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Multiple Week Owner Question
What has been the most successful way to rent weeks?
Would you ever recommend doing the 50/50 with Marriott?
Would you ever recommend doing the 50/50 with Marriott?
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I rent our intervals through Redweek. We generally get 2.5/3 times maintenance fees, depending on the season of our interval (we own in both seasons at NCV).
I offer Paypal as an option, but so far everyone has settled by check. I also offer a prompt payment discount, if the renter pays the entire rental amount at signing. We generally get 2-3 serious inquiries starting at about 6 months out. We reserve the intervals before posting them for rent. I use a modified version of the rental agreement from TimesharingToday...
http://www.tstoday.com/
Many people have successfully rented through Marriott, and received a good income, even with Marriott's take, but there are a few things I don't like about dealing with Marriott:
Once you give it to them, they own you. In other areas of Marriott's business philosophy, I'm seeing things I don't like, so that is coloring my view of giving them control of my ownership.
Marriott doesn't pay you until after occupancy. I like cash flow and that doesn't do it for me.
More paperwork....and backup withholding waivers and 1099MISC to deal with.
Can you tell I operate a business
Anyway, do some research and see what you think.
Pat -
What I don't like about renting through the Marriott is that, if they do not rent it for you, you cannot occupy the unit yourself so it sits there empty. We only rented through the Marriott the very first time and we were lucky that the whole week was rented at full price.
After that, we have rented our weeks on our own through a private web page but, at that time, we didn't have to book a whole year in advance but now you have to reserve a popular week at least a year in advance and you may still not even get it. We rented our weeks long before the time that all the rental web pages became available on the Internet so we had no competition.
We still get several calls per week from December through March so I send them to RedWeek now or to My Resort Network or to the TUG classifieds. Callers tell me on the phone that the hotel is full or they prefer a two bedroom accommodation. Some resorts seem to rent easier than others and it depends too on what time of year that you want to rent out. Now your have to book first and then try to rent that week while we had an open date and were able to reserve the week we wanted most of the time.
We also asked for half the rental fee at the time we made the reservations with the Marriott and asked for the second half 30 days before check-in. This seemed to work OK for us because the resort is in driving distance and we always could go there ourselves if they didn't pay the balance but it would be more risky to do if you have to fly out there and no airline seats are left or very expensive.
I would use a rental contract too today unless I felt comfortable with the person. We have rented to friends and colleagues too without a contract but mainly to Hawaii.
I am curious to know if most people here use a contract or not and how you handle the payments.
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