Protecting both parties...

[Michael David]

Hi Folks!

I had a conversation with someone who wants to rent some of my points today, and he asked a good question to which I did not have an answer.

Since he will be paying in advance of his trip, how is he protected from me canceling the reservation after I have all the money.

Of course, I wouldn’t do that, but it is a fair question.

How do you folks who rent your points protect yourselves and the renter in these transactions?

And, while I am asking questions, how do you handle a situation where your renter wants to cancel their trip after you have been paid some or all of the money?

Cheers!

Michael David

 

[spiceycat]

a contract

 

[CarolMN]

Originally posted by Michael David
...(snip)....Since he will be paying in advance of his trip, how is he protected from me canceling the reservation after I have all the money.

Of course, I wouldn’t do that, but it is a fair question.

How do you folks who rent your points protect yourselves and the renter in these transactions?

The member always retains control of the reservation. If he/she is unscrupulous, there is nothing the renter can do about it (other than try to take the owner to court which is probably not worth it, especially if the parties live in different states).

Renting involves a degree of trust on both sides of the transaction. Those who cannot find someone they believe they can trust should rent directly from Disney.

And, while I am asking questions, how do you handle a situation where your renter wants to cancel their trip after you have been paid some or all of the money?
.......

Cancellation policv should be clearly spelled out before any money changes hands. Most members consider renting a final/non-refundable transaction. They will generally allow the renter to reschedule subject to the constraints of the points that were rented. Again, terms should be clearly understood before $$ are paid.

A "contract" that spells out the terms is a very good idea. It's also a good idea to request references.

HTH. Best wishes -

 

[Happy Birthday Cat]

When I have rented in the past I always do a simple agreement that states that the renter may cancel up to 90 days before the start of the reservation and will receive a refund up to the amount per point that I am able to re-rent the points for. Within 90 days I will cancel the reservation and hold the points for them to use on a future trip.

I do it that way because as your use year goes forwrad and you have less flexibilty with your points, they become worth less.

Good luck.

HBC

 

[TheRustyScupper]

1) No guaratee for the renter.
2) No guaratee for the renter.
3) No guaratee for the renter.
4) No guaratee for the renter.
5) No guaratee for the renter.

6) A contract might make both feel better.
7) Enforcement is almost non-existent.
8) They would have to sue in your own county!
9) The price to sue (travel, etc) would not make it worth it.

10) WHEN IT COMES DOWN TO IT, IT IS STILL ALL TRUST.

 

[OneMoreTry]

PayPal offers some sort of fraud reimbursement guarantee if you use them for payment. So do some credit cards.

 

[Happy Birthday Cat]

Originally posted by OneMoreTry
PayPal offers some sort of fraud reimbursement guarantee if you use them for payment. So do some credit cards.

PayPal presents itself with a whole slew of other issues. There are also escrow services available but the fact is that as the owner of the points, if someone doesn't want to rent from me that's fine, there are plenty of other people looking for an amazing deal that points will give them. I'm not going out of my way to do something that will both make work for me and cost me money to use. Send me the check. I'll make sure you have a room.

I give me my phone number (office, cell and home). They can contact me whenever they want. I suggest they read my pasts posts to see that I know what I'm doing and I provide them with a written agreement (notice I don't say contract) with everything in it that we agreed to. If that's not enough, I'll move on to the next person wanting to rent points.

HBC

 

[pumpkinboy]

Trust is so important in the rental relationship. When I have rented points, I have speled out all the conditions verbally ahead of time, then sent my renters a contract spelling out the same things. Niether of my renters ever signed the contract I sent them, but rather used it as a reminder of what I was expecting of them, and what they could expect from me.

I have very good luck with well-intentioned renters who have paid on time and not been fickle with their arrangements. I have some at BWV as we speak. I usually weed out the fickle ones at an early stage, as it's just easier on you to rent to smarter and more decisive folks.

Good luck!

 

[doubletrouble_vb]

Obviously it comes down to trust... When I rented my points last spring I made an extra to make my renters feel as comfortable as possible. I gave them the option of paying in two steps and I made sure I gave them the confirmation numbers, mailing them the confirmation sheets and made a point of working with them as speedily as possible...and of communicating with them one or two more times than was necessary just to keep their comfort level as high as possible.

But when push comes to shove no one renting anything from a private party doesn't have much in the way of a guarentee until they actually pick up the key. And the flip side is that the rentor is gambling on the renter as well.