60 percent of Americans live paycheck to paycheck. High-income earners are also feeling the strain, with 45% relying on their next payday to make ends meet. Despite our best efforts to manage our personal finances, the holiday season often means living in the red for Americans.
two-thirds of Americans report November, December, and January are the most financially stressful months of the year. For his 10 million timeshare owners in the United States, this day is also the due date for annual maintenance fees, which average $1,170. 92% of timeshare resorts offer rental programs, so most owners have the option of generating funds to pay for their timeshare.
Timeshare rental is a great opportunity
Last year, travelers spent 11.6 million nights at timeshare resorts, spending an average of $235 per night, totaling $2.7 billion. Despite many rent-to-own options, only 27% rent.
“As with the timeshare resale market, the big secret not shared by most owners is that you have the option to rent out your timeshare to other travelers,” said Brian Rogers, owner of the timeshare. To tell. timeshare user group (TUG) is the oldest and largest timeshare owners group and advocacy organization.
“It’s for people who haven’t had a timeshare in years and don’t want to pay membership fees to a timeshare exchange company like… RCI Or you can leave it for the week at Interval International, but renting is a great option to cover some or all of your annual maintenance costs,” he continues.
“Sometimes it’s just a lack of knowledge. Many owners don’t. rent out a timeshare Because they don’t know that option exists. “Once recognized, it can be a viable option for many owners who can earn rental income when the property is not in use,” says Time, who regularly speaks with owners. Shares She-Only’s senior vice president of sales, Shauna She-Norris.
“Renting a timeshare is a great way for them to recoup their maintenance costs. It allows owners to stay up to date and avoid incurring late fees and penalties. Renting makes economic sense. ,” Norris added.
“If owners choose to rent a timeshare, we recommend that they do their homework and ensure they are working with a reputable and competent company. One place you can our websiteThis includes ARDA member companies that provide these services,” advises Jason Gamel, president and CEO of the American Resort Development Association (ARDA).
how to start
If you want to join the 2.7 million owners who rent out their timeshares, the first step is to review your timeshare contract and understand the rules and policies surrounding your resort or chain rental. If you choose a resort’s direct rental program, understand the pros and cons.
“For over 15 years, we have rented additional timeshare weeks directly through the resort,” says Daniel, who owns a fractional ownership interest in Vail Resorts. “It’s completely manual and all we do is cash the checks, but they take almost half of the rental amount as part of the contract.”
Expert advice for a successful rental
Timeshare owners who oversee rentals can pocket more revenue. However, it takes time, research, and varying levels of involvement. From marketing to signing contracts with renters to receiving payments, there’s a lot you need to manage on your own.
“Do your homework on reputable timeshare rental websites and compare what other owners are asking for the same resort, unit size, and number of weeks. Don’t overprice your unit and be competitive. ” advises Norris.
“Check the actual amount you rented, not just the listed amount,” added owner Alexia Kaz, who rents regularly. “How many days did you rent it?” Was it Friday to Friday or Saturday to Saturday? Is it more expensive to rent for 7 days, or is he 5 days?
Consider different listing options
Timeshare owners have more options than ever to rent out unused time at their home resort. Be realistic about your comfort level with managing contracts and payments, as well as the time you need to answer potential renters’ questions and inquiries.
“I know a lot of people who have successfully rented out their unused timeshares using Facebook and Craigslist, but I red week Because the platform protects my money and property, so it’s much more secure,” says Anthony Martin.
“If you have time to set up your rental, we use the DIY verified and secured option, but if you’re too busy to organize everything, our full-service option is convenient. Their team We set up a rental from start to finish and it costs about $120 more than you would pay if you did it yourself, but the ease of maintenance and security is worth it in the end.”
“Timeshare owners can choose to leave the entire listing to us, from posting and managing rental requests to preparing leases and processing payments. The platform provides owners with recommended rental agreements. We use rental tools that leverage historical data, weeks and unit sizes to help you optimize your prices,” explains founder Maurice Aubrey. red weekis a timeshare rental site with over 3 million users worldwide. “We also promote the property on a variety of channels, such as newsletters, to maximize the chances of a successful rental and thereby collect our fees.”
always trust your intuition
Timeshare owners report receiving large offers once their rental property is listed, which requires hefty upfront listing and documentation fees. Once paid, the rental never materialized and they realized it was a scam.Additionally, businesses impersonating timeshare exchange companies such as RCI and RCI interval international They make cold calls to owners and offer to rent out their unused bonus exchange weeks at a high price. This increasingly popular scam violates membership terms and conditions and collects revenue by demanding high initial registration fees that never reach the owners.
This article was created by Media decisions Syndicated by Wealth of Geeks.
Monica Fish helps her fellow adventurers live financially wise lives so they can travel and explore our beautiful world on a budget. She writes about smart timeshare ownership, vacation tips and tricks, travel and activities in the New York metropolitan area, and living frugally yet richly on her PlannerAtHeart.com.
