Due diligence for screening renters

uscav8r · Nov 26, 2013

I am about to rent out a timeshare for the first time (Wyndham points reservation) and wanted to know from those "bigga-renters" (if not mega-renters

) what they generally do for tenant "screening."

Aside from payment and a contract, is there anything else you generally like to have before proceeding or to ensure satisfactory completion through the rented period?

I already have a fully paid-for and signed contract. I conversed with one spouse on the phone for a few minutes and completed the rest via email and ACH transfer with the other spouse a couple days later. The renter's name is also confirmed as a Guest. Everything is "go" as far as I am concerned.

Aside from the potential damage to the unit when it is all said and done, is there anything else I should be cautious about?

I realize this is much different than normal real estate rentals where you get a credit check, income verification, etc., but I just want to make sure I'm not missing anything.

TheTimeTraveler · Nov 26, 2013

Be sure to get 100% of your money up front, and be clear that it is non refundable under any circumstances….

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ronparise · Nov 26, 2013

uscav8r said:
I am about to rent out a timeshare for the first time (Wyndham points reservation) and wanted to know from those "bigga-renters" (if not mega-renters ) what they generally do for tenant "screening."

Aside from payment and a contract, is there anything else you generally like to have before proceeding or to ensure satisfactory completion through the rented period?

I already have a fully paid-for and signed contract. I conversed with one spouse on the phone for a few minutes and completed the rest via email and ACH transfer with the other spouse a couple days later. The renter's name is also confirmed as a Guest. Everything is "go" as far as I am concerned.

Aside from the potential damage to the unit when it is all said and done, is there anything else I should be cautious about?

I realize this is much different than normal real estate rentals where you get a credit check, income verification, etc., but I just want to make sure I'm not missing anything.

I always make sure my tenants pay me in advance. ....Thats pretty much my only screen

I do like to talk to them on the phone. and I trust my gut...So far so good. hundreds of rentals no problem so far////well one problem I had a guy get a room with a broken lock. His key card didnt work, so back to the front desk for another one. This one didnt work either. Turned out it was the lock, which had to be replaced. The resort management gave him a free dinner as compensation for the inconvenience....It wasnt enough for him, He wanted all his money back from me

Unfortunately there is no question or test I know of to screen out people like this.//although if someone tells me they are a lawyer..I dont want to rent to them.

Timeshare Von · Nov 27, 2013

Other than friends and family, I have only rented our timeshares twice and both times were to folks from here on TUG who I felt comfortable and confident weren't going to damage my unit. Like the others, I had a decent contract with full payment in advance of their stay.

I had them pay a security deposit plus 50% of the rental fee, with the other 50% of the rental fee due 30 days in advance of their dates. The deposit was fully refunded within 30 days, once I was assured by the resort that there were no damages or outstanding expenses due. One of my rentals was relatively last minute (within the 30 day window) so in that case 100% of the rental fee plus the security deposit was due when they signed the rental agreement.

radmoo · Nov 27, 2013

Just rented out March Canyon Villa unit and used agreement shared with me by Denise M. Renter is NOT a Tigger but she did fine my listing on The Marketplace. Full payment was in my PayPal acct within hours of sending her confirm with her name even though I said they had a week to pay in full. As you will have name and address upon receipt of deposit, I would suggest Googling the prospects. This particular gentleman is a VP of a manufacturing company and they live in a $$$ home. And he is Marriott Rewards road warrior as well. I agree that speaking by phone is a good idea as it offers a level of trust that just doesn't exist with email.

Rent_Share · Nov 27, 2013

radmoo said:
Renter is NOT a Tigger

Doesn't sound like he is a Pooh either

Happy Thanksgiving

csxjohn · Nov 27, 2013

ronparise said:
... The resort management gave him a free dinner as compensation for the inconvenience....It wasnt enough for him, He wanted all his money back from me...although if someone tells me they are a lawyer..I dont want to rent to them.

That sounds reasonable to me. Ha, just giving you a jump start this morning.

My wife's brother is a lawyer, does that disqualify me?

Saintsfanfl · Nov 27, 2013

I get the name and address for the rental contract or invoice and from that I do a check to make sure it is a real person. I just don't want to waste my time with the contract and emails if the name and address don't check out. After that I wait for payment in full.

vacationhopeful · Nov 27, 2013

ronparise said:
...It wasnt enough for him, He wanted all his money back from me

Unfortunately there is no question or test I know of to screen out people like this.//although if someone tells me they are a lawyer..I dont want to rent to them.

My brother is a lawyer -- I have never taken money from him -- I just let him roost for free -- leaves out all the middle steps. Of course, sometimes I have NOTHING available or he sleeps on the cot.

ronparise · Nov 27, 2013

csxjohn said:
That sounds reasonable to me. Ha, just giving you a jump start this morning.

My wife's brother is a lawyer, does that disqualify me?

If I had known before it might have.

radmoo · Nov 27, 2013

Rent_Share said:
Doesn't sound like he is a Pooh either

Lol, auto type
TUGGER of course!

uscav8r · Dec 5, 2013

ronparise said:
...So far so good. hundreds of rentals no problem so far////well one problem I had a guy get a room with a broken lock. His key card didnt work, so back to the front desk for another one. This one didnt work either. Turned out it was the lock, which had to be replaced. The resort management gave him a free dinner as compensation for the inconvenience....It wasnt enough for him, He wanted all his money back from me

Unfortunately there is no question or test I know of to screen out people like this.//although if someone tells me they are a lawyer..I dont want to rent to them.

Don't know if it has anything with him being a lawyer (he should know better that he has little chance of winning a civil claim like that), but talk about making a mountain out of a mole-hill!

uscav8r · Dec 5, 2013

And thank you to everyone who replied. I especially liked the T-I-Double Guh-ER post even if it became slightly OT.

herillc · Dec 5, 2013

1) simple rental contract will help in case renter wants to screw you.
2) don't accept Paypal for payment.. renter can dispute after the travel is done.
2) keep educating yourself for possible scams

Due diligence for screening renters

uscav8r

TUG Review Crew: Expert

TheTimeTraveler

ronparise

Timeshare Von

TUG Review Crew: Expert

radmoo

Rent_Share

csxjohn

TUG Review Crew: Expert

Saintsfanfl

vacationhopeful

TUG Review Crew: Rookie

ronparise

radmoo

uscav8r

TUG Review Crew: Expert

uscav8r

TUG Review Crew: Expert

herillc