How to Rent Your Timeshare Step-by-Step?

Renting out your timeshare property can be a hectic process, but with the right guidelines, you can successfully do so. Timeshares take away your financial freedom and are difficult to sell due to the low demand and the value they lose over time. Timeshares can even hurt your credit and lead you towards a bad credit score. There are various ways to eliminate your timeshare property, but renting it out might earn you a profit, which will not be the case if you sell it. So, let’s get started and take you through the process of renting out your timeshare.

Through this article, you can learn the following;

• How can you rent out your timeshare on your own?
  • You can achieve this by following various steps;
    • Determine the current value of your timeshare by going through multiple rental websites.
    • After you have evaluated what price you should put on your timeshare, it’s time to prepare an attractive description to gain renters’ attention.
    • List your timeshare on various rental websites and advertise it so more people can get to know about it.
• If you do not want to rent out your timeshare by yourself, you can hire a resort or management company to do the work for you.
  • But, to do that, you will still have to do a little work.
    • Firstly, you will have to find a reputable resort or management company to work with.
    • You can even ask your timeshare company; maybe they offer a rental program you don’t know about yet.
    • Afterwards, share all the details about your timeshare with the company so they can put it up for rent.
    • Sign the rental agreement, but before signing, ensure it includes all the payment information and other details.
• You can also learn how a timeshare can hurt your credit score through this article.

So, stay with us and keep reading.

Rent Out Your Timeshare By Yourself

Renting out your timeshare by yourself might be a little difficult, but if you can successfully do it, you can maximize your profit. So be patient and keep working towards renting out your timeshare property.

Determine The Value Of Your Timeshare

Before you get into the process of renting out your timeshare and determining its value, remember that some timeshare companies do not allow their customers to rent out their timeshare property. If you want to avoid legal consequences, you need to make sure that your timeshare company permits you to rent out your timeshare.

• Suppose your timeshare company allows you to rent out your timeshare. In that case, the foremost thing you need to do is evaluate the current value of your timeshare property.
• Thoroughly research the current rental market and look for similar timeshare properties. Similar in terms of characteristics, amenities, number of points available ( if your timeshare is points-based ), contract type, number of rooms, etc.
• If you compare your property with other similar ones registered on the rental market, it will help you decide a fair price for it.
• Remember that in the beginning, you should list your property for a lower price. This will help your property stand out from the ones that are a bit more expensive with similar amenities, etc.

You can evaluate the price by setting your goals beforehand. You need to think about if you want your property just to pay its expenses or if you want to earn a profit. These goals will also help you in decision-making throughout your rental journey.

How Can You Prepare A Good Description?

When you have evaluated the current price value of your timeshare, the next step you need to take is to prepare a good description to catch people’s attention.

• How can you prepare a good description you must be thinking? To have a good description, you will have to mention all the details about your timeshare. Everything should be described, like the amenities your resort offers, your contract type, the rooms available on your property, etc.
• You can utilize the market for this cause, too. Go through different properties’ descriptions and prepare one for your own.
• After preparing the description, take some good photos of your property so you can post them on the rental website.
• There is something you need to be careful about. Make sure that you do not post anything that can ruin your reputation, anything that is untrue or misleading. Many timeshare companies upload fake images of their resort, negatively impacting their market reputation.
• If you don’t want this happening to you, refrain from doing these things just to attract renters.

The real hustle begins after this step. Now, you will have to list your timeshare on different rental websites and attract potential renters.

Register Your Timeshare Property

After you know what to post and what price you are going to list your timeshare at, you are free to register it on various well-known rental websites. Some common rental websites are eBay, RedWeek and Timeshare User Group.

• After you list your timeshare on rental websites, always be available for any queries. Be prepared; people will tell you to lower your price and ask a lot of questions about the property; they might ask questions you find offensive, but always be patient and communicate respectfully.
• Doing this will help you build a good reputation in the market and attract more traffic to your property.
• Once you have a good name in the market, you can even increase the rent of your property, so showing patience and respect will take you a long way.

It Is Time To Advertise Your Timeshare

Now, never take the power of advertising lightly. If you advertise your property correctly, you will start attracting renters in no time. Advertising can cost you a few bucks, but you won’t regret it afterwards.

• Advertise your timeshare through social media marketing or target marketing.
• Social media marketing can help you a lot because social media platforms are frequently used and are in demand these days.
• If you are not that familiar with the marketing field, hire a marketing agency to help you out. But ensure that the agency is legitimate, or you might end up losing money.

Or, you can choose the easiest route and contact our team. We will help you with each and everything.

Work With A Resort Or Management Company To Rent Out Your Timeshare

We understand that renting out your timeshare on your own can be hectic and a lot of work, so why don’t you consider hiring a resort or management company to help you out? Also, before contacting a management company, talk to your timeshare company and ask if they offer rental programs. If they are allowing you to rent out your timeshare, there is a high chance they offer rental programs. But if they don’t, here is what you’ve got to do;

• Find a reputable resort or management company where your timeshare is located and contact them to discuss your demands. Or, you can look for timeshare management companies online if you don’t find any nearby.
• After you have made sure that the company is legitimate, start by understanding the terms and conditions of the company. Go through their website and evaluate the cost you will bear. Or, contact them and ask directly about their fee demands.
• When you are sure you want to work with them, share the necessary information about your timeshare so they can register and advertise it on the market. Also, tell them about the terms and conditions of your timeshare resort so they don’t violate any and make a mess.
• Sign the rental agreement with the company and get rid of all the worries about renting out your timeshare.
• Lastly, after they have started working towards renting out your timeshare, stay connected with them throughout so that you and the renter have a good experience.

If you are still confused (it is completely normal, seeing how complicated timeshares are ), you can contact us; we will answer any question you have regarding renting out your timeshare.

How Can A Timeshare Hurt Your Credit Score?

Timeshares were once considered a great investment but are becoming a financial burden now. Maintenance fees, mortgage, etc., increase annually, which results in timeshares becoming a nightmare for many owners. Even though timeshares do not impact your credit directly, there are several situations in which timeshares can negatively affect your credit. These situations may include:

• For instance, you buy a  timeshare on loan and miss a few payments or are late in paying them for any reason, the timeshare developer can report you to credit bureaus. You know timeshares are a life-long investment; if your financial situation changes in the future, which is highly likely, and it makes your payments late, your credit score will be negatively affected.
• Did you know? Your timeshare will default, but it doesn’t end here. You will still have to pay for its expenses because no one forgives their money, and neither will your timeshare company. If your timeshare is defaulted, the developer’s last option would be to go for foreclosure. If your timeshare falls into foreclosure, it will badly affect your credit score and might affect it for over ten years.
• If you have bought a timeshare on loan and it adds up to your overall debt load, your debt-to-income ratio will eventually increase. Banks or lenders consider this ratio before giving you any kind of loan like car loans, etc, and if the ratio is high, you will need help getting any other kind of loan.
•  If you decide to cancel your timeshare after the rescission period, which is about 3 to 10 days, you can cancel your timeshare without a penalty. You must include a third party, like an attorney, to understand and guide you through the procedure or a resale company to provide a platform to advertise your timeshare; you must pay them. This will also lead to damage to your credit.
• Cases of scams are so common regarding timeshare reselling and renting. Timeshare owners have been recently scammed by people, often resulting in financial losses. These financial issues can also lead to late or missed payments, badly influencing your credit.
• There is a chance that in future, legal issues will occur with your timeshare, resulting in you paying several kinds of legal fees, which will most definitely negatively influence your credit score.

We briefed you on a few bad effects a timeshare can have on your credit score. This proves that a timeshare is more of a liability than a profitable investment or a future asset that can be passed on to future generations. But don’t panic; you can always save your credit from all these bad effects; contact us to learn how you can do so.

Final Thoughts

We sincerely hope this article was able to help you understand the steps you need to take in order to rent out your timeshare. And, if you decide you no longer want to rent out your timeshare midway, remember that you have more options to eliminate it.

Read How To Cancel A Timeshare Contract? To learn more about the various ways to cancel your timeshare.

Further, we developed this website to help people eliminate their timeshares and find legitimate exit companies to help them. Go through our websites and read reviews for different exit companies to find legitimate exit companies and figure out what company you should work with.

We can be reached by phone or email and will respond quickly. We know terminating a timeshare agreement may be difficult and stressful, and we are here to make it as easy and stress-free as possible. Please don’t hesitate to contact us if you need assistance or direction when leaving your timeshare. Contact us now to know more!