What Could Make Timeshare Ownership Worse During a Pandemic.

What Could Make Timeshare Ownership Worse During a Pandemic.

Over the past few weeks, we’ve been sharing a few hypothetical situations that vacation owners should most certainly consider. While it’s still difficult to tell when travel bans will be lifted or the economy will reopen, it’s safe to say that the hospitality industry will incur quite a bit of loss. Whether it be the consumer or businesses. As a vacation owner, you might be used to inconveniences – but no traveler is in a worse position than you are right now. No matter what happens, your perpetual agreement will more than likely keep you at the mercy of the resort.

There isn’t much that could make timeshare ownership worse during a pandemic than your obligation to pay for something you can’t use. But there are a few instances that could make those payments even more difficult to bear. Truth be told, vacation owners are more vulnerable than ever before. Although we’d hate for any of these things to occur, helping you understand what your contract entails could pay dividends down the road.

Are You Worried About Timeshare Ownership?

Listen, you have a right to feel uneasy about owning a timeshare interval during a global standstill. Especially if you’ve lost your job or simply realized that you need to cut expenses to do a better job saving money. The level of uncertainty in general, on top of your inability to use something you have to pay for, has to be burdensome. Some of you already know you’re not going to be able to afford your timeshare

YOUR AGREEMENT DOESN’T GIVE YOU MUCH LEVERAGE.

To date, all signs from timeshare companies have been pointing towards self interest. Nothing has shown us they’re contemplating helping the millions of owners that are paying their salaries during this pandemic. The binding agreement that timeshare owners signed allows them to expect payments and penalize refusals – even though they have an ability to help out. In short, waiting to act on your concern can be costly. If further disaster were to occur, then what?

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What Could Make Owning a Timeshare Worse?

While the chances of another setback occurring during a global crisis is slim, it’s not out of the question. The longer this pandemic lasts, the more the odds are stacked against you. The last thing we want is for you to be unprepared. Although it may seem like we’re trying to talk you into canceling your contract, we simply want to make you aware of possibilities so you may act accordingly. Sometimes, this is as simple as reaching out to the resort to work something out. Nonetheless, if any of the following events impact your resort, then your binding agreement could become quite regrettable.

1. Bad Weather Can Be Limiting and Expensive.

One of the worst things that could happen during a pandemic is a natural disaster. In a time where everyone is isolated in their homes, a loss of power or water can be devastating. Not to mention the immediate dangers that come with severe storms. Whether you experience a natural disaster yourself or your timeshare is hit by one, a timeshare contract is not going to come in handy.

Just in the past few weeks, there have been a number of deadly tornadoes in the southeast and moderate earthquakes on the west coast. We have no doubt that there are timeshare owners out there who are currently dealing with these unimagined scenarios. If your timeshare vacation was already cancelled due to the pandemic, what happens if your resort is damaged by an earthquake or hurricane this summer? It’s hard to tell when hotels will reopen for tourists. Anything could happen in between.

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SPECIAL ASSESSMENTS ONLY MAKE MATTERS WORSE.

What happens when you don’t get to vacation in 2020 at all but you’re asked to pay thousands of dollars in special assessment fees due to tornado damage? How would it feel to know the resort profited off of you and your fellow owners during a year where many suffered? Would it make you wish you would have reconsidered the purchase long before? 

A natural disaster would make it awfully difficult for you to find restitution for a lost year. If your timeshare is on a fault line, in tornado alley, in the Caribbean or next to a volcano then you might want to start thinking about what’s really worth it. If you’re already struggling during this pandemic, then assessment fees and further limitations would definitely make timeshare ownership worse.

2. A New Acquisition That Spurs Change.

If travel limitations stretch into the fall or holiday season, a handful of timeshare companies may look to off-load some of their resorts to cover their losses. Whether sales are low due to a pandemic or lost interest, resorts often benefit from change. And what better time to revamp a timeshare resort than during a global lockdown. Investors and developers that are able to endure this standstill will be eager to take over struggling properties in popular destinations.

The problem with an acquisition is the suddenness and lack of transparency that occurs. Owners rarely have a say in what transpires or what’s required of them. Oftentimes, those taking over have big plans to upgrade the resort at the timeshare owners’ expense. Receiving high maintenance fees and sudden assessments – because a wealthy developer wants to make more money – can be quite troubling during a pandemic. Especially for those that are already struggling to pay for their timeshare.

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BUYOUTS CAN BE MISLEADING FOR OWNERS.

Although an improved experience may appeal to most travelers, additional expenses could be devastating to some timeshare owners right now. Now that assessment fees aren’t capped in many states, there’s no telling how resorts could respond during a pandemic. Sadly, you’d have no choice but to adhere to the decisions of new management. Even if this means their budget cuts eliminated employees or services you’ve grown accustomed to.

Nearly every timeshare acquisition gets our phones ringing here at VOC. Many vacation owners learn to appreciate the little things about their locations and dislike being stripped of them without warning. If hospitality companies are expecting a lot of downtime, you have to know they’re going to be looking for ways to maximize profits once they’re able to reopen. New construction, landscape improvements, pool renovations and suite upgrades usually come with an acquisition. Unfortunately, these could occur at a really inconvenient time this year, making timeshare ownership worse during a pandemic.

3. An Owner’s Sudden Change in Health.

One of the most unexpected occurrences in a timeshare owner’s life is a decline in their health. Everybody wants to believe they can continue traveling forever. Nobody wants to think about physical ailments or health conditions limiting their quality of life. But things happen, and you have to be prepared to adapt or face the music. When it comes to timeshare travel, many purchases end up unusable because of this. 

Whether a property doesn’t have adequate handicap accessible lodging or higher altitudes are unsafe, visiting your timeshare can become a lost cause. Especially when the timeshare company isn’t willing to make it work for the same price. If traveling to the resort is already risky as it is, what are you going to do if your health worsens? While we see this the most in the aging community, one unforeseen tragedy or accident can alter anyone’s life in an instant.

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If you’re already struggling to get by during the COVID-19 crisis then how would you pay for the timeshare if you become terminally ill or are involved in an accident? If you have an underlying condition and traveling isn’t safe anymore, what will you do when the timeshare holds you to your contract? Understanding these types of scenarios and how timeshare ownership could get worse will help you navigate certain paths if they were to occur.

4. A Large, Unexpected Expense Arises.

There are a number of things that play a role in a vacation owner’s desire to legally get rid of a timeshare contract. But nothing is more convincing than an abrupt expense that takes a priority in their life. This could involve anything that’s unexpected with a high price tag. Funeral costs for the death of a family member or medical expenses can create quite the setback. Even caring for your parents or going through a divorce could quickly come into fruition unexpectedly.

If you lost your job of 30 years and are struggling to pay for your mortgage then homeownership certainly takes precedence over the timeshare. Maybe you purchased the timeshare before expanding your family and you’re just now realizing they need you more than you need the vacation. Kids are a lot more expensive than most people think. 

All of these things, during a pandemic, would definitely make timeshare ownership worse. Understanding what your options are will help you avoid further trouble down the road. At some point, you’ll want to decide if a total cancellation is the best way to save money over the long term.

5. What Else Can Make Timeshare Ownership Worse?

Look, there isn’t much worse than a terrible timeshare experience. Paying for an expectation that doesn’t transpire has got to be frustrating. But we have to start thinking about how this pandemic is going to alter the future of travel. Aside from dealing with an invisible enemy, we have to admit America is quite vulnerable right now. If international tensions arise, how will timeshare contracts be viewed? How burdensome could they become if a war or global conflict broke out – on top of the economic crisis our country is already facing?

Something else worth considering is an economic crisis that’s beyond what we’re currently experiencing. If you still have a job but you ended up losing it due to a poor recovery, how will this impact your life? Will you still have an ability to travel? If new laws, tolls or regulations for hotels add to the cost of your timeshare, is it going to be something you can continue to afford?

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The coronavirus will also affect a number of people psychologically. If you’re already a germaphobe, are you going to be able to get into an airplane or visit a condo that could potentially be contaminated with COVID-19? If you’ve experienced trauma during this time, will you feel safe in unfamiliar locations? If you lose someone close to you, are you going to want to go on vacation anytime soon? Anything that could make paying for timeshare ownership worse needs to be considered here.

Will Timeshare Travel Ever Be the Same Again?

No matter how you’re handling the pandemic, we can all agree there’s plenty of time for us to reassess our spending habits and priorities. If owning a timeshare just doesn’t seem like something that makes sense anymore, then cutting ties while you’re still ahead may not be a bad idea. Because of the way your resort has handled this crisis, some of you are ready to move on. If the unexpected were to occur, then your timeshare contract probably won’t help. 

At VOC, we don’t believe in pressuring timeshare owners to cancel their contract. In most instances, there’s a competent way to work things out with the resort. You just need to know your realistic options when it comes to your contract. Working with someone you can trust helps. If cancellation is something you’re interested in, you can always schedule a free consultation or fill out a qualification form to see if you’re eligible for our services.

Will the Pandemic End Up Like an Unexpected Assessment for Vacation Owners?

Will the Pandemic End Up Like an Unexpected Assessment for Vacation Owners?

A global pandemic isn’t exactly something you can anticipate or really even prepare for. Within weeks, each of our lives have been altered in some way shape or form. No matter how social you were before, we’re all getting used to the disappearance of familiar faces and places. It seems like it was just yesterday that our time was dominated by busy routines and ulterior motives. Now, we’re faced with quite a bit of unknown. As a timeshare owner, you may have no idea what to do.

If there’s one thing that’s for certain though, it’s that a number of cost cutting measures will take place across the globe. Whether you’re the head of the household or a corporate CEO, you’re probably going to have to make some decisions regarding your bottom line at some point down the road. You might be forced to sacrifice some of the things – or even relationships – that you’ve grown accustomed to over the years just to pay the bills

The Result of a Global Budgetary Analysis.

As people scramble to find a way to make money during a stand still, it’s going to be difficult for them to ignore an overzealous budget. As a result, many will abruptly eliminate unnecessary spending habits to find immediate financial relief – creating a giant snowball effect that causes even more problems for others. When a large percentage of the population stops buying luxury items, those supplying these products and services will suffer – as will their employees.

While essential businesses will more than likely thrive during this time, some don’t even know how they’re going to survive. Billion dollar corporations that used to swim in their daily harvest are now barely able to rake in any type of revenue. Some are getting creative while others simply throw millions at online advertising, hoping it sticks. Either way, many will eventually look to take extreme measures to overcome extreme losses and sustain profitability. Oftentimes, this comes at the expense of loyal customers.

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Should Timeshare Owners Be Worried?

Most large purchases include financial options that aid consumers during a crisis or hardship. For the most part, companies are willing to work with their customers to ensure payments continue and collection or legal actions are avoided. This is happening even more frequently today as millions of people struggle to cover their expenses. At the same time, some operations are leaning on their contractual agreements to pull them through rough waters. 

To date, it seems like timeshare companies are sticking to the strategy that’s allowed them to rise to a state of prominence that many will never attain. In other words, it would surprise us to see timeshare resorts treat a global pandemic like a disadvantage to them – not necessarily their owners. You see, most view the decision to purchase a timeshare as a binding one. This means, through thick and thin or for better or worse if you will.

Whether you like it or not, you have to think of a timeshare purchase like that of a house or car. If someone unexpectedly changes all of the locks to your house, you can’t expect the bank to pay for the locksmith or a hotel stay. If your pool gets struck by lightning and the foundation is cracked then the homeowners association won’t buy you a season pass to the waterpark. You’re forced to deal with the cards you were dealt, in the house you chose to purchase. While a timeshare is literally nothing like a permanent residence, the resort will unfortunately view it this way because of the contract you signed.

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Why the Cost of Vacation Ownership Could Rise.

Over the years, many of our clients have hired us because they can’t even use their timeshare. The resort’s lack of compassion has already frustrated tens of thousands of buyers. If those with unexpected health conditions or financial problems haven’t been able to get out of timeshares in the past, is there actually a reason to believe this will change? Is it really plausible to think they’re going to bail out contracted owners when their entire operation is shut down?

Truth be told, COVID-19 has probably hurt the hospitality industry more than anyone. Resorts are completely empty, forcing many to let go of key members of their staff. It’s not exactly the perfect scenario for timeshare companies to have a change of heart. So as you continue paying while waiting for your timeshare to take care of you, it’s important that you consider the papertrail

When unexpected incidents occur at resorts, timeshare owners often foot the bill. No matter the level of inconvenience it causes, buyers are forced to adhere and wait for resolve. After all, it’s what they signed up for – even if you didn’t know. So for those of you that are wondering how your timeshare may handle this global pandemic, the best place to look is how they handle assessment fees

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Special Assessments Are Never Convenient.

If you’re hearing about assessments for the first time, just know you’re not alone. A good portion of first time buyers aren’t even aware of annual maintenance fees. So when an unexpected event occurs at the resort, they’re normally caught off guard when they receive an invoice. One of the most common scenarios involves natural disasters.

Unexpected Natural Disasters Are A Good Example.

People that purchase a timeshare vacation in a tropical destination rarely think about the possibility of a hurricane, earthquake, tornado, flood or even volcanic eruption. Even if they did, most assume they can travel around the occurrence. When you’re not a resident of susceptible areas, it can be difficult to know just how damaging a natural disaster can be. Either way, would they still make the purchase if they knew repair costs from natural disasters (in the form of an assessment) would be spread out amongst owners? 

The problem with the timeshare sale is that most agents don’t fully disclose all obligations. Timeshare companies aren’t concerned with their buyer’s budget when the property is damaged and unusable. If they did then, they wouldn’t ask for thousands of dollars in a matter of months or refuse access to anyone that doesn’t comply. What makes matters worse is resorts have been known to invest in shoddy repairs just to get the property back open for business. This was apparent in Houston when barricades didn’t stop the ocean from taking over the shoreline.

Owner Obligations Benefit the Resort.

Due to their contract, owners have to cover assessment costs in order to avoid a breach and further penalties. Aside from an inability to access what they paid for, they’re forced to cover the costs of a property that they truly don’t own. If you’re not prepared for something like this, it can be rather devastating financially. Kind of like a global pandemic. 

When unsettled owners complain about the inconvenience, most are met with a straightforward answer. They’re simply told that they should have known the risks of the area during the purchase and that they signed a binding agreement they’re obligated to honor. At the end of the day, timeshare owners help the resort maintain an income during an unexpected phase of construction repairs. So who’s to say they won’t lean on timeshare owners now?

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Hopefully Timeshare Companies Change.

Although it’s hard to tell exactly what will occur, it’s always best to be prepared for the worst. For all we know this could be over in a matter of months. If it is, timeshare companies may not have to do much to make inconvenience go away. But if the hospitality industry is shut down for a long time, desperate times may elicit desperate measures. While you may be hopeful about your timeshare contract now, it could get rather costly in the near future.

With that being said, we’ve found that a global pandemic has given us an opportunity to educate hundreds of timeshare owners across the country. Many of you are worried right now – and rightfully so – but clarity can go a long way. Speaking with a professional team that isn’t force-feeding you a solution can be extremely beneficial during this time. Just remember, one of our consultants is only a phone call away. If you’ve decided to commit to canceling your agreement, then you can always fill out one of our eligibility forms below.

What Vacation Owners Could Expect in the Aftermath of a Pandemic.

What Vacation Owners Could Expect in the Aftermath of a Pandemic.

Today, our world is nearly at a standstill as the aftermath of a pandemic looms. But most Americans can’t think about potential outcomes right now as they’re forced to focus on the here and now. No matter the precautions that have been put into place, every city seems to be caught off guard by the virus. Now that the unexpected has impacted thousands, U.S. citizens are beginning to safeguard their lives. With travel restrictions and local ordinances in place, we don’t have much of a choice. Whether you believe this is tip-toeing on Marshall Law or wish more people would stay home, each of us will be affected by the aftermath of a pandemic differently.

Unfortunately for those of you with timeshares (like we mentioned in our past few articles), this may not be the best time to be an owner. Just prepare yourself for that. It’s going to be awfully difficult to accommodate millions of travelers once limitations are lifted. If you’re already frustrated with the reservation system, then it’s safe to say your pain will more than likely resume. While we hope that timeshare companies will start putting their buyer’s needs first, it’s hard to know if this will ever be a reality. 

The Financial Impact of a Pandemic is Real.

No matter how many times the industry stubs their toe, they insist on continuing down the same path – in a rather aggressive manner. Their ability to keep timeshare owners under contract has secured them multi-billion-dollar profits every year for a long time now. Nothing about their sales presentations tells us they care about a fair deal. Now that our country is on the verge of a post-pandemic era, this becomes even more concerning. Fair or not, there will be buyers that won’t be able to afford their timeshare anymore. You might even be realizing this right now.

The Coronavirus pandemic has really wreaked havoc on our economy. Business closings, due to finances or a non-essential distinction, have altered a lot of lives. Industries that were thriving have been totally shut down. School closings have forced millions of families to find care for their children. Those that are still working may face difficulties getting to work – if they rely on public transportation. Job loss or an inability to find an income really urges people to take a long look at their spending habits.

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Budget cuts are going to have to be made for most people and businesses. But what happens when timeshare owners can’t escape the costly burden of their purchase? Will resorts really follow through with collection attempts, judgements and foreclosures? Do they really think owners will pay for a weekly interval they can’t use – in the middle of a financial crisis? While it’s easy to assume timeshares will care more about the loss they incur, there is always room for optimism. It’s been said that Hilton recently offered buy-backs, but we’ve yet to analyze the terms.

What to Expect After it’s All Said and Done.

Although it may be difficult to make a timeshare payment right now, facing reality can help you avoid a number of devastating outcomes. At some point, the resort has to acknowledge the aftermath of a pandemic. Staying in communication with them is the best thing you can do – even if making payments isn’t an option. This at least shows the effort was there

As our nation aims to get a handle on the outbreak, we have to understand that damage will be done. Being proactive and preparing for setbacks not only helps you act wisely but understand your options. Many of you have been ready for something like this and others have not. Either way, how you respond to this can determine how the next few years of your life goes. Truth be told, timeshares should be thinking the same way. With that being said, here’s what we see happening in the timeshare industry in the aftermath of a pandemic like this.

1. Timeshares Labeled Non-Essential.

As we walk into an unknown time of recession, how many buyers will simply stop paying for their timeshare? Like we mentioned before, you’d think it’d be an easy decision if it had to be made. The problem is, a decision to walk away doesn’t just affect them. While the timeshare company may come after the breaching owner for contractual obligations, annual maintenance and assessment fees still need to be paid. This falls squarely on the remaining owners group. 

The thing is, others might be facing similar financial hardships themselves. So the snowball effect can be rather burdensome. Even if resorts are able to find new buyers (which is extremely costly for them by the way), the loss from cancellations and contract infringement is hard to ignore. If the industry is desperate for new owners now, there’s no telling what they’ll do in the aftermath of a pandemic.

If history repeats itself, timeshare companies will surely remarket their users with enticing upgrades to increase profits. Sadly, this tends to negatively impact senior citizens the most. If a drastic decline in payments occurs because timeshare owners view the purchase as non-essential, then further financial consequences can be expected for those who remain loyal. Are you prepared to carry this burden?

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2. New Hospitality Health Standards.

In the aftermath of a pandemic like the Coronavirus, one can’t help but assume the hospitality industry will improve health and wellness standards. There’s no way we’ll ever know how many people contracted the virus from a hotel stay or their timeshare vacation. At this point in time, health standards for hotels, condos and even vacation rentals are basically self regulated. While there are rules, regulations and inspections in place for every state, it’s nowhere near where it needs to be. 

Improved health regulations will be a big win for all, but it’ll be rather costly for timeshare owners. Most travelers won’t care about paying a few extra dollars per night when they know it’s going towards overall cleanliness. The peace of mind is usually worth it. But when millions of dollars is poured into a resort for maintenance and wellness improvements, the annual fees for vacation owners can increase significantly.

There are also a few other items worth considering. If new health standards are implemented for the hospitality industry, are you prepared to pay for a special assessment? Have you ever heard of this or know what it means? This could be extremely costly if there is a surge in legal timeshare cancellations. 

Will all of this force timeshare companies to start assisting aging owners that develop disabilities, health conditions or an inability to make decisions? All of these things need to be considered before assuming a healthier environment actually bodes well for you – financially.

3. Heirs Will Be Opportunistic.

When it’s all said and done, I think we can all agree that the COVID-19 virus has impacted the elderly population the most. As we’ll find out, some of those that have lost their life were timeshare owners. This means, heirs will have to eventually decide what to do with the weekly interval. Some of which aren’t even notified until a mass amount of fees have racked up due to deceased payments. Even when a life is lost, the timeshare industry shows little regard. 

When it comes to inheriting something like this, most people are pretty eager to use it. Those that aren’t privy to the product tend to be extremely vulnerable – and timeshare companies know it. They’ll be more than happy to lower your parent’s (or original owner’s) penalties if you upgrade. While a majority of people will see this as opportunistic, salesmen only see them as an opportunity to make more money.

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In the aftermath of a pandemic, where we lose thousands of seniors, many heirs will find themselves in this predicament. A good part of deeded ownership is outdated because timeshares now prefer selling points. While aged contracts are pretty straightforward (specific week and unit at specific property), most point contracts work a strategic legal plan to deed the points through trusts with perpetual beneficiaries. If you inherit an aged timeshare contract, then you can expect to be pressured on a points program that better suits the resort.

4. A Severe Bottleneck for Traveling.

One of the main concerns for all timeshare owners right now should be availability. While a good number of travelers have had their timeshare vacations canceled over the past few weeks, plenty of people are waiting to see if their reservations will stand. Over time, this creates quite the queue. Who gets to go first? How will their allotted travel time be affected if the resort has to continue upending reservations? Will the resort be willing to halt retail bookings until vacation owners get what they’ve already paid for? 

Due to the screeching halt of the travel industry, we should all be expecting a drastic bottleneck to occur. Who knows how long it will last but the longer travel restrictions remain, the more difficult it’ll be for timeshare companies to win. Even if they make up a lot of lost money with maintenance and assessment fees

5. Vacation Resorts Will Suffer Loss.

Once timeshare companies start suffering tremendous losses, internal hits are inevitable. Long time employees and key staff members will be forced to pack their bags – at least for the time being. Hospitality chains simply can’t survive when tourists aren’t bustling and travelers aren’t filling their rooms. The lack of job security or fear of contracting the virus might even cause some employees to quit or look for other work. All of these things weaken hotel chains.

The problem with firing timeshare employees is the simple fact most former sales reps launch fraudulent exit programs in an effort to sustain their lavish lifestyle. In a time like this where we’re nearing the aftermath of a pandemic, timeshare owners are going to be more desperate than ever. During the financial crash a decade ago, a number of former sales reps launched illegal transfer schemes where they’d let Shell corps dissolve and leave the owners with the financial burden years later. If sales teams lose their jobs, it’s not a reach to say history could repeat itself.

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Say the hospitality industry is affected by this for a long time, how are timeshare owners impacted? Will resorts continue to rely on them to burden the cost while they pocket billions of dollars? Will they ask for more? Will it force them to finally find a way to offer an affordable vacation – even if they can only make $500 million? Only time will tell. But in the aftermath of a pandemic like the Coronavirus outbreak, it’s hard to know what to expect.

Vacation Ownership Consultants.

While there’s nothing more that we want than for timeshare owners to enjoy their vacations, we understand this can be a tough time for you. Sometimes, you just need to know how to exhaust all of your options with the resort. At VOC, our goal isn’t to close you on our cancellation service. We’d rather help you find the best path to a logical solution. You can schedule a FREE consultation anytime or proceed with our qualification form below.

How Will Timeshare Companies Handle the Coronavirus Pandemic?

How Will Timeshare Companies Handle the Coronavirus Pandemic?

As we enter a time in history that most have never seen before, luxury items tend to lose their luster. Although the closing of restaurants and local entertainment venues forces us to avoid indulgence, we’re also forced to look at our expenses. When it’s difficult to obtain basic needs like food, water, milk and toilet paper – our priorities shift tremendously. While some simply reallocate spending habits towards hoarding supplies and planning for Armageddon, many don’t have that luxury. What they pay for takes all they have. Delivery services and other added costs to obtain these basic needs only make matters worse. Especially if they’ve lost wages because of the Coronavirus.

Now that travel has pretty much reached a standstill (and halted internationally), people’s livelihoods have drastically changed. While some are able to adapt, others can’t. Businessmen have the advantage of video conferencing and avid vacationers can take a break, but what are timeshare owners to do? If the economy shifts outside of their control, should they have to pay for something they can’t use? It’s easy to assume they’re going to be extremely concerned with paying for a luxury item that removes thousands of dollars from their budget every year.

How Will Your Timeshare Respond?

So the real question is, how will timeshare companies respond? Will they pardon owners or force them to adhere to their contract? Will they only see it as their loss or will they have compassion? While the implementation of operational protocols and the gathering of facts is important, what about touching base with the hand that feeds you? When you think about it, vacation ownership has got to be one of the most handicapping expenses right now. To date, reasonably resolving owner complaints hasn’t been a strength of timeshare companies.

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Will Vacation Owners Be Reassured?

If you’ve been checking your email lately, you’ve probably received a number of updates from all kinds of businesses and organizations. Whether they’ve been informative, reassuring or annoying, the effort is there. It shows that they care. Timeshare owners deserve the same. No matter how you’ve been impacted by the Coronavirus, you shouldn’t have to bear the burden alone of something beyond your control. 

Have you been contacted by your timeshare? If not, you may want to reach out to them with your questions to gain an understanding of how they are reacting to this pandemic and how it impacts you as an owner. You have the right to be concerned here. Unlike most U.S. businesses, timeshare travel should have seen this coming with the way the rest of the world was responding to the Coronavirus. It hasn’t been uncommon to see many organizations step up to alleviate the effect of the pandemic.

Others Take Action, in Full Communication.

Due to the recession concerns, the Federal Government even slashed interest rates to nearly zero in an attempt to invigorate the economy. Lending institutions and creditors have followed suit by proactively sending out correspondence that acknowledges possible instances where customers may find themselves facing financial difficulties. The willingness of banks to discuss assistance is extremely encouraging.

TRAVELING

Travel companies are prepared for loss and currently offering discounts on future endeavors or rewards in the form of points. Airlines are also advertising “no change fees” and cutting up to 50% of their schedules as travel bans continue to expand. As airport customers begin screening for the Coronavirus, health officials are urging people to stay home.

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LOCAL BIZ

Businesses that remain open are taking extra measures to ensure their environments are sanitary. Restaurants are taking advantage of free delivery services while drive-thrus are closing their eat-in services. Medical and dental offices have heightened their safety procedures and have increased the use of medical grade equipment.

TIMESHARES

Has your timeshare informed you of what measures they’re taking during this time? If you’re currently traveling or planning to use the timeshare in the near future, have you been provided with any safety measures, guidelines or tips? Sadly, it’s been well-documented that many timeshare company’s ignore buyer complaints. But we hope history doesn’t repeat itself and that resorts step up by taking action. Responsibly ensuring that owners have safe accommodations will go a long way.

What Can Owners Do During a Pandemic?

Just the other day, politicians began proposing that every American receives a $1,000 stimulus check to ease the economic impact. Markets are being impacted, financially hindering many families across the country. Why should timeshare owners have to think about using this boost to avoid repercussions from the resort? One of our most recent clients signed up for our services because she wasn’t able to garner help from her timeshare company.

As a caretaker, changes in her work environment forced her to face a hard reality that wasn’t expected – unemployment. Losing her ability to work made canceling the timeshare contract now an easy decision. Vacation owners that count on income from tips, commissions or wages from non-essential businesses are experiencing a lot of unknown right now. Aside from your average hard-working American, those with preexisting conditions are forced to implement even further precautions to avoid the Coronavirus.

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Is your timeshare company taking notice? If they’re more worried about their losses then they should take notes from those serving society amidst a crisis. It could easily reverse their trajectory. The Coronavirus isn’t just affecting the timeshare industry. Mind you, their sales were $9.6 billion in 2017. At some point, they’re going to have to face the music and do something for owners with fixed weeks, confirmed reservations during travel bans or owners experiencing new financial hardships. 

The Reality of Timeshares and the Coronavirus.

The fact of the matter is, entire countries are being shut down and quarantined right now. Schools and local businesses are being forced to close their doors. The CDC has urged Americans to halt all gatherings of 10 or more people (SC is limiting groups to 3). Even if you aren’t following the news, you’ve most certainly noticed the change. Most supermarket shelves are empty as people frantically barricade themselves from the Coronavirus. 

While the main concern should lie in a massive influx of hospitalizations, one can’t help but notice that quality of life has dipped quite a bit. At the same time, the pandemic has also given people a unique opportunity to reconnect with others or even themselves. In times like these, finding the blessings in life can really be life changing. 

Listen, we know that finding peace can be difficult to accomplish when costly payments on a luxury item only adds to financial stress you’re going through. So if you’ve found yourself in a new financial hardship because of the Coronavirus, we encourage you to contact the timeshare directly. You may never know how they’re willing to assist you financially if you don’t ask. This virus is impacting everyone right now. 

The biggest question is, will they be willing to change their policy to assist those affected by the pandemic? It would seem as though financial solutions to make ownership more affordable would be a good initial idea. As we walk into a potential recession, what other choice do they have? If a majority of vacation owners are unable to make payments, it would cause a devastating effect on the industry – and everyone involved.

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What Might Timeshare Companies Do?

As we saw during the Great Recession, the first thing Americans stopped buying were luxuries – or anything that wasn’t deemed a necessity. Are timeshare companies going to ethically work with their owners on deferred payments, restructured installment loans or offering other forms of relief (for owners unable to use their timeshare)? Or are they going to continue their aggressive path by threatening clients with legal action and damaged credit as history shows?

If we were to speculate here, we can assume timeshare companies will push the narrative that the market will eventually settle back down. Based on the breadcrumbs, they may try to buy themselves as much time as they can before taking action. Unless there are terms regarding a pandemic in the buyer’s contract, relief may not be granted. While there is a possibility that discounts will be given, it’s hard to understand how timeshares will be able to supply the bottlenecked demand after weeks (or possibly months) of travel restrictions

Thousands of owners to date have stated their timeshare failed to provide promised availability for while they were expecting flexibility, how will they recover from this? The Coronavirus is something timeshares should address quickly. How could a legal battle play out if they force loyal customers to pay in a time of crisis? How far will they be willing to go to ensure it doesn’t get ugly? What are they going to do for owners that paid their maintenance fees for 2020? Like we said before, there is an easy way to avoid any conflict here. Take care of the consumer.

MARK CUBAN SETS THE PRECEDENT 

If you are following the news you may have seen the respectable interview with Mark Cuban, owner of the NBA’s Dallas Mavericks. Chris Cuomo from CNN stated how Mark had an option and he chose to pay employees as the NBA suspends the season due to the Coronavirus. His response was, “It wasn’t in the policy, it wasn’t an option, it was the right thing to do”. The network calls those helping others in this difficult time “AmeriCANS.” At the end of the day, these types of decisions will aid the economy tremendously. Will timeshares be willing to invest their earnings back into the customer?

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A Response Regarding the Pandemic is Inevitable.

It’ll be interesting to see how everything plays out and if timeshare owners are rewarded for their years of steady payments. If you’ve found yourself at a crossroads with your timeshare, we’d be more than happy to answer any of your questions. Our team is knowledgeable in the industry and can be trusted to consult you on alternate routes if cancellation isn’t in your best interest. For those interested in our qualification process, you can proceed with the link below.

4 Timeshare Lies That Resorts Commonly Tell Potential Buyers.

4 Timeshare Lies That Resorts Commonly Tell Potential Buyers.

For those that have bought a timeshare, the ownership experience can carry quite the mixed bag of emotions. People either enjoy it or they regret the decision. Truth be told, it all starts with the sales presentation. When buyers are fully aware of all the purchase entails, it makes it easier to find contentment. But when they’re sold on false hopes, then higher costs and minimal availability, regret tends to be the result. When a salesman from the timeshare lies about the reality of the product while leaving out pertinent information about the contract, buyers feel rather forsaken to say the least.

When you think about it, buying a timeshare is no different than any other large purchase. An informed decision that matches expectations will be a satisfactory one. An expensive, impulse decision that was too good to be true would leave a bad taste in anyone’s mouth. While it’s never a good idea to make an uninformed purchase of this magnitude (interest, fees and mortgage usually exceeds $40K), it’s hard to fault the consumer when the timeshare lies.

Misleading Consumers is Extremely Damaging.

When a retailer has the ability to lock uneducated buyers into perpetual (lifetime) agreements, a higher level of responsibility needs to be expected. If the travel opportunity is so great, then selling people on the concept shouldn’t be difficult. You shouldn’t need to lie or hide details in order to close a deal. Some people have no business owning a weekly timeshare interval. The simple fact that consumers are pressured into buying something they’re not even seeking out – for a misleading price – is downright criminal.

One unexpected expense can easily push most people over their budget and into financial hardship. So in order to help them avoid haste, we thought it was a good idea to break down four ways timeshare companies convince potential customers with lies. If you’re not aware of the strategy behind this, you could be easily swayed into a disastrous situation. No matter what the resort tells you, the signed contract terms are the only thing they’re legally bound to. Broken promises happen frequently here and if you’re unaware of common timeshare lies, misconduct is extremely difficult to prove.

aging man with beard looking borderline angry after finding out news about potential lie

Why Lies About Timeshare Travel are Common.

Timeshare sales teams know that once the rescission period (a trial period that lasts 5-7 days in most states) is over, new owners are officially bound to whatever they signed that was in writing. Any undocumented guarantees, hypothetical scenarios or suggested possibilities cease to exist. This gives customer service teams a chance to position up-sales as solutions. When the timeshare salesperson lies and the owner can’t prove it, they’re often forced to spend more money just to make the purchase worth it

When they can’t use the property the way they envisioned, many find themselves at the mercy of the resort. It’s hard for them to say “No” even when they don’t have the money because thousands of dollars are already going to waste. Pride and hope often gets in the way here. So, preventing a bad decision starts with asking the right questions. Once you know how and why the salesman of a timeshare lies to you, it’ll be easier for you to identify deceit, confidently say “no” and walk away. Hopefully this article equips you to act accordingly.

Lie #1: Cheap Travel Options Are Available.

When it comes to assessing the sales strategies in the timeshare marketplace, the ideal target audience is pretty clear. Resorts usually crave to speak to those who rarely even think about traveling or lavish vacations. These groups of people tend to be 35 and older with an average annual income of $50K. Most of which aren’t privy to the history of timeshare travel and don’t have a lot of extra funds laying around for a nice family vacation every year. 

So why do they target people with limited funds and zero travel aspirations? Because the timeshare lies about the product being an affordable, once-in-a-lifetime opportunity that isn’t actually out of reach. They know how to make it seem like it’s a deal not worth passing up by leaving out potential limitations, costs and fees. But first, they have to gain their victim’s trust by showing them a smashing good time.

senior citizens jumping up in the air on rocks by seashore vacation front lured by timeshare lies throwing hat in air

Creating Appeal Before the Deal

Every year, timeshare companies advertise free gifts in order to lure hundreds of thousands of ideal customers to their destination resorts. The only thing they require is that each guest attends (or endures) a “brief” timeshare presentation. Wining and dining consumers that rarely experience a pampered lifestyle creates an uncommon sense of euphoria. 

This opens a consumer’s mind to possibilities. It’s like getting your spouse drunk to elicit a reaction that benefits you. By the time attendees are told an affordable getaway is at their fingertips, the excitement of the new experience blinds them from their intuition. In the midst of bliss, escaping for a week all of a sudden becomes appealing.

Undisclosed Dollar Amounts.

In reality, buying a timeshare is rarely what it seems. Far too many people end up finding this out the hard way. During the sale, specific number amounts are normally highlighted or pointed out in order to mislead the buyer. What tends to be left out are annual maintenance fees, potential special assessments, interest and even taxes. What was said to be $359/month all of a sudden becomes $525/month after the first year is all said and done. That’s $6,500 and an unknown liability cost for mediocre accommodations for a week. Does that sound like an affordable travel alternative to you? Since maintenance fees rise every year and special assessments are spontaneous, there’s no telling how much the overall cost will be. 

When the purchase sends a buyer into financial hardship, additional costs and penalties can devastate their livelihood. Something that was sold as a way to bring the family closer together can end up tearing them apart. Even if the timeshare lies and claims the total cost won’t exceed $19K, most vacation owners end up paying close to $41K by the time they’re repayment term ends. This is assuming all payments were made on time. It also doesn’t consider the simple fact buyers are on the hook for maintenance and assessment costs for life. So, the true “all in cost” (at maturity) is closer to $56K.

Timeshare Lies Prove to be Costly.

When it’s all said and done, forking over six figures for an annual trip isn’t unrealistic. Even for a median income household. This is crazy to think when far cheaper options are available. If buyers knew the cost would play out this way, it’s safe to say most would have walked away. But since they were told they could afford it and lied to about the financial commitment, many are forced to adapt to a financially handicapped situation. All for the sake of a few thousand dollars in commissions paid to a sales representative with no conscience.

pointing fingers like guns sales teams for timeshare companies confidently lie about sales packages to consumers

Lie #2: Timeshares Are Investment Opportunities.

Since we’ve discussed this a number of times in other articles, we’re going to keep this short and to the point. A timeshare is not an asset, it’s a liability. Think of it like leasing a car. You can’t resell the vehicle and it’s only costing you money to use it. There isn’t much that’s advantageous about it from an investor’s standpoint. The fact of the matter is, timeshares hold zero resale value – now and in the foreseeable future. If anything, they’re depreciating faster than ever before due to improved travel options and other advancements that the timeshare industry is failing to adapt to.

Buying a vacation interval isn’t even comparable to the purchase of a new car that depreciates when you drive it off the lot. It never carries any value. The market is so dense and competitive that it’s nearly impossible to ever even get in front of someone looking to rent or buy one. So when the timeshare lies and mentions resale or rental as a fallback or investment option, don’t believe it. A weekly interval should never be mistaken for a business opportunity.

Supplemental Pipe Dreams.

The resort wants you to believe that the more you buy the more you’ll be able to make. The low risk, high reward sales pitch works when people think they can earn supplemental income while vacationing for free. Especially those with limited incomes and not a lot of spare change. It’s extremely appealing to them and often used to combat their initial remorse. But a mediocre interval during a limited week will never be able to compete with timeshare marketing strategies or premium vacation homes that are visibly listed on AirBnB or similar.

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Lie #3: Booking Priority and Convenient Availability.

One of the biggest lies timeshare companies tell involves availability. Nearly every day, we talk to someone that was told a specific week or destination was going to be available and it wasn’t. It’s just another way sales teams use verbal affirmations to get people to sign the dotted line. Buyers that are on the fence about the purchase usually want certain guarantees before agreeing to the deal. When they’re able to lock in a date that the entire family would appreciate, the pot becomes too sweet to pass up.

But the Actual Deal is Usually Sour.

In reality, first dibs for bookings almost always go to third party online travel retailers like Expedia and Priceline. Although new owners may have been led to believe they had priority booking, it’s highly unlikely. You’d have to make a substantial investment to guarantee a specific date – at which point you are drastically overpaying for something you can reserve through one of the aforementioned third parties. Resorts profit far more from retail travelers during peak seasons. They’re not going to hand over these dates to clients that are already obligated to pay.

If the buyer doesn’t figure this out within the first week, the trial period will end and they’ll be stuck with limited dates and destinations for good. Misleading statements and guarantees about availability can really put a damper on the entire experience for the consumer. Especially when the scheduling department for the timeshare lies further by claiming another vacation owner booked the week first. Ironically, this sets the resort up nicely to pitch an upgrade for the desired dates.

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Lie #4: “Beneficial Interests” Add to the Family Legacy.

If you stay at a timeshare presentation long enough, sales teams know how to start tugging on your heart strings. After a few hours they start trying to make attendees feel as though they’re letting loved ones down by passing up an amazing opportunity they may never come across again. Whether they’re referring to children, extended family members or a close group of friends; the timeshare company knows how to pull information out of you and use it against you.

A Legacy Pitch is a Red Flag.

Telling a proud father that his kids deserve an annual trip is a good way to chip away at the sale. One of the more famous ways they go about doing this is what’s called a “legacy pitch.” This leads potential buyers to believe they’ll be able to leave their kids a piece of vacation property (otherwise known as “beneficial interest”) for future use once they pass away. This tends to be pretty convincing for aging couples nearing the end of their lives.

Unfortunately, it’s just another way the timeshare lies about the actualities of the bargain. While the offer is normally sold as a points program through a trust, in most cases, the contract language states the owner doesn’t actually own anything at all. The trust owned by the timeshare does. However, the owner is on the hook for the mortgage, maintenance and assessment fees. What ends up happening is, the children of the deceased buyer end up absorbing the burden down the road and the resort begins requesting liability payments from them.

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Avoid the Lies and Focus on the Facts.

At the end of the day, the only reason a timeshare should be purchased is for the travel experience. However, participating in minimal research and simple comparisons will show this to be a poor financial decision. While the purchase is sold as an affordable expedition with ideal dates that are too good to pass up – you must understand that you’re paying a premium to vacation this way. Nothing is guaranteed unless it is in writing. If you feel as though your emotions and personal relationships are being used to leverage your decision, it’s always best to walk away.

The truth is, it’s very hard to identify timeshare lies and deception at the point of sale. But when you know what to ask and how to confirm pertinent details, you’ll always be able to make a confident decision. The last thing you should want is to enter a never-ending sales cycle that continues to prey on your desperation with false hopes. If you’re stuck in an unfavorable agreement, we’d love to help you exhaust your options with the resort before helping you find a favorable outcome. We provide free consultations that explain how to get out of a timeshare or you can begin the qualification process below.

Can I Rent My Timeshare? The Reality of Mortgages, Fees, Cost and Return.

Can I Rent My Timeshare? The Reality of Mortgages, Fees, Cost and Return.

The timeshare resale market is often viewed as an area of opportunity for vacation owners to “make some money” when times get tough or they grow tired of their interval. Nearly every day, we speak to someone wondering, “Can I rent my timeshare when I can’t use it?” While those posing this question are sometimes convinced they can profit off of something that has inevitably failed them, most simply aren’t sure what’s true. Like we’ve mentioned in previous articles, this oblivion is mostly due to the deceptiveness of the initial sales presentation

During the purchase itself, many buyers are told they can easily resell, rent or even refinance the purchase at some point if it better suits their needs. A number of things are strategically communicated to prospects in order to put them at ease about the perpetual commitment. Even when some buyers ask the right questions, sales teams know how to respond in a vague manner while using perks and possibilities as a distraction to concerns. Floating the idea that buyers can effortlessly resell or rent a timeshare is down right criminal to say the least. But resorts aren’t the only entities that deceive fractional owners.

The Idea of Timeshare Rental is Meant to Seem Promising.

When consumers find supporting misguidance from resale programs or bias timeshare resources, it encourages them to waste a tremendous amount of optimism and capital on something that was never truly opportunistic. While the message relayed might seem promising, it’s hardly true. Buyers should already be leery of this after the timeshare presumed expectations that didn’t match the experience. Any fractional owner or person intrigued by vacation ownership should look at all information about timeshares as questionable at best.

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Let’s make one thing clear, we’re not here to persuade you that our perspective is better or that timeshare cancellation is your best option. We simply believe that owners deserve to know how to critically analyze what they’re told regarding a purchase of this magnitude. If you’re really wondering, “Can I rent my timeshare,” then you ought to know what you’re actually getting yourself into. In order to explain what the timeshare rental process really entails, we have to be able to look at the entire picture. This way, you’ll be able to see that our perspective is valid and that intent isn’t to mislead you further.

3 Types of People That Buy into Renting Timeshares.

If you took the time to poll every owner that tried to rent out a vacation property, a majority of them would tell you to avoid the attempt at all costs. We know this because a good number of them eventually call us. When buyers initially experience remorse, they normally consider selling the timeshare first. This is because they mistakenly believe the property is an asset and holds value. But once they realize getting rid of a timeshare just isn’t that simple, renting tends to always be the fallback plan. 

Unfortunately, the decision to continue pursuing resale by leasing intervals is usually a costly one. While many fall into the timeshare rental trap out of desperation, there are others that truly believe renting their timeshare is a great idea. Below, we do our best to give you an idea of their reasoning and motives. Challenge yourself to see if you fall under one of these categories. If so, try to honestly justify your optimism by the end of this article. 

1. Gullible Owners that Don’t Challenge Sales Pitches.

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The biggest income opportunity for timeshare companies is vulnerable buyers. While many new owners believe the sale is over once the contract is signed, it most certainly is not. The sales cycle for vacation ownership never ends. Because of this, gullible buyers are often preyed upon throughout their ownership experience. These types of people often paint a target on their backs for their willingness to say “yes” to resort upgrades or suggestions. Sadly, most of these recommendations only benefit the timeshare or its affiliates.

When they repeatedly do as they’re told and trust the pitch instead of investigating every solution, they often find themselves in a lopsided situation they can’t escape from. If you’re asking the resort, “Can I rent my timeshare,” you have to understand why they’re going to tell you “Yes.” Using their resale programs allows them to continue collecting your payments with the potential to make even more money off of your inconvenience. The same goes for third party rental platforms that promise you returns.

Those that are easily persuaded – by either or – rarely last long as owners due to the contractual binds they place themselves in. After maximizing options in an attempt to “fully enjoy an experience” they’ve yet to receive, many have little to show for it. When they reach back out to the resort for guidance, many are sold on points programs or the concept of selling or renting timeshare weeks to make some of their lost money back. These people often have the money to spend, but no cognizance of how they’re being taken advantage of. The elderly normally reside in this category.

2. Owners that View Timeshare Rental as a Saving Grace.

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While many timeshare owners look to leasing because of an overall disappointing experience, some have no choice but to decrease their overall spending. Whether vacation ownership was the culprit for financial hardship or not, all fractional owners end up paying more than they budgeted for. This usually causes unexpected financial problems for those who had no business owning one in the first place. 

In case you didn’t know, resorts specifically target low income households because it allows them to hold the user hostage when funds run out. These types of people are easily persuaded because vacationing is currently considered wishful thinking. An impulse purchase usually transpires when they’re offered free gifts and “once-in-a-lifetime” vacation packages that seem to be affordable. But once they realize they’re in over their head, they frantically look for a way to recoup any of their losses just to stay afloat. 

Whether broke vacation owners desperately try to rent their timeshare through a third party or the resort itself, they’re often relieved by the promises they receive. Some are so ecstatic about the possibility of offsetting their costs that they blindly pour more of their precious capital into advertising in hopes of expediting the timeshare rental process. When timeshare renters or buyers never surface, the outcome is monetarily devastating for those already low on cash. Look, if you’re struggling to keep up with payments, leasing the property will never be your saving grace. There are just too many retail travel options to compete against.

3. People Who Buy Timeshares With Intent to Rent Them Out.

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Over the years, we’ve spent an awful lot of time analyzing online searches regarding timeshare ownership. When it comes to the search phrase, “Can I Rent My Timeshare,” we found that some inquiries are performed by aspiring investors. The problem is – like we said before – the online guidance regarding timeshare rentals can be quite misleading. This causes a number of aspiring entrepreneurs to pull the trigger on what seems to be a promising opportunity with an easy return. 

At the same time, multiple timeshare purchases aren’t always pursued as initial investments. First time buyers with high income levels often purchase additional timeshare packages with the intent to rent when the initial purchase doesn’t work out. They believe a quantitative approach will increase their chances at usage while they make money on unusable intervals. While this may seem like a smart solution to a less-than-stellar timeshare, what happens when you can’t rent or get rid of either property?

What ends up happening is, the financial competence of these types of buyers allows them to be patience while they await a sale. Most view timeshare rental or resale like that of selling or remarketing a house. But it’s nothing like that. Although a lack of interest during the first 6 months may seem normal to them, a year or more of no return can financially cripple their aspirations. The demand for vacation ownership isn’t anything like the residential real estate market – and it should never be viewed that way.

When you assess the reality of timeshare sales, people end up buying because they’re aggressively sold or misled about investment return. Nobody – besides the resort, resellers or investors – are looking to rent a timeshare. They’re looking for those asking, “Can I rent my timeshare,” because they want to take advantage of their desperation so they can make money. Trying to make supplemental income on something people aren’t looking for is a good way to lose a lot of money. Truth be told, many owners can’t even get rid of timeshares for a dollar

The Disadvantageous Cost of Renting A Timeshare.

Since we’ve hit you with a lot of hypothetical scenarios thus far, we can understand if you still think you can successfully rent a timeshare. So, let’s take a look at some of the disadvantages that renting brings before breaking down how much it will more than likely cost you to try.

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1. A Large Investment of Time and Money.

Once owners begin the timeshare rental process, they’re normally caught off guard by how much time it takes them to setup the listing. Not only will you need to provide ample descriptions, a list of amenities and up-to-date imagery, but you’ll also have to manage availability and booking. Although the initial listing cost is fairly cheap, costly upgrades are usually offered to help you with setup and increase the exposure or appeal of the property. 

While every rental platform is different, most recommend advertising to improve results. What was originally viewed as an easy way to profit off of an unused week can quickly add hundreds of dollars to your monthly timeshare expenses – with no money earned. This is especially frustrating when buyers spend countless hours managing their listing.

2. No Guarantees Should Catch Your Eye.

Even though a timeshare rental pitch may sound great, you have to understand that nobody can make promises regarding resale outcomes. Unless there is some sort of money-back-guarantee in writing, you can’t buy into the things you’re told. Far too many owners confidently partake in rental opportunities without much thought because they’ve been reassured the result will be favorable. But even when resale reviews seem positive, you have to learn to separate sales pitches from reality in the timeshare industry. Like most relief options, they’re nothing more than a revenue ploy.

3. Timeshare Rental Scams Are Real.

This disadvantage is pretty self explanatory. Whether you’re looking to rent a timeshare due to dissatisfaction or supplemental income, predatory agencies are built to collect payments and drag out the process. Since most scams are run by former timeshare employees, the operation knows how to dupe and persuade vulnerable owners. They know how to create phony company information so they’re perceived as a valid business with a reliable reputation. Like resale and exit fraud, rental scams should concern you.

4. An Unwarranted Peace of Mind.

One of the most overlooked elements of misleading timeshare rental practices is the simple fact that most owners believe they’ve found resolve. In the midst of financial hardship or extreme inconvenience, they temporarily feel as though they can see the light at the end of the tunnel. Sadly, many continue the cycle of regret when they’re left feeling duped and betrayed by another entity that promised relief. Creating peace of mind with empty guarantees while the owner makes payments is pretty low.

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Breaking Down the Actual Cost of Renting Timeshares.

When you take the time to analyze the overall expense of timeshare remarketing, it can be quite staggering to say the least. In this example, let’s assume the aspiring renter pays around $4500 per year for their mortgage, maintenance fees and special assessments. We believe this is a generous number (below average) which breaks down to about $375 per month. If the owner were to spend $1000 on remarketing setup, management and advertising, it would add $83 to their monthly total ($458). If they purchased an additional timeshare interval with the intent to rent the property, then we can double this total ($917). 

After inspecting some online reviews for “successful” rental solutions, we found that most happy owners typically waited at least 6 months before they saw results. This means, the average reseller spent nearly $3000 before any transaction occurred. While they may have collected a few thousand for the week, they’re still on the hook for the remaining balance. If you owned 3 properties and only rented one interval then your expenses could be extremely one sided – and not favorable by any stretch.

Keep in mind, this scenario is assuming you find someone to lease the timeshare. If you’re experiencing financial hardship, you can see why this isn’t a wise choice. If you’re purchasing multiple units with the intent to rent or sell, then you’ll be digging quite the hole to kick off your investment project. If you don’t take the time to research the purchase initially or any other option throughout, you could find yourself swimming upstream for quite some time.

average-joe-looking-to-make-money-off-of-timeshare-interval-but-slowly-realizing-there-is-no-way-he-can-be-profitable-needs-more-coffee-and-some-reassurance-that-canceling-is-his-best-option

So Do I Rent My Timeshare or Not?

In conclusion, renting timeshare intervals is one of the biggest mistakes fractional owners make. While you may not value what we have to say – because we specialize in terminating timeshare contracts – we hope this article has given you some insight on the reality of reselling your perpetual property. We understand that a number of third party agencies and biz operations have had success with timeshare rentals, but it doesn’t necessarily mean you’re equipped to experience the same. 

Many of these resale companies know how to prey on desperate timeshare owners, purchase intervals for nothing and target unexpected consumers with what seems like amazing deals. Unless you’re a con artist yourself, it’s going to be difficult to compete with these guys. They know how to publish mass income opportunities and “stay at home jobs” that attract uninformed consumers – you don’t. In most cases, you probably don’t even have the capital available to pull it off. Even Disney timeshares, that are high in demand, are hard to resell or rent on your own. 

If you really think, “I can rent my timeshare and make some money,” we encourage you to explore other options. Instead of waiting years to master the process and coup a few thousands dollars, you could cancel the timeshare agreement altogether and move on. What could potentially turn into a loss that exceeds tens of thousands of dollars could eventually be avoided with a one-time-payment that’s significantly less. 

To learn more about our attorney based process and our experienced staff, you can schedule a free consultation or proceed with our qualification form below. 

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