How to Rent Out Your Timeshare
If your timeshare falls during a time when you are unable or unwilling to travel, renting out your timeshare can prove to be a profitable alternative to banking the week or losing it all together. Renting out timeshare can usually only be done with the week(s) you own at your home resort, as most resort companies prohibit renting of bonus, exchange, last call, or other extra resort stays.
Once you have determined whether or not you own a week that is able to be rented out the next step is determining how much rent you should ask for the week. A good place to start and get a baseline price is the resort itself. Call your resort and ask how much it would cost as a non-owner to rent out the same week and the same unit. Most resorts have a rental program and will be able to provide you with a dollar amount. Also ask your resort for information regarding rates for other seasons and types of units as a comparison.
Another resource helpful in determining price are auction sites (eBay, Amazon) and classified ads (Craigslist, Pennysaver). Keywords to be aware of when searching these types of listings are “vacation rental”, “timeshare rental”, and “short-term condo rental”. Again look for locations at the same resort, during a similar time frame, with the same unit and amenities. Call realtors with ads, even if they are not for your resort, and ask what their asking price would be at your resort.
Availability is a key factor in pricing and you should do some research to find out how highly sought after your week and resort are for renters. Be sure to check the getaway or bonus inventory at RCI for your location and planned rental dates. If weeks are available in the same general area as your resort, and this is especially true if there are weeks available at your resort, you may need to price your timeshare lower to be sure to rent out the week.
Once you have gathered enough information to properly price your timeshare rental, you will need to advertise. The places you researched to arrive at your asking price will be the best places to advertise your timeshare rental – eBay, Amazon, Craigslist, Pennysaver, etc. Competition does tend to be fierce on these sites and to be sure that your week is rented it is a good idea to consider pricing your timeshare rental week at least 25-40% lower than what your resort asks for similar weeks.
You should call the resort and let them know who will be staying in your unit. You do not have to give them a "cut" of your money. It is possible that the company you own with has a rental program, in that case give them your week, let them rent it, in that case they will take a cut, but you will not be held responsible for any damages.
Once I get the rental sold so to speak what are the next steps. Do I have to call the resort and tell them I'm renting the week out? Do I have to give them any piece of the final price? Do I have to tell them my cousins are coming out that week instead of me? I don't want to list the rental until I know all the info and steps to make sure I get the money and the payees get a hassle free vacation.