Renting Your Timeshare: Dos and Don'ts

What to Know Before You Rent Out Your Timeshare

Owning a timeshare can be an exciting way to vacation, but it can also come with its own set of challenges. One such challenge is figuring out what to do with your timeshare when you're not using it. Renting your timeshare can be a great way to generate extra income and offset some of the costs associated with ownership. However, it's important to know what you're doing before you start renting out your timeshare. In this article, we'll explore the dos and don'ts of renting your timeshare.

The Dos of Renting Your Timeshare

1)     Research the rental marketplace

When you start renting out your timeshare, it's important to research the rental market in the area where your timeshare is located. Look at similar properties in your area to see what they're charging for weekly rentals. This will give you an idea of what you can expect to charge for your timeshare. You can also check out other online rental sites to get a sense of what other timeshare rentals are going for in your area.

2)     Set a reasonable rental price

One of the most important things to do when renting your timeshare is to set a reasonable asking price. According to the American Resort Development Association, nearly 11 million room nights were rented at timeshare resorts last year, so there is a definite market. You want to make sure you’re not overcharging your potential renters, but you also want to ensure that you’re getting enough to at least cover your annual fees. Also take into account factors like the time of year, location (Ex: oceanfront vs beach access), size and layout of unit and any amenities you offer.

3)     Advertise to publicize your timeshare

Once you've done your research and have an idea of what you can expect to charge for your timeshare for rent, it's time to start advertising. There are a number of ways to advertise your timeshare, including online rental sites, social media, and word-of-mouth. Make sure that you include plenty of photos of your timeshare, as well as a detailed description of the amenities and features that it offers.

4)     Promote your timeshare effectively

We mentioned a few ways above that you can promote your timeshare, but online advertising is clearly the best way to get your timeshare in front of the greatest number of vacationers. You could use social media or word of mouth, but are people really going to Facebook to rent a timeshare for vacation? Millions of vacationers begin with an online search to find what they are looking for, and you want to be in front of those travelers. Once you take an ad to rent your timeshare, be sure to include details about your property and amenities that set it apart from your competition.

5)     Set clear terms for your renter

Before you start renting your timeshare, it's important to set clear terms in writing for your renter to establish expectations. This should include the rental rate, the length of the rental period, and any additional fees or charges that renters may be responsible for. You should also have a written rental agreement that outlines these terms and conditions, as well as any rules and regulations that renters must follow.

6)     Be clear about your expectations

It’s important to be specific about your expectations with your renters. Provide them with a detailed rental agreement that outlines the terms of the rental, including any rules or restrictions they need to abide by and even potential fines or loss of deposits in case of cancelations. This can help prevent misunderstandings and conflicts down the road.

The Don’ts of Renting Your Timeshare

1)     Don’t assume you'll make a lot of money

While renting out your timeshare can be a great way to cover the costs of ownership, it's important to be realistic about how much money you can expect to make. The rental market can be unpredictable, and even if you price it to cover the cost of annual maintenance fees, you may not make much more but at least you won’t be out of pocket. Be sure to do the math before you start renting out your timeshare to ensure that it's worth your while.

2)     Forget to get deposits from potential renters

While it may be tempting to rent your timeshare to anyone who is willing to pay, it's important to establish accountability with your renters. Part of this is requiring a security deposit to protect yourself in case of damages or other issues. Think about how you want to take payment and structure your agreement to not only cover a deposit in case of damages but also to cover any costs associated with last minute cancellations from the renter.  

3)     Neglect your obligations as a timeshare owner

Renting out your timeshare doesn't release you of your obligations as a timeshare owner. You'll still be responsible for paying maintenance fees and making sure your renter keeps your timeshare in good condition. You will also be responsible for communicating with the resort to facilitate the booking and provide your resort with the contact information of your renter. In some cases you’ll need to organize their status as your guest in order for them to access the property.

4)     Miss out on the cleaning and maintenance

If you're renting your timeshare, it's important to ensure it is clean and well-maintained. This will not only help you attract renters, but it will also help ensure that your renters have a positive experience. We’ve all seen the photos on TripAdvisor of the unhappy guests showing off the bugs or bug bites in their rental unit. Contact your timeshare resort and make sure that they understand the need to clean your timeshare thoroughly before any rentals, and that any maintenance issues are addressed promptly.

5)     Remember to check regulations with your timeshare

As you begin the process of renting your timeshare, it’s important to check the rules and regulations with your timeshare resort or management company to ensure that you’re following all the necessary requirements. Some timeshares limit the ability of an owner to rent their timeshare out so check to make sure everything is done properly.

Renting out your timeshare can be a great way to generate some extra cash, but it’s important to approach the process with care and attention to detail. By following these dos and don’ts, you can help ensure that your rental experience is a positive one for both you and your renters.

BuyaTimeshare.com has an extensive rental platform where timeshare owners can rent out their timeshare to vacationers looking for accommodation that is much better than the average hotel room.

Many travelers even apply a “try before you buy” approach to timeshare, where they rent a unit in a resort where they are considering buying in the future. If you are thinking of selling your timeshare down the road, this is a great way to establish a relationship with a potential buyer.

If you are ready to rent your timeshare, get started here or call us on 800-640-6886 and our customer service team will provide the information you need.