Many owners are not aware of the hidden income potential of their timeshare. We've created this easy step-by-step guide to renting your timeshare for cash!
Step 1 - Know what you own
This is probably the single most important hurdle a timeshare owner faces, and surprisingly is one of the biggest issues many owners disregard. Having a good knowledge of how your ownership works, and the details of the property and reservation procedures should always be the first step to a successful rental. You should know the reservation policies, cancellation and rebooking policies, and banking deadlines for your ownership. Plus, you should always double check your ads for accuracy. Whether you are advertising timeshare on your own, or using a professional rental service, if you don't properly identify what you own- you won't have a chance to succeed!
Step 2 - Confirm your reservation
Most prospective tenants search in a very simple manner. They will have a destination or resort in mind, and have either specific or approximate dates of travel. Whether you own a fixed system or a floating ownership, advertising specific confirmed dates of availability at your resort will greatly increase your chances for success. If you own a floating system, try to book early and reserve high demand periods. Demand for event weeks, holidays, and high traffic times gives you more possible renters and creates the potential for you to obtain higher rental prices!
Step 3 - Exposure
There is no substitute for good exposure. Simply put, the more people that see your ads the better your chance for success. I've seen many owners shortchange themselves by skimping on advertising, or who simply place an ad and wait for something to happen. Make something happen! Research timeshare resales and advertise accordingly, and tell everyone! Friends, family, coworkers, and acquaintances are all possibilities. Plus, always recontact your past tenants! Sometimes a simple call can reawaken memories of a great vacation and get them to help spread the word!
Step 4 - Always be available
Make sure you provide sufficient contact information on your ad or to your rental professional. Our society has become a constant network of instant communication and there can be hundreds of other competing ads out there. A delay in responding to a possible tenant is one of the quickest ways to fail. Strike while the iron is hot to open up a dialogue, and then follow up repeatedly. Check your email consistently, and if working with a professional rental company- provide them with as many ways to contact you as possible. If you don't respond quickly, chances are another owner will!
Step 5 - Review every offer
Listen to every offer and never simply say no. Always be willing to negotiate and counter offer. The timeshare market is a very competitive industry, and rarely will someone give you a full price offer. Everyone is looking for a bargain, and most experienced tenants will start with a low offer but be willing to come up in price. It's often wise to price aggressively, but not necessarily be the lowest price available. Leave yourself a little room to negotiate, and you may find that your success rate skyrockets!
To learn more about buying, selling or renting your timeshare ... Contact Timeshares Only today!