Ask me about timeshares
 

There have been a couple of posts on this subject recently and there seems to be a fair amount of interest, so I thought I would chime in.I've been in timeshare,or,as we like to say now,"vacation club" sales, for over ten years with a major hotel chain.Bring it.

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do you ever feel any guilt after closing a hard sell on someone that is obviously getting in over their head and/or don't really know how bad of a deal it is?

or do you actually think they're a good deal?

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How do they figure it was worth it to pay me $300 to sit thru the presentation?

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No,I don't feel any guilt.I tell people they have to ask them selves three things before they should consider owning.
1)Do they like it?
2)Would they vacation more and/or nicer if they owned it?
3)$ ie.,is it TOTALLY comfortable for their budget?
If they say yes to all 3,then they should seriously consider owning.
As far as hard sell,our business is notorious for it.Fortunately,I work for a company known worldwide and we employ what's called a "takeaway" approach.Kind of like the hot chick at the bar that blows you off.That only makes you want her more.So,ZERO hard sell.

As far as being a bad "deal" ,that depends on your definition of a deal.It's usually a horrible financial investment,but a great investment in time with loved ones without distractions.Is it the least expensive way to go?Absolutely not.Go camping for that.

I believe in the product my company sells wholeheartedly.I'm going to the Keys and the Virgin Islands for 2 weeks for Xmas and New Year's with mine and to Vegas for the Super Bowl.Most good salespeople own their product if they believe in it.It's a fun way to vacation with friends or family.Chicks walk into the places I stay and think it's balla ,so it has it's advantages.

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Howard,they figure in the $300 in to the purchase price.Most marketing in timeshare is built in to purchase price.Kind of like when you book a cruise and they "include" airfare.Did you tour with ILX,Sunterra, or Fairfield(Wyndham)?

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Howard,they figure in the $300 in to the purchase price.Most marketing in timeshare is built in to purchase price.Kind of like when you book a cruise and they "include" airfare.Did you tour with ILX,Sunterra, or Fairfield(Wyndham)?

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I don't want to say. Not trying to dodge you but, even though I only said nice things about where I went, I worry about malicious people online. I will say that I recognize one of those 3. Good read.

Edit to add:

I don't think it was necessarily a bad deal. If I had some loose cash I might've gone for it. As I said in my TR I have a cousin who uses hers regularly and loves it. The place I toured was an older property but still very nice, much, much nicer than a regular hotel room. I think most folks objection to it (as is mine) is that there isn't much of a resale market but if you look at it as an initiation fee into a club where you can travel in style for your lifetime (worth much more if your younger) then I can understand buying one.

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No prob.Glad you didn't have a horrible experience.lol.

Re: Ask me about timeshares
 

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There have been a couple of posts on this subject recently and there seems to be a fair amount of interest, so I thought I would chime in.I've been in timeshare,or,as we like to say now,"vacation club" sales, for over ten years with a major hotel chain.Bring it.

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What are typical tricks of the trade that the timeshare owner can use to get extra benefits like extra nights, free upgrades, VIP treatment?

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Call the resort directly a couple of times with questions before you arrive.Ask to speak to the same person each time if you hit it off.Bring some small local type gift.For instance,if you are from Vermont bring a small bottle of some local syrup.This can occasionally get you upgrades if you have talked to the front desk clerk before.For extra nights,some ts companies offer owner rental discounts above and beyond the purchase.Check with your home resort to find out before you travel.Interval Gold is worth upgrading to if you belong to Interval International(a big TS travel agent).This allows you to use "getaways"which are rentals of unused inventory.I'm staying in a 2B at Polo Towers in Vegas for $199 for the week.Many resorts offer discounts on golf,spas,restaurants,tennis,tours ,etc.for on property guests as well.Ask about these at check-in.

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How much more trading power do your really get (say at Interval or RCI) by buying a platinum vs a gold week?

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It depends on the company you own with.Remember II and RCI are just exchange companies.For MOST timeshares your actual purchase becomes your bargaining chip.Location of home resort,seasonowned,week owned,size of unit.These play a great role for most timeshares for thier tradability.Platinum season for Hyatt as an example is totally differnt than platinum season at Marriott.Two totally different programs,same terminology.I would need specifics to give you a direct answer.

Re: Ask me about timeshares
 

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As far as being a bad "deal" ,that depends on your definition of a deal.It's usually a horrible financial investment,


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I know nothing about timeshares, why is it a horrible financial investment? what exactly does buying into a timeshare involve?

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What is the best way to go about selling a timeshare? Do the companies that advertise on TV do a good job of it or are they a ripoff?

Re: Ask me about timeshares
 

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As far as being a bad "deal" ,that depends on your definition of a deal.It's usually a horrible financial investment,


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I know nothing about timeshares, why is it a horrible financial investment? what exactly does buying into a timeshare involve?

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In the old days,they were sold as real estate investments with the implied forecast of appreciation.With rare exceptions,this does not happen.Fortunately for me,my owners understand this BEFORE they buy.
Basically,you own a condo to vacation in for x amount of days a year,fro x number of years.Acronyms like II or RCI represent outside brokers(like poker site affiliates in a way)that allow people to exchange their timeshare for others in a system of affiliate resorts.That way you don't always have to vacation the same place every year.

Condo=pizza
week=slice
52 weeks=52 slices
Most timshares are sold in 1 week slices so you don't have to buy the whole condo.

Re: Ask me about timeshares
 

What do sales rep make per year? Is it like most commish sales where the top 20% make 90% of the dough?

What does a struggling (barely keeping his gig) guy make at your office, middle of the pack guy and top 2 or 3 make? How many reps in your office?

How long does it take new reps to start making good dough? In my biz (cars) about 20% of the new reps make it. What is the success rate for new timeshare reps?

Is it easy to get into timeshare sales? What corporations would you recommend a new rep starting with? Of the 10 presentations I have been to I was most impressed with Marriot.

Do you guys use closers? What do closers make? Are they usually paid a % of the entire sales staff?

Thanks in advance!

Re: Ask me about timeshares
 

Okay, I own a Marriott gold week at their biggest Orlando property (Grand Vista). Memorial Day is the only holiday weekend that is 'gold' so I always book my week for that one. Then I drop it into II and exchange away. The only place I've ever had trouble exchanging to is Hawaii. Is there a secret that I have missed or am I working the system properly?

Re: Ask me about timeshares
 

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What is the best way to go about selling a timeshare? Do the companies that advertise on TV do a good job of it or are they a ripoff?

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The easiest way to know if they are a ripoff is if they ask for upfront fees of ANY kind.In Florida,they passed a law against this so now resale companies charge you for an "appraisal".Of course,they just happen to have an appraiser that they recommend.That fee is a way to still charge you upfront.Most timeshare resale companies only list them in a publication or on the internet and that's it.They aren't trying to actively sell your TS.There are exceptions ,but usually you should get about 20-30% of what you initially paid.The market is really soft for resales,It is a buyer's market.You are usually just better off listing it on Ebay and hope for the best.

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There are exceptions ,but usually you should get about 20-30% of what you initially paid.

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is there any benefit at all to buying directly from you, rather than from the resale market?

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What do sales rep make per year? Is it like most commish sales where the top 20% make 90% of the dough?
40-150K at most resorts.Yes.
What does a struggling (barely keeping his gig) guy make at your office, middle of the pack guy and top 2 or 3 make? How many reps in your office?
40K,60K,130+,25
How long does it take new reps to start making good dough? In my biz (cars) about 20% of the new reps make it. What is the success rate for new timeshare reps?Very similar to cars in that way across the board.Higher commish per deal
for TS,Much better hour hours for TS sales.Is it easy to get into timeshare sales? What corporations would you recommend a new rep starting with? Of the 10 presentations I have been to I was most impressed with Marriot.
Timeshares are the true equal opportunity employers.Most of
the smaller companies are always hiring because of the high turnover.If you are breathing they will give you a shot.Since it is commission sales if you don't pan out all it cost the company is training which is haphazard throughout the industry.All of the major hotel chains are legit.I get full benefits,401K,insurance,the whole shot.Do you guys use closers? What do closers make? Are they usually paid a % of the entire sales staff?
Most TS companies use closers much the way car lots do.Most closers are making 6 figures +,yes.
Thanks in advance!

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Sorry,I don't know how to separate the questions individually.

Re: Ask me about timeshares
 

how is buying a timeshare better than just renting a week someplace? cheaper? do you sell your shares of the timeshare or something?

Re: Ask me about timeshares
 

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Okay, I own a Marriott gold week at their biggest Orlando property (Grand Vista). Memorial Day is the only holiday weekend that is 'gold' so I always book my week for that one. Then I drop it into II and exchange away. The only place I've ever had trouble exchanging to is Hawaii. Is there a secret that I have missed or am I working the system properly?

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With Marriott,you go to the front of the line if you book between 12-13 months out from when you want to go.Once inside of 12 months you compete with everyone else in II.Many Marriott owners get up at the earlist possible time EST EXACTLY 13 months before to get a shot at Hawaii.call your Marriott contact person and they can give you more details.Grande Vista is a sweet resort.

Re: Ask me about timeshares
 

spartan,

Why do you hate whitespace and is this your first time using a computer?

J

Re: Ask me about timeshares
 

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how is buying a timeshare better than just renting a week someplace? cheaper? do you sell your shares of the timeshare or something?

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Better is in the eye of the beholder.I think a Herman Miller chair is worth the loot because I play poker.Many of my non-poker playing friends think I'm insane for spending hundreds on a computer chair.To me,it is worth every dollar.It's all relative.

Re: Ask me about timeshares
 

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spartan,

Why do you hate whitespace and is this your first time using a computer?

J

[/ QUOTE ]What is whitespace?And yes!LOL.Help.if it ain't too late.

Re: Ask me about timeshares
 

My goal in poker is to some day use my winnings to buy a vacation condo. I figure I could use it maybe ten times a year and try to rent it out the rest of the time. I plan on paying cash for the condo because I don't want to take on any debt in addition to what I already owe on my mortgage and student loans.

My research on the area I'm looking at (Galveston, TX) has indicated that I can get a really average condo for around $100k or I could go another route and buy a 25% deeded interest in a really great condo for about $40k. Then maybe I could buy more later on (greater interest in same unit or some other comparable one). What are your thoughts on buying in chunks versus waiting until I have the cash to buy a condo outright? Obviously I will get to $40k faster than $100k.

Re: Ask me about timeshares
 

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There are exceptions ,but usually you should get about 20-30% of what you initially paid.

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is there any benefit at all to buying directly from you, rather than from the resale market?

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It depends what you are looking for.If you are looking to go to the same resort at the same time every year and you want it guaranteed,then you may have no choice but to buy retail to get exactly what you want.With the major hotel chains they allow you to convert your timeshare into hotel stays if you buy from the developer.Some also have right-of- first-refusal clauses to control the resale market to a degree.If none of that is important to you and you just want a TS to trade and you are very flexible when you use it ,then you may be better off buying resale.

Re: Ask me about timeshares
 

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My goal in poker is to some day use my winnings to buy a vacation condo. I figure I could use it maybe ten times a year and try to rent it out the rest of the time. I plan on paying cash for the condo because I don't want to take on any debt in addition to what I already owe on my mortgage and student loans.

My research on the area I'm looking at (Galveston, TX) has indicated that I can get a really average condo for around $100k or I could go another route and buy a 25% deeded interest in a really great condo for about $40k. Then maybe I could buy more later on (greater interest in same unit or some other comparable one). What are your thoughts on buying in chunks versus waiting until I have the cash to buy a condo outright? Obviously I will get to $40k faster than $100k.

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What you are referring to is a "fractional".That's a fancy name for a longer use timeshare.They can be a great alternative to outright ownership,especially if you want to use it in Galveston every year.The great thing about fractionals is you don't have to fuss with them and worry about renting them out the rest of the year.There is also a decent chance for true appreciation if they are deeded in perpetuity.I would expect the chances of building up equity in Texas to be pretty good since the real estate there is generally undervalued. I'm decently familiar with the Texas market so if you want to email me with the company name I may be able to give you an idea about them.

Re: Ask me about timeshares
 

What are the advantages/disadvantages of buying a timeshare from a hotel company?

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What are the advantages/disadvantages of buying a timeshare from a hotel company?

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Advantages:credibility,very nice resorts,hotel exchange,internal trading,no hard sell
Disadvantages:Usually more expensive and higher maintenance fees
I'm speaking in general terms here.The hotel programs differ from each other in some ways and are similar in others.Generally though,owner satisfaction is very high amongst all owners of hotel-based timeshares.Usually,a very different experience attending a prsentation than some of the smaller companies.

Re: Ask me about timeshares
 

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What are the advantages/disadvantages of buying a timeshare from a hotel company?

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The hotel programs differ from each other in some ways and are similar in others.

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Details?

(p.s. if you're wondering after my PM's why i'm asking, it's because i honestly don't know the first thing about them)

Re: Ask me about timeshares
 

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What are the advantages/disadvantages of buying a timeshare from a hotel company?

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The hotel programs differ from each other in some ways and are similar in others.

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Details?

(p.s. if you're wondering after my PM's why i'm asking, it's because i honestly don't know the first thing about them)

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well,as an example,Hyatt,Starwood and Hilton sell points packages as a rule ,instead of the traditional one weeek timeshares.Marriott sells float packages(generally),which means you don't have a set week ,you can use it during a certain season.Marriott you can take full weeks.the others you can break the trip up into shorter stays and prorate your points.Hyatt has great exclusive resort areas,Starwood has totally balla resorts,Hilton is strong in Hawaii and Vegas ,and Marriott has the most timeshares of the hotel companies.It's really a matter of personal preference than one being better than the other.Many owners have more than one and diversify their vacation portfolio by having them with more than one hotel company.

Re: Ask me about timeshares
 

After reading Degen's awesome Thailand thread,I have seriously considered moving to Thailand to sell timeshares.The great thing about this business is you can always get a job in any tourist location.

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Is buying used timeshares a good/better deal? (Sorry I know you probably don't make any money off of these)

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Is buying used timeshares a good/better deal? (Sorry I know you probably don't make any money off of these)

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Talked about this earlier in the thread.
Cliff Notes:Usually