Apart from selling them, renting timeshares is one way for owners to earn money. Owners who are reluctant to sell their timeshares because they could still see themselves using them can actually opt to rent the property out to individuals who are looking for hotels or resorts for vacation or event venues. If you are an owner of a timeshare, you can rent out the unused time period for the property. You may be surprised to find out that your gain may actually exceed the actual timeshare value on hand. As a matter of fact, some people buy timeshares for this commercial purpose apart, of course, from the personal benefits they derive from the property.
This setup will be advantageous especially for those who own a red week kind of timeshare. Red week timeshares are those whose owner is privileged to use the property during the peak season. And because unit prices of timeshares vary depending on the time of the year you own them, red week timeshares are the most valuable kind.
Informing your hotel or resort
You have to inform the hotel or resort's management that you are planning to rent out your allotted time period. You may ask the Booking Relations Officer of your hotel about the actual accommodation rates for a given time.
Compare prices of other hotels in the area
You may call other hotels and ask for quotations, or maybe surf the Internet, to know certain promotions that the other hotels give during your allotted week.
Inquire about the services of some brokers
If you are a first-timer, you should avail the service of a broker to whom your resort or your hotel may refer. You may also learn certain techniques about the timesharing business, from closing the deal to drafting the contract. Your broker will be experienced in handling queries from customers who are willing to rent your week with the agreed price.
Fix the price
After calling several hotels and looking at various Web sites, fix your price at the level where you will profit, but at the same time, the deal that a prospective renter will get from you must be relatively better than booking at other hotels. Though your red week is valuable - and there actually is a high demand for it - do not overprice because some other red week timeshare holders may be offering their shares, as well.
Post advertisements in local newspapers at your areas. Try to use the services of publications that have small - or none at all - advertising fees. Less overhead costs means more money for you. Posting in travel forums is also one way of advertising your product. Talk to relatives and friends who are willing to rent your week, or ask them to spread the word. Advertising is the lifeblood of most businesses, so take advantage of its benefits.