Did you know you can rent out a timeshare to bring in extra money? Doing so will help reduce the costs of owning this vacation property. Many people don’t know this, and they are losing money as a result. There are numerous vacation rental websites online today. Using these sites, you can easily find a renter for this property. The following are seven tips to help you successfully rent out a timeshare unit.
Choose the Right Platform
Look for vacation rental websites that give you the most exposure and have policies friendly to timeshare rentals. Research popular sites like Airbnb, VRBO, RedWeek, and VacationRentals. Compare the listing fees, commission rates, cancellation policies, and visibility they can provide. Make detailed listings on multiple sites for wider reach. Utilize site features to showcase your unit. Renting the unit may be of help until you can get out of the contract with the help of ACA Group.
Take High-Quality Photos
Great photos are essential to attracting potential renters when they are browsing online. Consider hiring a professional photographer to take photos of your unit or borrow a DSLR camera and take clean, well-lit shots of each room, amenities, and exterior yourself. Use natural lighting during the day. Capture any nice views from windows or the balcony/patio. Showcase the kitchen, bedrooms, bathrooms, living spaces, and any on-site facilities.
Set a Competitive Price
Do thorough research on rental rates for units similar to yours in the same area during the time/week you want to rent. Look at both resort rates and rates for other owner rentals. Price your unit around 10 to 20 percent under comparable resort rates to attract renters. Consider setting day-to-day prices or weekly prices. Offer discounts for longer stays of multiple weeks or months.
Promote Amenities and Location
Timeshares can offer many appealing amenities to attract potential renters. Onsite restaurants provide convenient dining options without leaving the resort. Pools and hot tubs allow guests to relax and unwind after a busy day of activities. Kids clubs keep children entertained with games, crafts, and supervised fun so parents can enjoy some time to themselves. Fitness centers and spas let travelers maintain their health routines while on vacation. Planned social events bring the community together through mixers, parties, and shows. Activities desks help organize excursions to local attractions, museums, and entertainment. Thoughtful amenities create a home away from home and renters appreciate this.
Be Flexible on Dates
You can open up more rental opportunities by offering flexible check-in/out dates, minimum stays of less than a full week, and splitting up weeks. Consider allowing renters to book weekends or parts of weeks. Offer last-minute discounts if you have availability close to the date.
Highlight Owner Benefits
Mention any special perks, discounts, or waived fees you can offer as the owner. This may include no booking fees, free valet parking, discounts on services like spa treatments, waived resort fees, early check-in/late check-out, coupons for on-site restaurants or activities, etc.
Manage bookings carefully. Have a system to organize rental inquiries and booking details so you can avoid any double bookings for your unit. Make professional rental agreements for renters to sign. Collect security deposits in case of damages. Arrange for key exchange, cleaning services between guests, and local contacts in case of issues.
Renting out timeshares provides a lucrative way for owners to generate income and make the most of their vacation ownership. With preparation using online platforms, competitive pricing, great marketing, flexible options, and careful management, you can successfully rent out a timeshare unit. Follow these seven tips to maximize your rental revenue and offset the costs of your vacation property ownership.