| Olympic hype is only growing. By now there are | | | | and practices which will ensure that you can rely on |
| thousands of homeowners in Vancouver area tying | | | | their services. Be sure to ask for company's license |
| to make some fortune by renting out their places for | | | | number and check with licensing bureau if they really |
| 2010 Olympics. Unfortunately, when there are money | | | | exist. |
| making opportunities involved, there are always | | | | Is this company insured? - Licensed agencies have to |
| scavengers for easy cash. | | | | be insured. Just like with car insurance, in case there |
| With so many websites advertising rental properties | | | | is a problem, you have better chances to recover |
| for 2010 Olympics it's not so easy to distinguish | | | | damages if the company has insurance. |
| between the real deal and the scam. | | | | Is this company bonded? - If a company is licensed, |
| For travelers who are looking for accommodation for | | | | they generally are required to be bonded (meaning |
| 2010 Winter Games there are quite a few options to | | | | that company has secured funds, controlled by the |
| choose from: Craigslist of course could be the first | | | | government, that are available for consumer's claims |
| thing that comes to mind, then there is multitude of | | | | against the company). This provides additional |
| rent-by-owner sites and quite a few rental agencies | | | | insurance for you, their customer. So if something |
| (the real ones and the ones that just call themselves | | | | goes wrong, there are funds in place to collect |
| as such). | | | | damages. |
| So what is the best way to go? Well, let's look at | | | | How do they manage deposits? - Just like with real |
| each one of these options. | | | | estate sales, property rental companies are required |
| Craigslist postings are free (at least for now) in | | | | to put money into trust account up until transaction is |
| Vancouver, so this would be the easiest way for | | | | completed. So to ensure that you money is safe ask |
| scam artists to hunt for travelers looking for a good | | | | if the company has a trust/escrow account and |
| deal. | | | | which bank is it in. |
| It gets a bit more challenging, as it usually requires | | | | When do they release money to the owner? - |
| some kind of payment, to post an ad to | | | | Imagine that you've paid $5000 for your 2010 |
| rent-by-owner website. However, if they have a | | | | Olympic rental accommodation ($500/night for 10 |
| chance to make at least $500/night, why not spend | | | | days - very realistic price to pay during Olympics) and |
| some money to list a property on a recognized | | | | just couple days before your arrival you find out that |
| website. If you decide to book accommodation from | | | | the owner is in foreclosure or simply sold their place |
| rent-by-owner site, check for reviews of this owner's | | | | and is now in Guatemala... Horrible, but might not be |
| property from previous guests. If such comments | | | | just a dream if the owner got all your money and |
| are not monitored and entered by owners | | | | disappeared. To avoid this from happening, ask the |
| themselves, it can help you evaluate reliability of this | | | | company when does the owner gets paid? The |
| property and its owner. | | | | proper way (which licensed agencies are required to |
| When it comes to rental companies, be aware that | | | | follow) is for the rental company to pay the owner |
| there are also ones that are licensed and the ones | | | | only after the guest vacates the property, then, you, |
| that are just a company. Since it takes only few | | | | the renter, are protected. |
| days to register a company in North America, there | | | | Do they personally verify all of their properties? - |
| are few rental companies that are engaging in | | | | Ask what does this verification involve? Term |
| deceiving practices and legally are not allowed to rent | | | | "Verified" property is so overused now, and can |
| properties out on behalf of the owners. So if | | | | imply variety of different things. For example, some |
| something goes wrong, it would be hard to find out | | | | label property "Verified", just based on what the |
| who is to blame. | | | | owner submitted to the website. Be sure to inquire, |
| The most reliable way to book your 2010 Vacation | | | | whether this company personally verifies ownership, |
| Rental is to choose reputable and most importantly, | | | | description and photos of each property. |
| licensed agency. Here are some key factors to look | | | | Do they have a legally binding contract? - The |
| for when you are choosing a company to rent a | | | | company has to have a legally binding contract with |
| home for 2010 Vancouver Olympics: | | | | the owner of rental property to ensure that this |
| Is this company licensed? - Companies that are | | | | property will be available for you when you arrive. |
| licensed have to comply with high industry standards | | | | |