What Comes Next After You Find a Renter for Your Timeshare

You might think that finding a renter for your timeshare is the most important step toward earning an income from it. While it is true that finding a renter is an important part of the process, it is certainly not the only one. You must also be prepared to handle several other tasks to ensure that the entire experience goes smoothly for all parties involved.

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Many timeshare owners decide to rent out their timeshare at one point or another for reasons both practical and economical. However, finding a renter is just the first step in the process. For a successful rental to occur, you must be prepared to handle a few additional tasks as well.

It is important when renting a timeshare to insure that any damage is covered and that the rental fee will be paid in full and on time. Requiring a deposit be put down prior to the beginning of the rental period is a good idea to guard against or at least pay for any damage. Running a credit check on your renters before reaching an agreement will give you a better idea of their financial history and whether they can be trusted.

In addition to the precautions listed above, it is a good idea to secure a copy of the renter’s ID and to have them sign a contract. That contract should clearly state what is and is not allowed, including smoking, pets and amenities usage. It should also clearly lay out any penalties for late cancellation or damage to the unit. This document will serve to minimize any disagreements later on if any problems occur.

It is your responsibility as the timeshare owner to contact the timeshare company to make sure renting is allowed. Most of the time it is, but it is imperative that you confirm this. The company can also be helpful in determining a fair rate. Once the timeshare has been rented out, it is also your responsibility to inform the timeshare company of the reservation. That way when the renters arrive they will be able to check in smoothly. The company will let you know whether the reservation needs to be set up under your name or the renter’s name, as well as any other rules or details that need to be passed on.

Likewise, it is a good idea to call both the renter and the timeshare resort either the evening of or the day after your renter’s check-in. This allows you to touch base with the renter to ensure that they are satisfied, that the check-in process went smoothly and that there were no problems of any kind.

Once the renter checks out, you should make contact again. Either an email or a quick phone call to both renter and resort is a good business practice. The resort will be able to tell you whether there was any damage done to the timeshare. If there was, it may be covered by the credit card the renter checked in with; however, if this is not the case, the cost to repair the damage should come out of the deposit. Checking in with the renter, on the other hand, can build good will for future rentals and can also let you know of any problems to avoid in the future.

In the end, all of these steps are quick and easy. Credit checks can be done online. Phone calls take only a few minutes. Any contracts can be emailed or faxed. And yet, neglecting these steps can end up costing you a significant amount of stress and money. Rather than attempting to fix a problem, why not avoid it in the first place?

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Boris Razmiki

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