Rental payments, deposits, and refunds

[tkmcw]

Here's a thread that I hope many of you will participate in.

As we all know, sooner or later we need to dispose of unusable points. For many of us, renting is the way to go. However, we all know there is some amount of risk involved when we commit our points to a reservation for a total stranger!

What have you found to be the best way to handle deposits, payment, cancellations and refunds? Do you require payment in full upon providing the confirmation or only a deposit? If you accept a deposit what is your payment schedule? Do you ask for the balance before the holding period kicks in? Do any of you allow the tenant to complete their stay before paying the balance?

Just curious what everyone has found to work well!

tkmcw

 

[Claudia Kellenberger]

I am a new renter, and my vacation is not until December.
I was really nervous about renting points from a complete stranger, but I really, really, REALLY, wanted this one-bedroom unit for my solo vacation. I just figured if I really wanted this room, I have to "bite the bullet" and trust somebody. I can't go through life not trusting people !

I still have my days with the "What ifs". You know, what if that DVC member didn't pay her dues ? What if I get sick and cannot take my vacation ? What if I need to cancel ?
And then I say to myself; "Wipe that out of your mind !!!" LOL

I sent her a cashier's check for 20% of the cost, and the balance will be paid 45 days before check-in with another cashier's check. I might split that balance into 2 checks, and send a payment sooner than expected. I think she might like that.

I wanted to do some extra special things this year, because this is the year that I turn 50.

 

[Dean]

As a rule I do not require any payment until the renter has seen the confirmation in their name. Then it's 25% with the remainder due 90 days out. It's all non refundable.

 

[Cruelladeville]

I require 25% when ressie is made(ressie number is provided to check with MS), another 25% when the confirmation letter is received by the renter, with the remainder due no later than 45 days before check in. It's non refundable, once the points are paid for I think it's your responsibility to use them within the use year. I prefer my payments to be made to me via PayPal, so that both the renter and rentee have an extra measure of protection. The renter can make the payment with a credit card with PayPal, although there is a small surcharge(2%, I think), and I can see immediately that the payment was made.