Just Venting...want opinion from owners who rent

[DeniseM]

I don't really SAY that - that's just what I THINK.

But, I really do want people to check back with me at 2 mos. before check-in, in case it didn't rent, and I really will consider a reduction at that points.

 

[ronparise]

I see cheap rentals all the time everywhere and wouldn't pay anywhere the maintenance fee cost unless it was somewhere that I had to go to.

And I don't rent to anyone unless they have to go, or at least really, really want to go

Clearly we won't do business

 

[Saintsfanfl]

And I don't rent to anyone unless they have to go, or at least really, really want to go

Clearly we won't do business

Exactly. There are two basic types of renters. Ones that want something specific and will pay for it, and ones that browse for the best deal possible among a variety of options. People who aim to rent out from the get go should only deal with the first type of renter. The second type of renter only has business dealing with a last minute change of plans rental. Nobody plans to lose money.

It all boils down to the mindset and goals of the owner trying to rent their unit. Ignore the noise, you only need one renter. But keep in mind what you are trying to rent and be realistic about the price.

 

[dickgregory]

Seems to me what's needed is more information to guide both renters and those renting out their units. Whoever can develop a database with ballpark rental guidelines, based on current market data, will make a ton of money. Redweek and TUG should both have this information in their database.

 

[Marilyn]

I used to rent some of my timeshares to individuals but it is just a pain. I had one person who emailed me at least 25 times after sending me the money- then ended up not going and I had to fill out a travel insurance form........yeesh.

My timeshares are all very good weeks and in great places -- the places WE wanted to go to year after year. And we usually do go to every timeshare- we take 8-10 trips a year so it is a cheap and great way to travel for some of the trips.

Now I just turn the TS weeks over to the resort and get the rental income. The income always more than covers the MF- usually by several hundred dollars.

The only problem is that I get a 1099 for taxes... hate that.

Marilyn

 

[MLR]

To Each His Own.........

No, we are not nuts. That is the going price for some quality timeshares in Hawaii. If you did your research, you would know that occupancy rates and rental rates in Hawaii have been steadily rising. A comparable hotel would cost much, MUCH more. Paying $3,000 for a week in a high quality Hawaiian timeshare is a steal.



That's great for you to have such flexibility. We just wonder if what we have is NOT what someone wants, why inquire about such "overpriced" rentals in the first place? You're wasting your time and ours.



I don't think owners have a problem with someone wanting a bargain, but I think most experienced Tuggers know the value of what they own, and ask reasonable rental rates. They are put off by renters who don't do their homework, want unrealistically low-priced rentals, and are rude in their approach to "negotiating" a good deal.



No, we're from the same planet, but have different experiences and expectations. Getting $4,000 to $6,000 for a weekly rental is not that difficult if you own a really high demand week at a high demand resort.

I tried to explain that I personally feel a lot of weeks on TUG Marketplace are overpriced. That is MY personal Opinion. I DO NOT PESTER PEOPLE ABOUT IT. I do not waste their time or mine. I don't think 'looking at the ads' hurts anyone. Besides, once in a while - we find one that is a fit. I know generally what I am looking for and what I am willing to pay. So far, so good. I have not haggled with TUG owners :0)

I was only expressing my opinion. I do believe that Hawaii is now overpriced. Not only rentals but airfare and food, etc. It's just the way it is. We own a TS week on the Big Island - but now bank it and go elsewhere. Again, our personal choice. We are fortunate now to be able to travel off season and we have snagged some great weeks from RCI not only with points but with their 'extra vacations.'

I hope all of you continue to do well with your rentals. After all, Commerce is what makes the world go round. :0)

 

[gnorth16]

I rented my units four times, never had to reduce the price. All weeks were prices at market, or just below since I hate haggling and were rented at a minimum of 3 months before check-in. I no longer rent my units.

I tried renting once, who I believe was a Tugger on eBay. It was for a Westin Kannapali North 2BR and was asking $4000 (I think). I offered $2400 which is about MF's, he countered with $3500 and I upped to $2750, he declined. I have since changed my travel plans to the Big Island and have one week at HGVC Bay Club (2BR) and one week at HGVC Kings Land (2BR) via RCI exchange that cost about $800 total. The difference pays for two return plane tickets.

 

[ronparise]

I used to rent some of my timeshares to individuals but it is just a pain. I had one person who emailed me at least 25 times after sending me the money- then ended up not going and I had to fill out a travel insurance form........yeesh.

My timeshares are all very good weeks and in great places -- the places WE wanted to go to year after year. And we usually do go to every timeshare- we take 8-10 trips a year so it is a cheap and great way to travel for some of the trips.

Now I just turn the TS weeks over to the resort and get the rental income. The income always more than covers the MF- usually by several hundred dollars.

The only problem is that I get a 1099 for taxes... hate that.

Marilyn

Whether or not you get a 1099, you still would report any income on your taxes. No?

 

[DeniseM]

Seems to me what's needed is more information to guide both renters and those renting out their units. Whoever can develop a database with ballpark rental guidelines, based on current market data, will make a ton of money. Redweek and TUG should both have this information in their database.

All you have to do is look at the TUG & Redweek Ads themselves.

 

[dickgregory]

Those are asking prices so I don't put much value on them.

 

[ronparise]

Exactly. There are two basic types of renters. Ones that want something specific and will pay for it, and ones that browse for the best deal possible among a variety of options. People who aim to rent out from the get go should only deal with the first type of renter. The second type of renter only has business dealing with a last minute change of plans rental. Nobody plans to lose money.

It all boils down to the mindset and goals of the owner trying to rent their unit. Ignore the noise, you only need one renter. But keep in mind what you are trying to rent and be realistic about the price.

And two types of owners who rent what they own...Those that know what they are doing and those that dont

Most of those that know what they are doing specialize. We only offer high demand low supply weeks and weekends, price our stuff competitively, and get it all rented at our price, oftentimes to the same clients year after year

Those that dont know (or dont care) aren't offering anything of value and have to take what they are offered.

If you want one of my Mardi Gras 3, 4 or 5 night studio reservations you will pay me $300 a night and I bet be happy

Ill never understand why I was able to get $400 a night for a football weekend when you can see it better on TV, but I did..And my guests were pleased

 

[DeniseM]

Those are asking prices so I don't put much value on them.

The rental prices are on Redweek too, but of course there is no way to confirm their accuracy - which is exactly the same problem you would have with your hypothetical database. Not to mention the huge job it would be to to keep it current. Not doable.

 

[tmwilkin]

It's just a negotiation tactic, don't be offended. Heck I negotiate for almost everything. If I think it will help or I could possibly get a low price ill start out low. Sometimes I get the price I want, sometimes I don't, sometimes I walk,


Point is they may be willing to pay your price but will attempt to get a lower price. Personally I don't know why people do get offended but that is just my point of view.

 

[dickgregory]

I agree, it would be a huge task. The best indicator is the resort's asking price. It's not negotiable so it should represent a true market value.

 

[dickgregory]

Hey, maybe somebody could create a DB to track these prices. They come and go as units become available and then are rented. What a fantastic service this would be to renters and those with weeks to rent!

 

[DeniseM]

Hey, maybe somebody could create a DB to track these prices. They come and go as units become available and then are rented. What a fantastic service this would be to renters and those with weeks to rent!

How are you going to collect the data? How will you verify it's accuracy? Who is going to pay for it? I don't think it's doable...

 

[TUGBrian]

TUG already has a price history database...its on each and every resort review page with its own tab. Every completed listing on TUG gets input there automatically.

you can enter in any resale or rental week information you want to...just click "submit new price history entry" on the tab.

there are a number of TUGGERS who enter in completed listings off ebay for their own resorts....its easy to tell these as there are dozens of entries on the price history tab =)

nothing keeping you from doing the same with your rental data if you wish.

 

[Saintsfanfl]

I agree, it would be a huge task. The best indicator is the resort's asking price. It's not negotiable so it should represent a true market value.

Market value in relation to no prepayment required, 100% guaranteed, and cancelable at the very last minute. Those terms are in no way comparable to renting from an owner, so neither should the price be comparable.

 

[simpsontruckdriver]

On the other side, I rented from a TUGer in January/February for a weekend at Wyndham Ocean Walk. I didn't low-ball, I had two people start low-balling eachother (neither of them knew the other was "sweetening the pot"). I finally took the deal from one, and let the other know I was taking the other deal.

So, sometimes owners will give a lower rate, not the person doing the renting. I've also rented out 2 weekends, did some lowering of what I originally offered. and money wasn't lost (all were done at my cost).

TS

 

[PamMo]

I tried to explain that I personally feel a lot of weeks on TUG Marketplace are overpriced. That is MY personal Opinion....

Sorry, MLR, if my reply to your post seemed aimed at you. I respect and understand your feelings and opinion that some owners are unrealistic with their prices. (I'm SURE that some are overpriced.) I'm just saying the flip side is that some owners are frustrated with renters who are unrealistic, too. It's part of doing business, but it doesn't mean we have to like people trying to beat us down on price. If an owner does his homework, he knows the market value, and prices his rental accordingly. Of course, there will be outliers on both sides of the normal rental price, due to lack of knowledge, motivation, etc. Some renters want to drive everyone down to the lowest price (or below), and it's just not going to happen - especially now that the economy, and tourism in particular, has picked up. There is absolutely nothing wrong with politely asking an owner if the price is firm, and requesting a reasonable discount. But if a potential renter tells me my price is too high and he can get it for a lot cheaper elsewhere, I am going to wonder why he contacted me, and gently suggest he rent from that other owner. More often than not, the other unit is not comparable to what I'm offering, and we both know it. I'd much rather rent to someone who's done their homework, knows what they want, knows current pricing, and deals honestly.

I don't rent out my units very often, but when I do, I do everything in my power to make it a pleasant transaction for everyone. I never look at it as an adversarial relationship. I feel the same way when I rent from other owners. So far, knock on wood, I've been blessed with wonderful renters and landlords.

 

[theo]

I respectfully disagree...

Seems to me what's needed is more information to guide both renters and those renting out their units. Whoever can develop a database with ballpark rental guidelines, based on current market data, will make a ton of money. Redweek and TUG should both have this information in their database.

The rental market, much like the overall economy, is fluctuating and dynamic, as is supply and demand. Personally, I think it would just be a very frustrating (and inaccurate) exercise in futility to even attempt to develop (or publish) a "database" and /or "guidelines" for rental figures. Like water seeking its' own level, the rental market will also always find its' own "level". Supply and demand will always sort out rental pricing entirely on its' own; overly optimistic / hungry owners or very "frugal" bargain hunters notwithstanding.

The exorbitant rental figures charged by any given resort are probably a built-in "ceiling" for rental figures, as few people would likely be too inclined to pay that figure for a private rental from someone they don't know from Adm's cat. At the low end, "supply and demand" will sort that out on its' own, almost automatically.

In the final analysis, today's rental market price information is likely just tomorrow's "old news" --- and accordingly likely obsolete like "last week's newspaper" almost immediately upon its' issuance.

Just my own personal opinion on the matter...

 

[dickgregory]

Market value in relation to no prepayment required, 100% guaranteed, and cancelable at the very last minute. Those terms are in no way comparable to renting from an owner, so neither should the price be comparable.

Excellent point which helps to understand why private owner rentals are discounted. Renters pay a premium for the benefits you mentioned. Fixed unit owners can guarantee exact unit location, something the resort doesn't do with their rentals.

 

[Rent_Share]

Now I just turn the TS weeks over to the resort and get the rental income. The income always more than covers the MF- usually by several hundred dollars.

That is not necessarily a viable option for most time share properties - Since you own SOCAL Costal that works for you

The only problem is that I get a 1099 for taxes... hate that.

Marilyn

The 1099 doesn't create the tax liability, the rental activity (even to friends and relatives creates a tax obligation, it's just easier for you to cheat without the 1099

 

[pentiumii1]

My continued reading has left me with one more thought. As a perpetual renter I am always faced with the doubt or the fear of fraud. How horrible would it be to invite another couple to Cabo and find that none of you have a room? Because of this, I tend to limit my timeshare rental to just my wife and I. We are willing to assume some risk as long as the reward makes sense. If we wanted to pay full retail and eliminate all of the doubt, then we would go to the source and not an owner in a distant location.

I turned down a free week in Cabo because the owner simply didn't know the status of their unit or how to contact the office. I wonder how many timeshare equivalents there are to boats in the backyard.

I believe I was misunderstood earlier, my intent was that deadling with a tugger would be a godsend knowing that we have each watched the market, have experience in the process and would know if we were about to offend the other. And I guess I still have those outlandish claims made by the timeshare reps that leave some with dollar signs in their eyes.

 

[Saintsfanfl]

The only problem is that I get a 1099 for taxes... hate that.

Marilyn

The 1099 doesn't create the tax liability, the rental activity (even to friends and relatives creates a tax obligation, it's just easier for you to cheat without the 1099

Clearly true and it always amazes me when people make these statements on a public forum. These statements can be used as evidence of criminal tax evasion when income is not reported absence of a 1099. None of us may be famous, but the IRS absolutely loves making examples out of those in the public eye. Not saying these statements will come back to haunt, but they could.

Easier for you to cheat means easier to commit a felony punishable by up to $100,000 in fines and 5 years in prison. All for a few dollars. The penalty for shoplifting is very light in comparison. Would someone post that they couldn't shoplift at the store because the cameras were on? People just don't think about it I guess.

Obviously I am getting off topic here but this seems to come up at least once a month.