Timeshare Rental Companies: Can They Really be Trusted?
During their ownership, most people will research timeshare rental companies. There comes a time where making money on your unit is a necessity. After all, timeshares are a great way to get the benefits of a vacation property without all the hassle of actually owning one.
With many timeshare rental companies already established, you might wonder who to trust and which company is best for your needs. Our team has been well versed in the industry for years and collected advice on what to look out for when renting from a timeshare rental company.
What does a timeshare rental company do?
Timeshare rental companies allow you to rent out your timeshare for a short period, usually 3-7 days. This is great if you are interested in making some money on your unit and don’t feel like doing it on your own. You don’t have to commit to the hassle of selling it or dealing with annual maintenance fees.
These companies have success with renting out your units because families are always looking for an affordable way to travel. These units offer the chance to enjoy many perks such as access to pools, restaurants, and local attractions. Families don’t have to commit to owning a timeshare and you get to profit off your unit.
A timeshare rental company takes the hassle off your shoulders from having to deal with ownership responsibilities. They’re typically a team of licensed individuals who have been in the travel company for a while. Their experiences leverage their ability to get your place booked. As the owner, they ensure your rights and interests are protected.
The company handles all the advertising and marketing of the property to ensure it gets rented out. All you have to do is promote your availability online or through travel agents who handle bookings for their clients with a commission fee.
Renting with a company…is it worth it?
Many people wonder if working with a company is even worth it. They feel like they could just as easily do it themselves. While this could be true, we feel it’s always best to work with a team of individuals well versed in the travel field.
First, most people want to maximize their income on their timeshare. They don’t want to sell it because they like the ability to rent out the property when they aren’t using it themselves. While you could do this yourself, working with a team gives you access to more exposure of willing travelers.
For example, you might list your timeshare on Craigslist and a few other travel-related sites. You’ll get bookings but it might be difficult to find the right renters and it can be very time-consuming. Finding a reputable renter who is going to respect your unit is more difficult than you think; not to mention one who won’t cancel at the last minute.
Owners also find renting on these sites to be difficult because they don’t know what price to list their units at. Timeshare owners are placed in the difficult position of balancing rent pricing to turn a profit and not being priced too high. Working with a company proves to be the most beneficial for owners. In order for this arrangement to work, there are certain things that need to be done first, and this is sometimes where owners make the mistake of picking the wrong company.
Red Flags of a Timeshare Rental Company
First and foremost, you don’t want to fall victim to a scam. When renting out your timeshare unit, you are selling the right of use to it. It is important to do your research before signing a timeshare rental agreement with any company. There are many companies out there that will promise the world and deliver nothing. Two of the biggest red flags are companies that:
Reach out to you first via phone or flyer
This is typically something to be mindful of because the companies that do this are just looking to make some quick money; they don’t actually want to help. Especially if they are calling you unsolicited, they will probably use high-pressure sales tactics to get you to work with them. After you agree, they take your money and leave you even worse off in the rental process.
Require you to pay a fee before they help you book your unit.
When you think about it, what are you really paying for? Who’s saying they will even deliver on their promises? Companies that require a fee upfront are always a scam. They require it for a multitude of reasons. We typically see it’s because they are not confident in their ability to actually book your unit.
The number one rule of thumb is to be mindful of the people you are working with and the promises they make you. The company should be upfront about the work they can do for you. If something sounds too good to be true, it probably is.
Common Questions about Timeshare Rental Companies
What is the company’s role in my renter experience?
Each company handles its rental differently, so it’s important you are aware of their process. Typically, the company will advertise and book the unit for you through third-party travel agents. They are the main line of communication for your unit. During the rental period, they should provide customer service to your renters to ensure they aren’t messing with your unit agreement.
Are there penalties if my unit is not rented out?
This is something you need to make sure you understand. Some companies won’t give you any of your money back if they cannot rent your unit. This is exactly why they require that upfront fee; they lose nothing and you’re stuck with the bill. Other companies will work with you until the unit gets booked.
What questions should I be asking my rental agency when I am renting out my timeshare?
Essentially, you just want to make sure nothing is left “under the rug”. Have your agent explain their rental process, what happens if the renter cancels, and the profit you will make off your rental. Do you get back most of the money paid on the unit? Or are there hidden fees somewhere? Any good company should have no issue answering your questions.
Timeshare Rental Pros: Rent Points not Properties
Timeshare Rental Pros is a family-run and owned company that took the hassle out of the rental process. When we owned our timeshare, we got to a point where we needed to make some money off it. Our maintenance fees became too much to handle on our own.
At that point, we did not want to sell, so we opted into the rental process. We expected a treasure trove of options when it was actually very slim pickings. We thought we could rent our unit out whenever we wanted to and for however long we wanted. This wasn’t the case at all. There are many other conditions tied into it which makes the process more confusing than you think it is going to be.
With no other choice, we sought a process that would work for those that actually need to benefit: the owners. Thus, our “Rent Points Not Properties®” mantra was born. Instead of only offering payment when your unit gets used, we pay our clients right up front. This means you can walk away with a check in hand before your unit is even rented out.
Our family-run business prides itself on being accessible. After all, we are owners too and know the struggle of juggling everything else life throws at us. We don’t have automated phone systems or outsourced customer service: We handle everything personally to ensure you are getting the results we promised.
Once you contact us via phone or email, our team of expert case evaluators will determine how we can work together. Depending on your timeshare developer, we will maximize your profit and get your cash as soon as possible. From here, we use your points to create bookings.
Worried we won’t get any use out of your unit? Cast those worries aside. Regardless of our ability to book your timeshare, you will be paid. We are so confident that your points will get used that even if they don’t, you won’t know because you will already have been paid.
Working with us is a one-stop shop for all things timeshare rental. Once you work with us, you will never look back. To answer your question, timeshare rental companies can be trusted…IF that company is Timeshare Rental Pros!
Contact us today to see if you qualify to rent your timeshare to us!