Blog Post Provided By:
A timeshare industry ‘veteran’ – RedWeek – recently shared some interesting statistics about the industry’s performance and timeshare trends in 2017. For those unfamiliar with the company, RedWeek launched in 2002 in the hope of establishing a reputable online timeshare marketplace. With 2.5 million subscribers and a favorable Better Business Bureau rating, they are now an established leader in the secondary timeshare market.
Diversifying Vacation Options
Beyond an improving economy and growth in rental and resale markets, the timeshare industry faces two significant challenges: diversifying vacation options for families and millennials and stemming the tide of owners seeking to exit their timeshare contracts. To appeal to the latter and expand buyer demographics, developers hope to create more spontaneous, short-term vacation products without the lifetime contracts millennials tend to reject.
Looking toward a ninth straight year of growth, timeshare developers continue to upsell existing owners but recognize the need to attract new and younger buyers. They also face the same challenges as the hotel industry in competing with hugely successful dot.com competitors like Airbnb and HomeAway. With so many alternative vacation choices in the marketplace, timeshare owners are increasingly dissatisfied with reservations hassles, lengthy financial commitments and other limitations of owning a timeshare.
Offering Exit Programs
In the last couple of years, major timeshare companies have developed a selective, ‘consumer-friendly’ option for consumers seeking to exit their contracts. For example, Wyndham and Diamond established programs for owners in good standing with no outstanding mortgage debt. For those owners who qualify, the program takes back the timeshare, thus ending the ongoing financial commitment. Other major timeshare companies quietly offer exit programs on an owner-by-owner basis. The programs certainly are not ‘buy-back’ programs that afford owners financial gain.
Though the jaded secondary timeshare market seems to be improving, owners have little hope of regaining even part of their investment. Many simply want to exit their contracts and end their financial obligations for maintenance and assessment fees.
YOUR LEGAL PROBLEMS ARE NOT INSURMOUNTABLE!
Our attorneys at Aaronson Law Firm have assisted many clients with mounting assessments and “no way out.” Chances are good that your timeshare developer is legally exposed in relatively straightforward and provable ways. With over 80 years of combined legal experience, our competent counsel stays on top of the latest timeshare trends and is here to help you and is willing to sue, if necessary, in the interest of getting your timeshare cancelled. Contact us today for your free consultation.
