Opinions needed for a reluctant renter

[dab]

I'd like to get opinions about renting DVC points.
I recently replied to a post in trade/rental forum. It was his first post and he hasn't ever rented DVC points. Being my first time and his first time renting, I'm a little nervous.

I want to rent 245 points for 8 nights, 1 Br @ BCV in Sept.

Here are his terms based on his points banking with a Dec. use year:
$10 per point
He will make the reservation in my name.
10% down - due when I receive the reservation confirmation from Disney (probably a week from now)
40% due before May 31st
remaining 50% due 60 days prior to arrival date.

Does this seem like a fair deal? Do you think I should I wait for a renter with references? Should any red flags be going up?

 

[bongo59]

see the other thread in here about this already.........it is a couple down from this one

 

[bongo59]

i would never rent for those terms...........i make all my renters pay in full via paypal before i make any ressies............i have done this a long time........i think the DVC er is taking a huge risk by doing it..........but from your end it sounds like a homerun

 

[LIFERBABE]

I'd like to get opinions about renting DVC points.
I recently replied to a post in trade/rental forum. It was his first post and he hasn't ever rented DVC points. Being my first time and his first time renting, I'm a little nervous.

I want to rent 245 points for 8 nights, 1 Br @ BCV in Sept.

Here are his terms based on his points banking with a Dec. use year:
$10 per point
He will make the reservation in my name.
10% down - due when I receive the reservation confirmation from Disney (probably a week from now)
40% due before May 31st
remaining 50% due 60 days prior to arrival date.

Does this seem like a fair deal? Do you think I should I wait for a renter with references? Should any red flags be going up?

Personally, I would rent from someone with references. It may be meaningless in the grand scheme of things, but that would make me feel a little more comfortable. I know everyone has to start somewhere. The terms are not bad and just be sure to review the terms and agreement.

Be sure to read the post stuck at the top of the Rent/Trade board for FAQ and a better explanation of renting.

HTH

 

[Dean]

The terms are fair, I think your risk is minimal. Funny that people complain about frequent renters then use that a a measure of security when it comes time to do so or recommend to others.

 

[chunkygal]

I was nervous too as a first time renter. I had a lot of little rentees and it took a lot of time. I also get payment up front. I think you are getting a sweet deal. If you don't pay -- riskier for him. Everything went smooth as pie, though. DQ

 

[AFMom]

We're all first time renters at some point - and some people only ever rent once, so references are wonderful, but you can't always get them. We just rented points and required payment in full as soon as the confirmation letter was recieved - with no refunds. It worked out great for both of us.

 

[DebbieB]

I think the deal is more than fair with the payments. Did he include cancellation provisions? That should be something you are both clear on. Most DVC members who rent consider it a final deal, no cancellation refunds unless they can rerent the points.

 

[dab]

Thanks for all of the advice. Here is an update.

I friend advised me to ask the renter to put the entire balance in escrow until we check in. The renter agreed if I pay the escrow fee. (Sounds very fair to me) Renters concern: If he doesn't bank
the points on time he loses them. So, the moneyis non-refundable because he can no longer bank the points. He also said if I decide not go to Disney for what ever reason I am free to rent the points and he will change the reservation. He said he would put that agreement in writing. So, looks like I'm going to do it.

I'm looking into details of setting up an escrow acct. on escrow.com

 

[bobbiwoz]

Pixie dust to you!

We've never rented out points, and as someone said, there are people who may only need to rent out once. I check the rental board, just to see what's going on, and I see that MANY of the people are very low in number of posts, and I wonder how you get the experience everyone wants.

Anyway, I hope you let us know how things work out. Have a great vacation!

Bobbi

 

[HookdonWDW]

Thanks for all of the advice. Here is an update.

I friend advised me to ask the renter to put the entire balance in escrow until we check in. The renter agreed if I pay the escrow fee. (Sounds very fair to me) Renters concern: If he doesn't bank
the points on time he loses them. So, the moneyis non-refundable because he can no longer bank the points. He also said if I decide not go to Disney for what ever reason I am free to rent the points and he will change the reservation. He said he would put that agreement in writing. So, looks like I'm going to do it.

I'm looking into details of setting up an escrow acct. on escrow.com

Wow, that's quite an understanding renter. We've only rented out points a couple of times, but I would never agree to all of that. It just wouldn't be worth my time - especially when there are so many people out there who are willing to rent and understand the value they are getting. I can definitely see why the renter would be worried about losing out when he doesn't see any money until check-in. Even CRO isn't that generous. JMHO.

 

[Muushka]

I have only rented out points a few times. I think the original deal the owner gave you was more than fair. Quite honestly, I would also not bother with a renter that had those guidelines. Really not worth the trouble. I guess I just like to keep it simple and less formal. But it sounds like your owner is a very nice person , much nicer than me .

 

[Dean]

I have only rented out points a few times. I think the original deal the owner gave you was more than fair. Quite honestly, I would also not bother with a renter that had those guidelines. Really not worth the trouble. I guess I just like to keep it simple and less formal. But it sounds like your owner is a very nice person , much nicer than me .

I agree or else I'd charge a higher price for the trouble, maybe $2 pp more.

 

[bongo59]

no doubt about it..........i think to come on here and "ask if its a good deal" with that arrangement is nuts...........you should take it right away cause i cant believe they would do it...........

 

[dab]

He has been very fair and has been a pleasure to deal with! It is really a good deal for both of us. Escrow.com makes the whole process very simple and I will pay the cost for the arrangement (about $79.00). He gets 100% his money - guaranteed no matter what happens on my end. I will have the peace of mind that my vacation funds are safe right up until check in! Now, I can plan my wonderful trip!

 

[bongo59]

and if you back out last minute he has very dollars and distressed points..........sorry i'l make you pay up front..........the deal on renting is too good compared to cash..........

 

[dab]

May I add that I would never back out short of an emergency situation! This is our dream vacation and I'm not out to "hurt" a DVC member. I'm pleased that the deal has been smooth and such a wonderful experience. I wish all renters were as understanding as him!

 

[bongo59]

i am always wary of people who use words such as never and always..........you never know when injury or illness will change things..........and trust me they happen

 

[carone0318]

Just like you don't know when injury or illness will hit, you have no idea when the next hurricane will hit. I rented out points this past year to 5 different people. One person's reservation was when one of the hurricanes hit in Sept and the other's father died a couple of days before theie scheduled trip in Dec.

You never know what curve ball life will throw at you.

 

[bongo59]

exactly right............renters need to understand they are bound to the same rules of cancellation we are and not the ones for CRO ressies..........if they dont get it your gonna have a real PO'd individual to deal with...........