I also have 100% feedback on ebay. I am basically to trusting when it comes to payment, Almost all of my transfers I have transferred the points before I got paid (I know its crazy). I have been very lucky and never been burned. Its a lot of trust and a little pixie dust. I still believe its only the good and honest going to Disney.

Although I never advertise my points, if I see someone looking for a ressie I'll offer up and than its up to them. I usually do 25% after booking is made and balance due 60 days out. I have always had great luck and met some real nice people (I am knocking on wood as I say this)!!!! Good luck and hope you have the same positive experiences I have had!

 

[Tamar]

I don't rent my points out all that often, but when I do, I make sure there's a signed contract that protects both parties, and at least a small deposit from the renter before I make the reservation. That way I'm sure the renter is committed to completing the transaction. Then I provide a confirmation number right away, and the confirmation letter as soon as I can, and the rest of the payment is due 60-90 days before the reservation (depending on the terms).

I've never had a problem using this M-O, and the renters have been happy and felt good about it, too.

 

[JimMIA]

I still believe its only the good and honest going to Disney.

You might want to read this thread. http://www.disboards.com/showthread.php?t=1250604

I think you're about 99% right, but unfortunately not 100% right.

 

[InstImpres]

Looks like I am the exception here. I send the contract stating my terms and I take a $100 deposit via paypal for reservation to be made. Since paypal is almost instant the $100 is a sign of good faith on both parts. If I can not get their dates, I will refund it. (Sometimes I do call MS to check if it is a busy time or close to the reservation). I than make the reservation and call or email with the reservation. They than have 15 days to get me 50% of the payment and the balance is usually due about 60-75 days prior to checkin, unless it is near the end of my use year, than I have gone to 90 days.

For my first few rentals I didn't take the $100 deposit and found the problem you have. Also, I made payment due 31 days out and got nervous about the possibility of holding points.

I don't rent much on the R/T board anymore as others said, I have repeat people or their friends and relatives. Usually my R/T posts are when someone cancels

 

[mikron]

We all hope we are working together to make happy times for familys that can't afford points or don't want to own. With that said, I rent and my terms are 100% payment fed exed to me within 72 hrs.. I pay for the fed ex, if I don't get the check I cancel the reservation and put the points back on the Disboards. I am not trying to seem cold but I have found in the past 2 years more people are holding points and shopping around. I have had more cancelations then in past years. I think this is because of the $8.00 & $9.00 sellers. I rent for $11.00/point for vacations under 300 points and $10.00/ point over 300 points. My cancelation policy is if you have to cancel I will help you rerent the points.