Are you a timeshare owner in Hawaii looking for a guide and useful tips on how to rent your timeshare? If so our rental guide for timeshare rental Hawaii owners will be of a huge resource to you. Though we are saddened by the continued erupting of Mount Kilauea and the hundreds of displaced families that have lost their homes, rest assured that the timeshare resorts are no where near the volcanic activity which is over 50 miles away. Strong trade winds help keep the vog on the move off of the island. People sometimes forget that the entire chain of Hawaiian islands was created by volcanoes and while a couple are active, visitors are still flocking to the Hawaii paradise in record numbers. As of last year there were almost 2 million timeshare owners around the globe and a good handful of them are right here in Hawaii. The truth is that at some point during your ownership they’ll be a year that you won’t be able to stay at your Hawaiian timeshare. What do you do? In this rental guide for timeshare rental Hawaii owners, we’ll go over your options so that you can make the best decision for your particular circumstance.
Timeshare rentals are the best return on your investment opportunities in the vacation industry. If you think about it what other type of Hawaiian hotel offer comes close to the size of room, amenities, location and price compared to a timeshare? The memories and sheer experience of sitting on a beach and watching the whales majestically let you into their world as you soak in the rays is something that only a few people in the world can experience.
Now if you are living in the real world, you know that sometimes things come up. Sometimes you have obligations or commitments that you cannot back out of. Sometimes emergencies come up or perhaps your financial situation changes. Whatever the case might be, you have several options if you are not able to stay at your timeshare. Lets explore our rental guide for timeshare rental Hawaii owners so that you have all of the info needed to rent out your Hawaii timeshare with confidence.
1. Make sure to read over all of the documentation about your timeshare. Almost all companies have policies and guidelines about renting out timeshares. You want to make sure that you abide by the policies in place and check for any restrictions that might be in place. If you need to, call your timeshare company and talk to someone directly who can answer specific questions about renting out your timeshare. DON’T forget to request your Reservation #. Your guests will not be able to check-in without it.
2. Next, do some market research to find the best competitive price that you can charge for your timeshare rental. This can include:
- Your annual maintenance fee. The maintenance fee is usually what owners are concerned with. They will rent their timeshare to cover the yearly maintenance fee if they are not staying a particular year since covering the cost of your fee is the primary reason for renting out their timeshare.
- Checking with your resort to see what they would normally charge to market a similar week.
- Do a search at TimeshareRentalsHawaii.com website to see what other timeshare rental owners are asking for similar timeshare rentals. Keep in mind variables such as unit size, season and amenities when comparing rentals and use the closest matches to your own timeshare to get an accurate idea of the potential rental price.
3. Select the dates you’d like to rent out your timeshare. Of course if you have fixed weeks or points, you’ll skip this part and move on to #4 but if you have flexible dates, make sure to pick a popular vacation date so you can earn top dollars for your Hawaii Timeshare Rental. High season assures that prices are up and most timeshare resorts will be booked to capacity. Usually these dates are from December 15 – March 15 with a couple of weeks before and after Christmas being the most popular travel dates to Hawaii.
4. Find a reputable and trustworthy timeshare marketing platform that will actively market your timeshare listing for you. It’s also important that whoever you select as your marketing partner has a platform with the following features and services.
- Allows both you and prospective guests the ability to create and manage an account
- Provides features that allow you to add your timeshare rental to their website hassle free (should include being able to add pertinent info such as amenities, reservation#, checkin-checkout dates, # of bedrooms, etc.)
- Allows the guest the ability to book your time share for the week listed
- Ensure that they can process secure transactions on their website
- While this is rarely seen but if they allow you can the guest to digitally sign your contract, even better!!!
- Allows you the owner to add banking details for automated payments so that you can be transferred funds once the guest has initiated their stay.
5. Make sure that you have your rental agreement. This is very important and details should be included for any rental guide for timeshare rental Hawaii owners. A rental agreement helps limit your personal liability and adds an extra layer of protection. Make sure to clearly state your cancellation policy and any other pertinent info that guests should know of. If you are using Timeshare Rentals Hawaii, then you are steps ahead of the rest and getting your timeshare rental agreement in place is all automated and hassle free. Talk about convenience. This is how it works:
When you add your timeshare listing, you will be automatically redirected to your agreement where the most important fields will already be pre-populated for you based on your rental listing. Once you have completed the remaining fields, you will digitally sign the agreement.
When guests want to rent your timeshare, they will proceed to the agreement after payment where they too will fill in their information and digitally sign the agreement which is then binding to both parties. No downloading agreements, faxing or notarizing anything. A super convenience for both you the timeshare owner and your prospective guests.
6. Make sure that you understand the costs involved and how much you will ultimately get paid. There’s nothing more frustrating than expecting to be compensated “x” amount, when in fact you were compensated a lesser amount. Here are some standard and typical fee’s you might come across.
a. Resort Commissions. If you are ask your resort to help you rent your timeshare be aware there some stipulate a 25%-50% commission which is pretty steep. Make sure to check with your resort if you do in fact wish for them to assist you in your timeshare rental.
b. Membership Fees. If you are utilizing a third party timeshare market place such as Redweek, you must first become a membership in order to add your timeshare to their marketplace.
c. Additional Fees. Just like Airbnb, VRBO and other rental marketplaces, expect there to be admin fee’s and / or commission fee’s that are deducted from the amount owed to you after you have successfully rented out your timeshare. Make sure the resort or third party has a clearly defined payment/fee section in their FAQ or terms page. It should also be stipulated in your agreement.
Do not forget about the transient tax you are responsible for paying directly to the State of Hawaii. Again, if you are using Timeshare Rentals Hawaii as your marketing partner, pertinent links to these taxes are provided in your final payout confirmation email.
So, what do you think? Not so bad, right? Renting out your timeshare is sometimes needed when you aren’t able to stay as you normally would. Sometimes people need a break, want to vacation elsewhere or simply want to earn additional revenue by renting out their timeshare. We hope you liked our rental guide for timeshare rental Hawaii owners. Renting your Hawaii timeshare might seem like a daunting task at first but when the time comes for you to rent out your timeshare, we’ll be here to help you. If you have any questions, you can contact Timeshare Rentals Hawaii. We’ll get back to you asap.
Read more Hawaii Timeshares for Rent by Owner Articles at Timeshare Rentals Hawaii
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