Questions about Renting Points

[tourguide81]

First off, if this doesn't belong here, please let me know where I should direct my questions!

I am in the process of planning a trip for May 08 & would really like to stay at the Beach Club. I think renting point for the BCV is my best option, but I am not sure how to go about it.

I'm wondering, while I've been a member for awhile I lurk mostly & only have a few posts - would that stop someone from renting to me?

It seems that lots of people rent to & from on the disboards, fairly successfully - is this usually the case? I guess my concerns are more about the safety & security. Since, I've not rented, I don't have a reference or anything like that.

All of that being said/asked, is my best bet to just post a "reservation wanted" post on the rent/trade board & see what happens? Is it too early for a May 08 reservation?

Thanks in advance for the help I know I will receive!

 

[ChelleinNC]

I would suggest starting by reading the sticky thread about renting points. Then read a bunch of the postings on the rent/trade to get an idea of what current prices and policies are. As far as is it too early to plan for May '08, no it's not.
Renting can be a little nerve wracking, but if it's researched well and planned well than it can be a very good experience.

 

[Muushka]

For the few times that I rented out points, the people that I chose to rent to were those that came fully informed about exactly what they wanted, when they wanted it and a pretty good understanding of what was going on. Changing dates and tons of questions make the procedure difficult.
As was mentioned, there are lots of stickies and lots of information on these boards.
Good luck! Beach Club is a great resort.

 

[MyDizneyBoyz]

We're not DVC members (yet...) and have rented points twice in the past two years with no problems. Because we're not comfortable giving a total stranger a big chunk of money, we've used the escrow service on redweek.com with great success. We pay the rental money to the escrow service, go on vacation, and then 10 days after we return, provided we have no complaints, the escrow service pays the owner the money. It has worked well for us.

Some owners aren't willing to use an escrow service as they want the money up front but I really like the protection it provides so we held out for an owner who was willing to wait to get paid (which has never been that difficult). The escrow service charges each party $25 and both times we've paid the owner's escrow fee (so we paid $50 to use the service) as a courtesy to help make up for the fact that they have to wait to get their money and that's worked really well for us. Considering how much money is at stake, I don't mind an extra $50 for peace of mind.

Just something to consider!

 

[mikesmom]

You may have difficulty getting members willing to go the escrow route. I wouldn't do it. In the escrow scenario the owner would go to all the trouble of checking dates, making ressies, maybe setting up ME and dining. That reservation is now safely confirmed and the dates held. The renter can now shop around for a better price ("hey, another owner is willing to make me a reservation for $8/point, surely you understand I have to get the most for my money"), cancel the reservation and the owner has to start all over again. If it's inside the 30 days, they are out of luck. Even outside the 30 days, those points have not been available for other ressies and there is lost opportunity.Sorry, this works both ways. If money is committed, you are more likely to complete the deal.

I'm not saying you would do this, but the Resort boards are full of people who think it's fine to make a reservation, and then shop around for a better deal. Many of them don't recognize that there is a difference between renting from CRO and renting from a private owner and will expect to treat the transaction the same way. I've rented very few times when we absolutely HAD to, and I have had people try and play let's make a deal after they had committed to a reservation and before they had sent money. The people I have ultimately rented to have been a real pleasure to get to know, but basically ya' gotta kiss a lot of frogs....

 

[Muushka]

We're not DVC members (yet...) and have rented points twice in the past two years with no problems. Because we're not comfortable giving a total stranger a big chunk of money, we've used the escrow service on redweek.com with great success. We pay the rental money to the escrow service, go on vacation, and then 10 days after we return, provided we have no complaints, the escrow service pays the owner the money. It has worked well for us.

Some owners aren't willing to use an escrow service as they want the money up front but I really like the protection it provides so we held out for an owner who was willing to wait to get paid (which has never been that difficult). The escrow service charges each party $25 and both times we've paid the owner's escrow fee (so we paid $50 to use the service) as a courtesy to help make up for the fact that they have to wait to get their money and that's worked really well for us. Considering how much money is at stake, I don't mind an extra $50 for peace of mind.

Just something to consider!

That is a nightmare scenario for this DVC member. I wonder what constitutes "satisfied"? I just rented a week from a TUG member. I was not satisfied with the accommodations (actually it was a noise (active quarry behind, construction from 7a to 7p in front ))and really felt that the money we paid was not worth what we received. Had I used the service you described, would I be able to re-coup a portion of my rental agreement price?

For the record, I didn't even tell my renter that I was so disappointed because it was not her fault, and she did all the work to get me the reservation and used her points.
And she was kind enough to accept my personal check (imagine that).

 

[VrBchJ]

So if you have "complaints" the DVC owner doesn't get paid? Is there a mutually agreed upon defiinition of what constitutes a complaint? Is there some kind of arbitration system if you as the renter and the DVC owner disagree on the nature of your complaint?

 

[CarolAnnC]

Any rental agreement is between the DVC owner and the rentee. Disney is not involved at all.

Also, most owners require nonrefundable money as deposits depending on the time frame. I can't imagine any owner would "refund" money paid after the vacation was taken.

 

[MyDizneyBoyz]

So if you have "complaints" the DVC owner doesn't get paid? Is there a mutually agreed upon defiinition of what constitutes a complaint? Is there some kind of arbitration system if you as the renter and the DVC owner disagree on the nature of your complaint?

There is a standard definition of what constitutes breach of contract that both parties agree to and it is quite specific and includes significant concerns NOT minor issues. Here is an excerpt from the agreement:

++++++
The parties further agree that in the event the Property was not available to the Renter, that the Renter is required to notify Escrow Holder, in writing, within ten (10) days of the end of the Rental term that there is a dispute as to the use of the Rental. Escrow will not close until the Complaint Resolution Process is concluded, as set out below.
Absent any notice from the Renter, Escrow Holder is hereby instructed to disburse the rental payment to the Owner.
Escrow Holder shall not be called upon to settle or arbitrate any dispute among the parties. In the event of a notice of dispute, escrow holder shall hold all funds in Escrow. Funds held in excess of 30 days from the date of the notice of dispute shall be subject to offset of Escrow Holder's Funds Held Fees of $50.00 per month.
Complaint Resolution Process
If the Renter should incur or experience either of the below listed reasons for dispute, a dispute will be deemed to exist between the parties upon receipt of notification as outlined herein. Notice of any such dispute must be delivered within ten (10) calendar days of the end of the Rental period, or the Renter will be deemed to have waived all dispute rights. The parties hereby agree to submit any dispute between the parties to RedWeek.com, with a copy of the dispute to Escrow Holder simultaneously.

The Unit promised, or a satisfactory substitute was not available to fulfill the reservation.
The Unit was 'materially' different than what was promised (one bedroom vs. two bedroom, missing amenity - kitchen, microwave, TV, phone, etc.)
+++++++

There's nothing odd or unusual about using an escrow service as it allows you to send a large amount of money to an objective party who will then pass it on to the other party. In my personal opinion, people that use escrow services are the ones that would most likely not be taking advantage of the system but are merely trying to protect themselves. This is why we use it and why we're very happy with it. I like taking out the slight possibility of being a victim of fraud.

 

[MyDizneyBoyz]

If money is committed, you are more likely to complete the deal.

The money does get committed - you pay 50% to the escrow company when the reservation is made (in our case Feb '07) and the balance must be paid 60 days before the start of the reservation. So we went to OKW 9/8-9/15 and the ressie was fully paid by the end of June. The owner that we rented the points from will get the money this week (10 days after our trip ends).

 

[CarolAnnC]

Just a question on the escrow scenario - if you cancel the trip, does the owner still get paid? Thanks...

 

[MyDizneyBoyz]

Just a question on the escrow scenario - if you cancel the trip, does the owner still get paid? Thanks...

That's a good question and I honestly don't know. I'm curious as to the answer, though, so I sent an email to the escrow company and we'll see what they say. Here's a link to the company that we used (they're affiliated with Redweek.com) - maybe you can find the answer on their site (I was unable to):

https://vacationfirst.firstam.com/open_order/main_open_order.html

I do want to become a DVC member in the future so I want to know the answer as I hope to be on the other side of the agreement someday.

To the OP - I apologize if I hijacked your thread. My intent was to mention that this escrow service exists and for those that are leery of working with total strangers (for both parties) it's a nice option for peace of mind. We rented for the first time last year and I was a nervous wreck as we had a friend who had not had a good experience renting - this service took away some of that risk.

ETA - Just got a response to this question from the escrow company (that was fast) - they say that if the renter were to cancel the trip, it is considered a loss to the owner and the owner will still get paid. Good to know!

 

[tourguide81]

Thanks for all of the insight! I think I'll keep reading the faqs & some other posts before I make the plunge. I'm sure I'll be posting more questions later.

 

[kimberh]

To the Op; If you plan on using the Disboards to find a DVC owner to rent from, look at their post count, get a phone number and talk with them. You can get a feel for someone by talking with them. If you want BeachClub in May, It's time to book it now or you won't find any availability, If there is any. You are within the 8 month window.

 

[DisDaydreamer]

So if you have "complaints" the DVC owner doesn't get paid? Is there a mutually agreed upon defiinition of what constitutes a complaint? Is there some kind of arbitration system if you as the renter and the DVC owner disagree on the nature of your complaint?

No, there isn't.... That is why renting is so difficult. It really is just a trust issue... I don't/won't rent points for that reason alone.