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Royal Resort members, What are your rental terms?

Phydeaux

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For those here that rent out their villas, just curious what your terms are? Let's say, to someone that you don't know personally, like someone responding to your Tug rental ad.

That is, do you require payment in full before executing the Owner Loan Form and forwarding the confirmation to your renter?

Or, do you require a deposit? How much of a deposit?

Do you provide the confirmation before you receive full payment, such as a 50% deposit?

Just curious what others are doing.

Thanks!
 

easyrider

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I ask to be paid in full and then usually I get paid in full. This happens as soon as they send back the rental agreement which states there are no refunds or changes. Then I send them the guest certificate or a link to the guest certificate.

With people I know I don't require the rental agreement but I do get paid asap.

No problems with renting using tug or redweek. I won't use creigslist. I might start using airbnb and vrbo if and when I decide to ramp up.

Bill
 

urban5

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I ask for a non-refundable $200 deposit, once received I send owner loan confirmation with balance due within 30 days of receipt of confirmation. If it closer to occupancy time (60 days) I request payment in full. Balance is also non-refundable. Confirmation can always be cancelled so no worry about not receiving payment, other than aggravation of having to re-post rental. I have done approximately 15 rentals using this format with no problems to date. When I need extra weeks I often suggest to people I am renting from to use my format and they usually agree.
 

pjrose

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First, I almost always talk to them via phone so we can get a feel for each other as real people.

Second I always have them call ISCO to verify that we are the members of record and that our account is in good standing.

Third, I offer emails/phone numbers from previous renters.

Fourth, once we have a phone/email agreement, I'll ensure it's "written" via email.

Re payment, we almost always get payment in full. Sometimes if there's a good deal of time beforehand, I'll take a deposit - maybe 1/3 to 1/2 - with the rest in a month or so, but always well before the 60 day II deposit limit.

(Right now I'm in a difficult situation with a renter for two high demand weeks - 51 and 52 - who sent a good deposit months ago, but keeps putting off further payment for one reason or another, though he insists he is committed to the rental. Problem is, I am getting countless emails and calls for those weeks :( - what would you do?)

When we get a deposit I write that into a more formal email or letter, received from..... $..... as deposit toward ......... and so forth.

I do not ever transfer it into their name until I have full payment. At that point, I'll send them a screen snapshot of the Owner Loan confirmation online, as ISCO doesn't necessarily send it to the renter.

I also email them a screen snapshot of our "paid" screen when we pay the MF and suggest they call ISCO one more time to confirm that everything is set to go.
 

Phydeaux

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First, I almost always talk to them via phone so we can get a feel for each other as real people.

Second I always have them call ISCO to verify that we are the members of record and that our account is in good standing.

Third, I offer emails/phone numbers from previous renters.

Fourth, once we have a phone/email agreement, I'll ensure it's "written" via email.

Re payment, we almost always get payment in full. Sometimes if there's a good deal of time beforehand, I'll take a deposit - maybe 1/3 to 1/2 - with the rest in a month or so, but always well before the 60 day II deposit limit.

(Right now I'm in a difficult situation with a renter for two high demand weeks - 51 and 52 - who sent a good deposit months ago, but keeps putting off further payment for one reason or another, though he insists he is committed to the rental. Problem is, I am getting countless emails and calls for those weeks :( - what would you do?)

When we get a deposit I write that into a more formal email or letter, received from..... $..... as deposit toward ......... and so forth.

I do not ever transfer it into their name until I have full payment. At that point, I'll send them a screen snapshot of the Owner Loan confirmation online, as ISCO doesn't necessarily send it to the renter.

I also email them a screen snapshot of our "paid" screen when we pay the MF and suggest they call ISCO one more time to confirm that everything is set to go.

Thanks for the replies everyone.

I currently have an inquiry party that is asking for the confirmation after they send me a check for 1/2 of my rental fee, suggesting I can cancel the Owner Loan. However, I do NOT see anywhere on the RR site that spells out that the member can cancel the Owner Loan once submitted. I view this as when the Owner Loan form is submitted, I am at that point relinquishing the rights to my villa, and no longer have control over it to cancel anything. I've contacted the RR for clarification on this in writing... still waiting....doubt I'll receive a reply. Bottom line, I've never submitted the OL nor confirmation until I've received payment in full. Trust is a two-way street.

With regard to your question PJ, I would contact this renter and explain you've received other offers, and if you didn't receive their balance due within 72 hours, or XX days, you would return their deposit and cancel the transaction. Oh, and increase your rental price too!
 

vacationhopeful

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....Re payment, we almost always get payment in full. Sometimes if there's a good deal of time beforehand, I'll take a deposit - maybe 1/3 to 1/2 - with the rest in a month or so, but always well before the 60 day II deposit limit.

(Right now I'm in a difficult situation with a renter for two high demand weeks - 51 and 52 - who sent a good deposit months ago, but keeps putting off further payment for one reason or another, though he insists he is committed to the rental. Problem is, I am getting countless emails and calls for those weeks :( - what would you do?)

When we get a deposit I write that into a more formal email or letter, received from..... $..... as deposit toward ......... and so forth.

I do not ever transfer it into their name until I have full payment. At that point, I'll send them a screen snapshot of the Owner Loan confirmation online, as ISCO doesn't necessarily send it to the renter.

I also email them a screen snapshot of our "paid" screen when we pay the MF and suggest they call ISCO one more time to confirm that everything is set to go.

With my rentals, YOU want it, YOU pay in full for it. And yes, I have gotten MUCH more serious. 2 years ago a guy WANT 2 VERY GOOD weeks in February in South FL. He contacted me in mid-AUG. WE agreed to a price, emailed him the agreement and then he called me and offered HALF at the beginning of DEC and the balance TWO weeks before checkin ... that is what was good with him and his Christmas bills? W.T.C$$P? He is retired and doing 2 weeks at a very nice resort. Been there before; many times. Told him UNTIL PAID in FULL, they are on the market to any and EVERYONE else. PERIOD. 2 MONTHs of no money, but "you promised me the weeks; I have your rental agreement". He was a royal PIA. I had stopped taking his phone calls the moment he got RUDE. I finally sent him a certified letter - telling someone else meet my terms, paid in FULL and my offer to rent was totally rescinded due to failure to PAY. AND he still called me UP, demanding 'his weeks on his terms' .... And that is most likely WHY he was trolling on Redweek for a new landlord that year.

And I am getting a LOT of people who have NEVER rented from me, emailing me off Redweek this year. This is EARLY - there must be MONEY flowing or the winter is forecasted to be worst than last year.
 
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vacationhopeful

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.....With regard to your question PJ, I would contact this renter and explain you've received other offers, and if you didn't receive their balance due within 72 hours, or XX days, you would return their deposit and cancel the transaction. Oh, and increase your rental price too!

Return his deposit via CERTIFIED MAIL, RETURN RECEIPT & a copy Regular Mail. He did not COMPLETE the DEAL with you as your provided in your written contract with him. Remember, with a Certified Letter it is PROOF LEGAL on the DAY of MAILING as long as a COPY is also sent Regular Mail. And I would return his payment via USPS MONEY ORDER - not a personal check, as he does not need your bank info. AND Photo Copy the filled in USPS money orders & keep the receipt from purchase.
 

DeniseM

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What Linda said - HE has broken the agreement - cut him lose!
 

ilene13

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I require a 60% deposit and a signed contract if they are renting it more than 90 days out. I then require the balance a 90 days, otherwise they relinquish their deposit--per my contract. Once they pay in full I send them the owner loan form from the RR.

If the initial rental is within 90 days I require full payment at the inception of the contract.
 

maja651

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I always require full payment when I rent it. I send them a contract via email that does not have our signatures or our full contract numbers from the Royals, and then when the renter's check clears, I send the information to ISCO and then forward confirmation to the renter. We also do not offer any refunds.
 

radmoo

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Denise offered up great advice when I rented a MArriott week this past march. I got all the money upfront, within days actually. There were many email exchanges and I googled the renters. As soon as I had their names added to confirm, the $ were wired into paypal acct. I just pray I am as lucky next time around!
 

pjrose

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Denise offered up great advice when I rented a MArriott week this past march. I got all the money upfront, within days actually. There were many email exchanges and I googled the renters. As soon as I had their names added to confirm, the $ were wired into paypal acct. I just pray I am as lucky next time around!

I'm not sure I understand. If you got the money upfront, do you mean you got it before you added them to the Marriott's confirmation? Or after? And wiring into a paypal account? I'd be worried about a wire... Did PayPal take a %?

Pam
 

urban5

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Once you do the owners loan the web site places it in a different section that has an edit and a cancel function. Of course it does not show until you have placed a unit into the owner loan category.
 

ilene13

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I'm not sure I understand. If you got the money upfront, do you mean you got it before you added them to the Marriott's confirmation? Or after? And wiring into a paypal account? I'd be worried about a wire... Did PayPal take a %?

Pam

When I rent out my Marriott weeks I do not add the renter,s name to the confirmation until I have full payment. I also have them transfer the money to paypal-- it's a 3% charge but worth it as you do not have to wait for a check to clear. PayPal is a transfer not a wire.
 

DeniseM

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This is what I recommend - it makes renter's feel secure, and protects you as well:

1. Collect a $100 non-refundable deposit using a professional looking invoice that you create on Paypal - it should list all your info., a summary of the rental terms, and the specific details of the rental.

2. Have reservations issue a confirmation in the renter's name and send it to them. (No risk to you - you can always cancel it if necessary.)

3. Give them 48 hours to call reservations/resort to confirm their reservation.

4. Send them a final invoice, due and payable.

5. Make it very, very clear that there are no changes-refunds-cancellations, and recommend travel insurance ON the invoices.

-Giving a renter a long time to make the final payment is bad business - all it does is give them more time to get buyer's remorse, or to find a better deal. The few times I have given someone extra to time pay, I have ended up regretting it, because those renters ended up to be problem children who wanted special concessions later.

-If someone needs extra time because they can't afford to pay upfront YOU DON'T WANT THEM AS A RENTER - you want renters who either have cash, or credit cards to pay upfront.

-Remember - you aren't "Make-A-Wish"! :D
 
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easyrider

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-Remember - you aren't "Make-A-Wish"!

I really like this statement Denise. :D

Bill
 

pjrose

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I now have someone who wants to pay immediately. Can't do it because I had already said "ok but that's it" to the other person's proposal of end of August. I made it very clear in email today that if I do not see full payment aug 30 I send back his deposit. Then I hope today's inquiry is still available, but if not, I will go down the long list of email inquiries.
No more deposits unless it's short term, that's for sure!
 

MuranoJo

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I don't return the deposit--I make it clear it's non-refundable. To me, the deposit commits me to holding the week(s) and passing up any other offers until I get the full payment--plus I've paid for the ad(s) and put in my time with dealing with the resort, sending copies of my confirmation, answering questions, etc..

I've given renters 2 weeks at the most for full PayPal payment. (Early in my renting years, I accepted 3 installments by check with no problem, but no more.) I once had someone find a 'better deal' before payment in full and I did not refund his deposit, though he called me asking for it. But I was clear in the rental contract that it wasn't refundable.

As you know, you have two very high-demand weeks for rent, so you have the reins here.

P.S. Regarding your recent inquiries, tell them you are in a 'pending' commitment, but you'll contact them if for some reason it doesn't work out..
 
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pjrose

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Re returning the deposit, I will if "through reasonable effort, such as advertising on TUG or redweek, owner or renter finds a new renter who will pay the same as or more than the original renter. If a new renter is found who will pay less, then the deposit is returned minus the amount to which the new rental is less than the original." Nice, yes, but that's how I'd like to be treated. And I've never had to do it.
 

Phydeaux

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These replies are very helpful, and validate my feelings on my own terms, and how I've now changed them. My favorites were:

-Make it very, very clear that there are no changes-refunds-cancellations, and recommend travel insurance ON the invoices.

-Giving a renter a long time to make the final payment is bad business - all it does is give them more time to get buyer's remorse, or to find a better deal. The few times I have given someone extra to time pay, I have ended up regretting it, because those renters ended up to be problem children who wanted special concessions later.

-If someone needs extra time because they can't afford to pay upfront YOU DON'T WANT THEM AS A RENTER - you want renters who either have cash, or credit cards to pay upfront.


====================================================================================================
My renter wanted to send me a 50% deposit, and wanted me to confirm the rental before she sent the balance. I refused, and added that I needed 100% payment up front; when received and cleared by my bank, I would execute the Owner Loan and forward the confirmation. She finally agreed, and said the check is in the mail.

I made the mistake of telling her in my original phone conversation that in the past, we've always rented to friends, and had asked them for 50% balance, then full payment before providing them the confirmation. I also said, I would need to discuss her terms with my wife first, since in this case, we didn't know her.

So, the lessons I learned from this transaction were:

1. Don't discuss what your terms used to be, they're irrelevant
2. Require full payment, regardless if friend or stranger. A deposit does nothing other than delay the transaction, and the renters confirmation because I never have and never will send a confirmation before receiving payment in full. This also speaks to Denise's' point above about the renter changing their mind.

Again, thanks everyone. Very helpful! :clap:
 

Phydeaux

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I now have someone who wants to pay immediately. Can't do it because I had already said "ok but that's it" to the other person's proposal of end of August. I made it very clear in email today that if I do not see full payment aug 30 I send back his deposit. Then I hope today's inquiry is still available, but if not, I will go down the long list of email inquiries.
No more deposits unless it's short term, that's for sure!

Are you certain you're asking enough for your rental? :)

Getting a number of inquiries suggests you have a very in-demand villa/week combo, and thus it commands a heftier price. Supply - demand. Reminds me of someone that sells their home in a day or two - me thinks they weren't asking enough. ;)
 

vacationhopeful

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Are you certain you're asking enough for your rental? :)

Getting a number of inquiries suggests you have a very in-demand villa/week combo, and thus it commands a heftier price. Supply - demand. Reminds me of someone that sells their home in a day or two - me thinks they weren't asking enough. ;)

There are people who KNOW when to look and will pay NOW to get what they want. I find the Aug & early Sept renters are NOT early but are certain for the dates THEY NEED & WANT in Feb... Plus, I have a drive to location for many people.

As for a week 51 & 52 -- it is the airfare and costs.

PJ, go down your list of earlier inquiries ... send out a blanket email, "that your guests were UNABLE to complete the terms of the rental agreement and your unit(s) are now available for immediately booking".
 

DeniseM

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2. Require full payment, regardless if friend or stranger. A deposit does nothing other than delay the transaction, and the renters confirmation because I never have and never will send a confirmation before receiving payment in full.

Take another look at my rental terms - I do use a deposit - I just don't drag the process out. Demanding full payment up front, without a confirmation, will lose a lot of renters, and will make some people wonder if you are a scammer. You have to give the renter something concrete, before they will feel comfortable sending you a large chunk of money. But then give them a short and specific time to make the final payment.

1. Collect a $100 non-refundable deposit using a professional looking invoice that you create on Paypal - it should list all your info., a summary of the rental terms, and the specific details of the rental.

2. Have reservations issue a confirmation in the renter's name and send it to them. (No risk to you - you can always cancel it if necessary.)
 
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