Home » Vacation Ownership
Tag:

Vacation Ownership

Timeshare

5 Things You Wished You Knew Before You Bought A Timeshare

by Lisa Ann Schreier
written by Lisa Ann Schreier

We all know that the timeshare buying process is daunting, and it might seem like the salesperson is either the devil incarnate or your best friend- neither of which is true. Everyone has something to say about timeshare, but who should you listen to? We asked Lisa Ann Schreier a former timeshare salesperson and now the consumer advocate known as The Timeshare Crusader for her thoughts. Here are the 5 pieces of advice she thought were worth sharing.

  1. Understand all the costs involved. It is not just the purchase price, which averages more than $20,000 when buying from the developer. There’s the annual maintenance fees which rise over time, usage fees, reservation fees, exchange company membership fees and the occasional special assessments. In one notorious case, a developer assessed owners over $5,000 for water intrusion.
  2. Using your timeshare is not as easy as the salesperson makes it out to be. You’re not going to be able to pick up the phone or go online and book a winter vacation in Vail or Kauai two or three months out. There are rules that you need to fully understand in order to use your timeshare and it’s never as simple or easy as booking a hotel.
  3. It makes all the difference in the world if you own a fixed week, floating week or a point based timeshare.Each time has its pros and cons. For instance a point based system may offer more flexibility in usage, but the majority of them are not inflation proof so you might find yourself continually having to buy more to do what you want to do.|
  4. Timeshares are not investments, have extremely low resale value and many come with restrictions for anyone purchasing on the secondary market. If you owe on it, your chances of selling it are slim to none.
  5. Despite the proliferation of so-called exit companies, it’s nearly impossible to be released from your financial responsibilities of a timeshare once the legal rescission/cancellation period has lapsed. It’s not unusual for people to be scammed out of thousands of dollars and still owe on the timeshare.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote Surviving A Timeshare Presentation…Confessions From The Sales Table and Timeshare Vacations For Dummies. In addition, she co-authored the definitive college level textbook on timeshare. She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her tell it like it is blog (https://thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt
Questions? Looking for assistance? Email Lisa a lisaschreier617@gmail.com

0 comment
0 FacebookTwitterPinterestEmail
Timeshare

6 Timeshare Questionable Practices Targeting Seniors

by Lisa Ann Schreier
written by Lisa Ann Schreier

While timeshares can be good for some people, sadly there are bad guys at every step of the way when it comes to timeshare matters. Unfortunately, seniors fall prey to these practices more often than other consumers. It’s imperative to keep your wits about you when dealing with timeshare matters.

Here are 6 ways that unscrupulous individuals take advantage of seniors:

Lying About How Your Heirs Will Be Stuck With The Timeshare Unless You Do Something

Unless your heirs are actually on the timeshare deed or whatever form of ownership you have, they are under no obligation to accept the timeshare when you die. It’s important to understand that your estate will be required to pay off any debt you still have on the timeshare however. Buying more timeshare or upgrading to some made up ownership level will only increase your debt, but will have zero impact on your heirs being stuck with your timeshare.

Keeping You At A Sales Pitch Longer Than The Required Length Of Time

When you accept the terms of whatever sales presentation you attend, there will be a stated minimum length of time you are required to stay in order to qualify for whatever you’re receiving. This time limit must be in writing. Find it and stick to it. You are under no obligation to stay for anything longer than that. I’ve heard countless stories of hapless seniors who were kept for 4, 5 or more hours, often without food or drink by sales personnel using one ruse or another. Don’t fall for this. Get up and leave at the appropriate time. Remember that you, not the salesperson is in control.

Lying About How You’ll Be Able To Pay Your Maintenance Fees If You Buy More Timeshare

Just not true, or at the very least, not the way they make it sound. Do not ever buy more timeshare for any other reason that you want more vacation time.

Claiming That They Have A Buyer For Your Timeshare And Need Money For Costs Which Will Be Refunded To You Upon Completion Of Sale

If you own a timeshare you may want to sell it. In any event, it’s imperative that you maintain control and do not ever engage with any company or person that initiates contact. 99% of timeshares are worth only a tiny fraction of what you originally paid, and there are millions of timeshares currency for sale on the secondary market. No one has a buyer for your timeshare that you haven’t even advertised yet. You should not ever pay in advance for selling your timeshare.

Lying About The Fact You Have To Attend An Update Or Survey

There are only a few cases where you are obligated to attend a sales presentation. One is if you accept those conditions in exchange for something that you’re receiving such as a discounted stay, theme park tickets, dinner show tickets, etc. Another case is where you previously purchased some sort of trial timeshare and each time you use part of it at a resort, they have another opportunity to sell you on the full program. That’s about it. There is no such thing as a mandatory owner update or customer survey.

Pretending To Be Your Friend

Sadly, I hear this one more than any other story. Remember that the sales person is just that, a sales person. They have no other reason to be nice to you or appear to have your best interests at heart other than to sell you something. However much they might remind you of your children or grandchildren, however many family photos they may show you or however many personal stories they may tell you, it’s all done with only one purpose-to sell you something. These people are very well trained in these tactics because they work so well. Don’t fall prey to them. You’re not being mean to them by not buying anything they’re selling.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote ‘Surviving A Timeshare Presentation…Confessions From The Sales Table’ and ‘Timeshare Vacations For Dummies.’ She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her ‘tell it like it is’ blog (http://www.thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt

Questions? Looking for assistance? Email Lisa at lisaschreier617@gmail.com

0 comment
0 FacebookTwitterPinterestEmail
Quick Tips Before you Listen to a Timeshare Presentation
Timeshare

Quick Tips Before you Listen to a Timeshare Presentation

by Lisa Ann Schreier
written by Lisa Ann Schreier

If you’ve ever sat through a timeshare sales pitch, you know that they can be high pressure. The sales staff has been trained to do one thing and one thing only—-influence you to purchase on the spot. Because of that high pressure, these sales pitches can be laced with, ahem, some misrepresentations. Here are the most common things that are misrepresented at timeshare sales pitches:

Price Today vs Price Any Other Time

This is the one that is used the most, often in conjunction with ‘quoting’ some State Statute. If there is such a statute, such as in Florida, it has to do with whatever gifts you’re being bribed with to sit with the salesperson, not the price. Trust me, they’ll take your money tomorrow, next week or next month.

Resale Value And Your Ability To Resell

The truth of the matter is that the resale market is awash in timeshares that owners are willing to sell for $1,000 or less. Sales agents simply refuse to disclose that. In some cases, licensed brokers will refuse certain listings because the timeshare literally has NO resale value because of the draconian restrictions placed by the developer in secondary market purchases.

Maintenance Fee Relief Programs That Do Not Exist

There are many permutations of this misrepresentation. Suffice it to say you should not purchase additional timeshare under some bizarre plan that you’ll be able to pay off your fees with the points. Read that again. It makes no sense, does it?

The Value of Travel Awards

Again, there is a myriad of promised schemes using timeshare points and the ability to purchase certain travel rewards. Bottom line, buy timeshare only to use as timeshare, not for the promise of being able to use it for airline tickets, etc.

Stating A Lower Interest Rate Can Be Obtained From A Bank Or Credit Union

In the event you’re smart enough to balk at the ‘convenient’ 15%, 16% or 17% financing the resort will offer you (and you’d be stunned to find out how many people agree to those insane rates), some salespeople will tell you that you can get a personal loan. Wrong. I have yet to find a bank that will finance a timeshare. What are they going to do if you’re foreclosed on? There is however a reputable source for people with good credit history. Check out LightStream.com.

Ease Of Ability To Return To Your Home Resort

Unless you purchased a fixed week/fixed unit timeshare, highly doubtful, you’re going to have to make reservations to come back to your home resort. You’ll be battling other owners and owners who are exchanging into your resort for prime season. You better fully understand exactly when you need to make a reservation and what the process is before you purchase. Don’t rely on the salesperson, talk to other owners.

Ease Of Ability To Trade/Exchange

If you think coming back to your home resort takes some doing, it’s nothing compared to attempting to trade or exchange into another resort. In addition to the fee averaging over $200 (!) most owners find out too late that they need to make plans either 12-13 months out or less than 60 days out in order to get what they want. A week in Branson, Missouri is not going to get you Christmas Week in Hawaii.

Bottom line here is do not do anything in haste. If you’re looking for assistance in determining what’s true and what’s false, figuring out if a timeshare is for you, or like millions of people who already own and no longer want or use what they have, contact me at lisaschreier617@gmail.com.

0 comment
0 FacebookTwitterPinterestEmail
Timeshare Expert Answers Owner Questions
Timeshare

Timeshare Expert Answers Owner Questions

by Lisa Ann Schreier
written by Lisa Ann Schreier

Lisa Ann Schreier is a leading timeshare expert who is helping Senior.com members make wise decisions about their timeshare investments. Here are some of the latest important questions submitted: Timeshare Expert Answers Owner Questions

1. Recently, Marriott and Starwood merged. Will this affect my timeshare ownership and usage?

These types of mergers are becoming more and more the norm. Individual ownership should not change all that much. The manner in which your timeshares are used, i.e. reservation systems, ability to use loyalty points across different platforms (hotel, timeshares, travel, etc.) and ability to trade/exchange MAY significantly change. More than ever you must pay attention to all communication that the resort issues and if possible, attend your annual HOA meeting(s). If you are unable to do so, request a full and detailed recap of the meeting.

2. I’ve been looking to sell my timeshare that I’ve owned for 20 years, but have been disheartened to find out that they are practically worthless. Why is this the case and how can I maximize my purchase?

In most cases, 50% or more of the price that you paid when you purchased your timeshare from the developer were attributed to sales and marketing costs. Factor in the glut of timeshare on the resale market and the increasing number of developers that are placing usage restrictions on secondary market purchases and it can look pretty glum for many owners. If you’ve used your timeshare for 20 years and enjoyed great vacations and can sell it for even a small fraction of what you paid for it, you’re coming out ahead…remember that this is NOT an investment. If you just can’t bring yourself to sell your timeshare for $1,000, consider renting it out. This way you can make some money while still holding on to your timeshare. If you are set on getting out of your timeshare, here are some tips:

  1. Use a licensed timeshare broker who will not charge an upfront fee
  2. In some cases, the “value’ of the timeshare is so low, that a broker will not accept the listing. In that case, look into the Alternative Dispute Resolution Service which will be rolled out in January 2017 from the National Timeshare Owners Association.

3. When multiple siblings inherit a timeshare what are the pitfalls of managing fees, ownership sharing, scheduling etc. What can be put in the estate planning to make it better?

Inheriting a timeshare can be difficult for everyone involved, particularly if there are multiple siblings. Some siblings may not want the timeshare; so if possible, find out who does and who does not. The parent or grandparent leaving the timeshare must first clearly understand the details of the timeshare; i.e. weeks, points, reservations, fees, etc. The easiest way to “split” a timeshare is to stipulate that each heir gets the use and the responsibility of the timeshare on alternate years.

4. What do you see is the future of timeshare ownership? Point systems? Ownership weeks?

The majority of timeshares being sold today are point based products. But, that doesn’t mean that the week-based system is in any danger of being phased out. Many of the point-based systems have absolutely no real estate interest, which begs the question “do I really own anything?” Smart developers will begin to offer term-products, so that owners are not saddled with an ‘in-perpetuity’ product. However, this is no longer timeshare in my opinion. More than ever, it is imperative to understand what you own or what you are thinking of purchasing. A 5 year vacation club is vastly different than a deeded timeshare. Both have pros and cons.

Timeshare Expert Answers Owner Questions

0 comment
0 FacebookTwitterPinterestEmail
Timeshare Expert Answers Owner Questions
Timeshare

Answering Your Timeshare Questions

by Lisa Ann Schreier
written by Lisa Ann Schreier

Got A Timeshare Question? Ask Lisa Ann Schreier, The Timeshare Crusader.

Each month, we’ll choose three or four questions from our readers to be answered her in the newsletter. You can submit a question by e-mailing her directly at lisa@timeshareinsights.com. Answering Your Timeshare Questions
Hi. I’ve owned a timeshare for 10 or 11 years now and have recently begun getting inundated with calls about selling my timeshare. I enjoy my timeshare and don’t want to sell. How can I avoid these calls?
So glad to hear that you enjoy your timeshare! The best way to avoid these annoying and often-times misleading phone calls is to register your phone number with the National Do Not Call Registry. Here’s the link to register: https://www.donotcall.gov/ If you continue to receive calls once you’ve registered, you can file a complaint on that same site. I strongly advise timeshare owners to avoid doing business with any entity that initiates contact, including phone calls.
This is my first year of owning a timeshare and I recently received a notice of my timeshares annual meeting. I can’t attend this meeting, who should I appoint as my proxy assuming I should do this?
Welcome to the timeshare world! You have a world of great vacation experiences ahead of you. Understandably, you might not be able to attend your resort’s annual meeting. If you are thinking of assigning your proxy to someone in your stead, be certain that they have your best interests at heart and, should any votes be required, they are voting the same way you would had you been in attendance. I recommend staying up to date on any and all issues facing the owners and management company throughout the year.
My timeshare resort just informed us that they were switching from weeks to points. What does that mean to me? What if I am satisfied with the current system…do I have to switch?
Great question…you’ll be happy to know that the simple answer to this is “NO.” You do not have to switch from weeks to points if you are satisfied with what you own and it’s working well for you. I recommend listing to what the resort is telling you about any new system and taking time to ask questions and make an informed decision. Don’t do anything in haste.

Answering Your Timeshare Questions

0 comment
0 FacebookTwitterPinterestEmail