Hints for Renting Your Timeshare
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Many timeshare owners know how difficult it is to sell a timeshare. But not many timeshare owners know how tough it is to let your timeshare for rent. The truth is many owners do not take a right approach to rent their timeshares to interested people. A wrong approach cannot only increase your net loss on renting but also in some cases your unit may remain uninhabited without being rented. But if you adopt a right strategy and approach you can minimize this liability to a great extent. Essentially there are two approaches which are talked about in the next paragraphs.
One approach is to go to your timeshare resort and tell them to let your unit for rent. Although it looks like an easy option which saves us from the bother of advertising. But timeshare resorts commonly charge a fee for renting out the unit. The resort pools the rental income with other timeshare owners. The resort then splits the income if the unit was not rented for seven days. This is the reality and timeshare resorts tell its owners before hand not to expect the unit to choose whole week of rental. It can be either 2or 3 days or 3or 4 days or seldom could be a week. And worst thing about renting through the resort is its whopping 30-40% commission that is a great loss for the timeshare owner. Let us do a quick calculation of numbers. If you rent out the unit for $ 150 per night and assume that someone is renting it for 3 days. So three day total rent ought to be $ 450. If the resort charges a commission of $ 150 then you are just left with $ 300, which is your net rent. Now if you pay $ 400 in annual maintenance your net loss will be $ 100. Now you got to question yourself is this really worthwhile? Obviously the answer will be no. Let us forget for a minute that you want to earn a living on your rental but at least a loss also or to be practical, a nominal amount loss.
Now let’s check other alternative of going through a dealer to rent your timeshare unit. When I state broker beware, as with other industry timeshare industry is in addition predisposed to scammers and frauds. Ensure that the broker is a licensed broker and specializes in timeshare rentals and sales. A reputed name will be a safe bet in this regard. Ok now, you went to a licensed broker and he charges twenty 5% commission that is little better than your resort company. There was a massive rush of individuals to rent their units. You wait for a week, for just two weeks and now months have gone and still there is one to rent your timeshare. Now you need to pay your annual maintenance fee, you believe that you have not done enough to control your rental property properly. You now consider other alternatives.
The other option is to market your timeshare property on your own which is the best and most reliable option. What are the available choices? You can either put an advert for rent in classifieds of newspapers or through the classifieds run by Timeshare Resort which targets the right people i.e. those who are willing to rent a timeshare. The other alternative is to put your unit on auction sites like eBay and bidshare.com. And remember that your timeshare will be listed in travel section but not assets. You have to be pre-approved by square trade which may take up to 5 days. The square trade will likewise need a symbol of the ownership of the timeshare unit preferable deed or the maintenance bill. After this the unit is placed on auction on the site. Remember to be cooperative to the bidders and answer all their queries and give them the whole details about the unit. Your timeshare unit may go as close as your maintenance fee and therefore less loss. The reality of hiring your timeshare is to never to expect a profit on the rent but only less loss.
Shizue Wonderling is an specialist on timeshares. Lots more revealed about las vegas timeshares here.
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