Questions about renting

[hoosiergirl]

I'm not sure if I should post this question here or on the Rent/Trade Board. Feel free to move this if necessary, Doc.

We're thinking about renting out some of our points for the first time and wondered how the rest of you do it. We have some that will expire before 8/03 and don't think we'll be heading to DVC before then. We'd also have some that expire before 8/04 if needed to round out a ressie. Do you ask for the full amount of the rental at the time the reservation is made? If not, then what? Also, what provisions do you put in place in case the renter wants to cancel?

Any suggestions/advice would be GREATLY appreciated! Thanks!

 

[SamanthaL]

I can only speak as a renter. Some of the people I contacted about renting wanted payment in full. Idid not feel comfortable with this. I was just afraid to have my money taken and no recourse on my part.
Here was the plan Kristin (renter) and I worked out.
One night stay right away once ressie is made and I verified it.
4 months before trip 1/2 the balance and the other 1/2 before the 30 day mark.
No refund 30 days before the trip, but if I needed to cancel for an emergency, Kristin said she would try to rent the points. If she could I would get the refund only after she received the money form the new renter.
Let me say we spoke on the phone before the plans were finalized and I had my plane tickets in hand. I had no intention of canceling and as you can see we are just about to leave so it worked out for everyone.
The trick is for everyone to be comfortable with the arrangement. It is a bit of a compromise on both parts because everyone has something to lose. I don't think there is a set way to do this. this worked for us and I made a new friend in the process. HTH

 

[RobDoc]

Here is a <a href="http://www.disboards.com/showthread.php?s=&threadid=281999">recent post</a> about a similar question.

I hope it answers your questions.

 

[hoosiergirl]

Thanks Doc! I didn't realize that there was another post so recently--sorry! That link helped! Of course, any further suggestions from anyone are always welcome.....

 

[Cruelladeville]

I rented out my points for the first time last summer, and it was an education. I found out that many people think you are MS, and email you about available dates, but have no intention of renting. Email everyone with your terms only, and acceptance will get them the desired info. You will lose most of the "trollers" and the remainder will be serious. In my case, after acceptance of my terms, or after negotiations--most will want to negotiate--call MS to find out if their dates are available, and make ressies in your name. Then email the renter with confirmation of the dates, and I asked for 1/2 payment thru Pay Pal in 48 hours. If I didn't get it, I sent a reminder, with the date I would cancel the ressie if payment wasn't received, usually a week. Once I received payment, I called MS to give them the name of the "friend" who was to get the ressie, and I sent it on to the renter when I received it. The second 1/2 of the money was due 45 days in advance of arrival date. This is necessary, because I had someone who was "reluctant" to send the additional money, and you need time to threaten them with cancellation before the points have to go into holding. Except for that minor glitch, the process went smoothly. When the 2nd payment arrived, I figured the points were the renters to do with as they wished. Generally, I had 4 wonderful renters, only 1 clinker in the bunch. However, it's a ton of work, and you will earn every cent of the money you get. Plan a full day or two on your computer if you plan to rent, since people need quick responses.

 

[hoosiergirl]

Thanks so much for the helpful information, Cruelladeville! Wish me luck--I'm going to post on the Rent board right now!

 

[Carrieberry]

The arrangement I have with the member I am renting from was $100 deposit to get the reservation made, and then full payment due at 120 days out. I sent in more than the $100, got a copy of the reservation and after I confirmed it had been switched, I then sent the rest (a little before the 120 mark). The member then sent me the modified hard copy reservation confirmation after they got it from MS, and a receipt as well. So far so good and we leave in a little over a month! I call every now and then just to confirm it is still in my name, but I am not worried. The person I rented from had references and that made me feel alot better. This is just another way to do it. Good Luck!

 

[hoosiergirl]

Here's another question--if I do as Cruelladeville suggests and get 1/2 payment within 48 hours and request the rest 45 days in advance, what happens if they don't pay the rest? Is it legit. to cancel the ressie and keep the 1/2 that was already paid? I'd hate for this to happen, but I also don't want to be "stuck" if I can't rent the points later.

 

[Carrieberry]

My $100 deposit was non-refundable if I cancelled.

 

[Cruelladeville]

The 1/2 that my renters put down was not refundable, either, unless I was the one who somehow messed up. Most of the people who rented my points were all nice people, but I did have to "nudge" one person who waited till the last possible minute to pay. And, yes, it's legal to cancel their ressie if they don't pay. Besides, how are they going to sue you? There is no internet police waiting to arrest those who do something wrong. Renting points is a game of trust, but you do have to build in a cushion into your negotiations, just in case you get a deadbeat. That's why I made sure I had 45 days before the second 1/2 was due. My one renter ignored 3 requests for the other 1/2 of the money, and I sent a notice of cancellation of the ressie for the next day--2 days before my pts would have had to go into holding if I cancelled them. I really felt like he was trying to get away without paying! He wasn't even apologetic for having ignored the previous 3 posts! Most people aren't like that, but you do have to be prepared.

 

[hoosiergirl]

Thank you SO much for your helpful information! Now about receiving payment.....I've used PayPal only once before and that was to send money. Is it difficult to be on the receiving end? Also, have you ever allowed payment by money order? I'm just trying to anticipate questions.....

Thanks again! What a help people on this board are!