I've rented my timeshare; now what do I do?

[GateKeeper]

A member contacted us today to inquire about steps following the receipt of an offer. I am posting this information in the public forum since others will benefit from these types of questions.

Good Morning Gatekeeper.. I have a offer from a customer. I would like to up it another $100. I am asking 1300 and he's offering a 1000. If he accepts the offer of the $100 increase what's my next move how do I go about setting everything up and receiving the payment I'm new to this as you can tell , but thanks for any info.

You can do one of two things. Decline the offer and indicate a price variance (this is a free function); however, you stand to loose the opportunity to speak with them at all if you do this. The other is to pay the small fee to be able to respond to the offer and in your reply indicate the amount you are willing to accept. Once you pay the fee, you are pretty much on your own with regards to completing the transaction. That said, you can take a look at this information on timeshare closings as it has a rental form you can use as a template and some suggestions on how to address rentals.
The idea is that both parties should understand exactly what they are getting so there is never any problem later. You should be able to receive a good faith deposit as a first step. Both parties must decide on the amount. Secondly, you will need to contact your resort and request the necessary transfer information in order to put the week in the "guests" name. You don't want to do this until you get a deposit since you will probably pay money to initiate the transfer. Once the transfer is complete (you still have the paperwork), arrange for final payment, and upon receipt send the necessary documents to your "guest". Depending upon the level of trust between the two parties, you may be able to fax or send a copy of a portion of the document so the interested party can see that this step has been completed.
As a "landlord", you will have some responsibility to ensure this goes smoothly, so make sure you are ready to work toward that end. A happy vacationer this year could very well mean repeat business next year!