If you own one or more vacation timeshares and rentals, it is likely the case that there are times when you are unable to use it when you had planned. You might be a bit too low on funds to take that vacation you had been thinking about; and of course we all know how things come up when you least expect it. Even when the accommodations are already there for you and paid; there are plenty of other expenses which go into a vacation.

So when this happens, what do you do with your timeshare for that week? You could do nothing and lose out; but since you did pay for it, you should try to get something out of it, after all.

One option that you have is renting it out to someone else. You can generally make some pretty good money, or at least enough to cover what you paid for it. So how exactly do you go about doing this?

If you own a timeshare, you are probably in the area once a year at best. You are unfamiliar with the area and not sure where to even begin. Don’t panic; it’s easier than you might think to rent out your timeshare.

The first thing you must figure out is how much to rent your timeshare for. You don’t want to undervalue your week, but you don’t want to price yourself out of the market either. One of the easiest ways to figure out what your week is worth is to call the resort. Make them believe that you’re someone who wants to rent one of their available timeshares and see what price they give you.

You can also ask with the resort or timeshare company to see if they already offer a timeshare rental program. The resort stands to gain by maintaining high occupancy, since this lets them make more money selling food drinks and activities; so they might have a rental program prepared. Find out what they will offer you for renting out your timeshare. If the deal they offer seems unfair, you can go ahead and rent it out yourself.

If you do decide to do it yourself, then you may find that you’ll have to take a little less than the resort would be able to rent your timeshare for. The resort has resources you do not - a large advertising budget and access to potential renters all over the globe. Your budget is a little smaller, so you might have to take what you can get.

Once you get someone that wants to rent your timeshare, you have to make sure everything is straight on the paperwork end. You need to get a good renter’s agreement that spells out everything in writing. You want every possible scenario in writing. Sometimes it’s the only recourse you have against a bad renter.

When accepting payment, Paypal is a great tool to use. This way it gives the buyer some sense of security. It makes them feel like they’re not mailing money to a nameless P.O. Box somewhere and potentially losing their money. Paypal handles all the receipts and proof of purchase documents. This eliminates a lot of headaches for you.

You should always get your money in advance. This shouldn’t be a problem with most renters, but if a potential renter has an issue with this, you should probably look for a different renter. By following these tips, you’ll find it much easier to turn your vacation timeshares and rental into a positive cash flow for you!