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Sunday, February 28, 2010
Saturday, February 27, 2010
Smart Timeshare Innovations to Watch Out in 2010
During the last two years, we had witnessed an economic meltdown that affected everyone severely. And just like any other industry, the timeshare industry is not exempted from this. Since the crisis broke out in the late of 2007, many owners are starting to get out of their timeshares as a way of cutback spending. This also resulted to low sales for this industry. As the industry’s ability to thrive during the downturn has been put to the test, developers are evolving their business models in response to the new realities of the market. This has also made an interesting discussion in the last half of 2009, as more than 500 delegates from around the world met for the Vacation Ownership Investment Conference in Orlando, Florida.The guest moderator at the said conference is Howard Nusbaum, the president and CEO of the American Resort Development Association (ARDA), who spoke to the challenge and to the opportunities ahead. As discussed, timeshare companies are rethinking the way they do business. This year, we’re likely to witness many businesses revisiting, recalculating, recalibrating, and redefining themselves. As forecasted, they’ll be even more focused on new ways to increase their cash sales and they’ll be building strategies to run their business more efficiently. Also, they’ll place more importance on profitability, less on revenue and growth. And they’ll be listening closely to what the consumer has to say.
This year, we might expect to see the following from shared-ownership developers: more affordable products in order to augment traditional sales; short-stay products and points programs which will allow greater flexibility for owners; adoption of more trial products; increased marketing to existing customers; encouraging upgrades or purchase of additional products.
Nowadays, we might be already sensing the way to economic recovery. However, owners who are trying to get rid of their timeshares are still increasing. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. As this still remains a challenge for the timeshare operators, let’s just see how those innovations will improve the industry.
Friday, February 26, 2010
Thursday, February 25, 2010
Transfer Smart News: Walley’s Timeshare Owners Face Special Assessment Fee
Timeshares are closely associated with a number of fees that usually increase over time. For some owners, this may be the main reason why they decided to get out of their timeshares. But one type of fee involve in timesharing is the special assessment fee which may arise anytime the operator needs some amount to cover certain cost. Recently, this is the issue among Walley’s timeshare owners.According to Mr. Grottke, it is true that the level of nonpayment of dues has risen dramatically in the last three years and it's an industry-wide problem. He added that the Florida-based Celebrity Resorts, which bought most of Walley's real estate and management contract in 2008, held a meeting to discuss a special assessment fee, which may range from $494-$939, that owners are being asked to pay on top of their annual dues.
Grottke said he has a fiduciary responsibility to the owners association being a board member, but also a vested interest in seeing the resort succeed, as Quintus still owns more than 500 timeshare weeks. According to a meeting notice distributed to timeshare owners in January which was signed by board secretary Craig Lewis, the operating funds are depleted, and in order to continue operations, a special assessment is necessary. If the special assessment does not get approved, it is anticipated that the 2010 operating expenses will deplete the Association's assets within the first quarter of 2010. With a positive collection of the special assessment fee, the Association will be able to eliminate the deficit and move forward with operations.
Nowadays, numerous owners are trying to get rid of their timeshares while others even hire a timeshare transfer company such as the Transfer Smart. For most of these owners, cost involved is cited as the main reason in doing so. There are numerous costs involved in timesharing such as maintenance fee but the other hefty fee which may add burden to the owners is the special assessment fee. Such fee is the current issue face by Walley’s timeshare owners.
Exchange Companies as a Smart Way to Make the Most of Your Timeshare
For some owners, the benefits of timeshare exchange hold them to get out of their timeshares. As such property has been known for a number of disadvantages, the privilege of a timeshare exchange may offset them. A timeshare exchange can also be a way for the owners to travel and not get bored with the unit that they regularly visit each. In other words, this can add variety to the owner’s vacation experience. However, most owners who go for a timeshare exchange are affiliated with some exchange companies as they may provide them ease in the process of exchange. Here are some popular timeshare exchange companies that most owners belong to.First, maybe the most popular of all is the Resort Condominiums International or RCI. It has over 4,000 affiliated resorts in more than 100 countries and has become one of the dominant timeshare brokers. Their models for timeshare ownership flow through two main exchange programs which are the weeks and points.
We have also the Interval International or II. It boasts over 2 million members and has more than 2,200 resorts under its belt. This company allows their users to deposit their weeks and exchange their weeks with II's available inventory. One of the benefits of this is that it has affiliations with some of the higher end resorts, including Marriott, the Four Seasons, and Westgate.
Then, there’s also the Trading Places International or TPI. Like Interval International, this exchange company allows the owners to deposit their timeshare weeks at their own timeshare in exchange for use at another one of their resorts.
While others finally decided to get rid of their timeshares by hiring a timeshare transfer company such as the Transfer Smart, a number of owners realize that there may be more to timesharing through timeshare exchange. However, most owners find it comfortable and effective to avail of such benefit by being affiliated with timeshare exchange companies. So, if you want to consider such benefit, try to look at those above-mentioned companies.
Wednesday, February 24, 2010
Transfer Smart News: OTE Intensifies Measures to Reduce Timeshare Scams
As scams in the timeshare industry has increase dramatically nowadays, the Organization for Timeshare in Europe or OTE augmented their spending on its Enforcement Project in Spain last year to €130,000. Such scams may victimize either potential owners or current owners who are eager to get out of their timeshares. Meanwhile, the said project launch by OTE has logged a series of key successes over the past year. This includes the closure of 10 fraudulent Discount Travel Membership Club (also known as holiday clubs) sales decks and 23 bogus Resale and Class Action companies.On the other hand, a further 3 Discount Travel Membership Club sales decks closed down voluntarily as a result of pressure from the authorities. Such results are just part of OTE's concern to reduce fraudulent practices which severely affect the timeshare owners and other holiday makers. Over the past year, OTE had intensified the measures in the Canary Islands primarily in Tenerife, where fraud has been more prevalent. The measures include the identification of sales decks for Discount Travel Membership Clubs leading to heavy on-street sales activities.
According to The Office of Fair Trading (OFT), there is an estimate that 400,000 Britons lose £1.2 billion each year to bogus Discount Travel Membership Clubs. Such figures compare starkly with complaints about timeshare, which have been reducing steadily year on year.
Nowadays, as there are many owners who are eager to get rid of their timeshares, scams also increases. That’s why some owners hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. On the other hand, as such frauds had caused so much damage to the tourism industry in general and legitimate timeshare operations in particular, the authorities and some stakeholders like OTE are active in their efforts to mitigate it.
Tuesday, February 23, 2010
Smart Buying Guide for Timeshare Resale
Timeshare resales maybe the answer for those eager vacationers who want to avail of such property but want a lower cost as it is much cheaper compared to buying from a developer. Meanwhile, while many owners today are trying to get out of their timeshares, a number of individuals see timeshare resales as a great opportunity to enjoy a vacation at a cost of 30%-50% compared to a new timeshare.However, one should try to consider a number of things when buying a timeshare resale.
First, it is best to see the timeshare unit yourself before buying it. Although it cost much less, it still involves money and you should know you are buying a right one. Consider also buying a timeshare on a prime season which will provide you with more options for exchange later. Take into account also well maintained and well kept units as these might represent a good management.
Meanwhile, be cautious about the reduced prices of timeshare resale as this might overshadow the underlying cost such as maintenance fees, property taxes, costs to travel to your chosen destination and any special assessment. It’s important to buy a timeshare resale unit in a resort which has low maintenance fee, as this is an annual fee the usually increases over time.
Moreover, when buying through an agent, choose a licensed broker as scams and frauds are prevalent in the timeshare industry. Finally, it is important to do your research regarding the prices of timeshare units in the area you are curious about buying. Internet auction sites like eBay can be a good place to start with.
Compared to buying a new unit from a certain resort, timeshare resales are a much better deal. Take note that at this economic period, timeshares are considered a costly purchase. That’s why many owners are trying to get rid of their timeshares. Some of these owners even hire a timeshare transfer company such as the Transfer Smart. So, when planning to own such property, why go for an expensive one when you can avail it with a cheaper price.
Monday, February 22, 2010
Sunday, February 21, 2010
Saturday, February 20, 2010
Transfer Smart News: Timeshare Scams in Spain Involve Illegal Deposits
Timeshare industry has been considered on the top list of consumer complaints due to the scams and mis-selling practices involved. The scams operate in various ways targeting prospective buyers and are those owners who are eager to get out of their timeshares. Recently in Spain and other neighboring areas, there are cases reported about a timeshare scam that involves a company accepting illegal deposits from prospective buyers.In the last three months, the Claims Directive has processed several illegal selling claims on timeshare purchases in Spain, Tenerife, Fuerteventura, Lanzarote, Mallorca, Menorca and Ibiza.
Based on timeshare contracts displayed by the Claims Directive, there are a number of timeshare developers who are still accepting illegal deposits from prospective buyers, which goes against laws set by the European timeshare directive. The banning of timeshare deposit was implemented under the 1994 Timeshare Directive. However, most European countries did not adopt such directive until years later.
Moreover, numerous timeshare developers did not return the initial payment deposits, even though prospective buyers had cancelled within the allotted cooling off period. In Spain, the acceptance of these deposits is considered illegal. However, fraudsters have come up with new ways to work around the directive and operate their illegal deeds.
These days, we usually hear stories about owners trying to get rid of their timeshares. Some of these owners even hire a timeshare transfer company such as the Transfer Smart. While those owners are finding ways to exit from such property, other prospective owners on the other hand are facing a certain kind of scam that involves illegal deposits such as the case mentioned above.
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