As we know holiday timeshares are a thriving successful business. Alone, more than 3 million Americans are timeshare members, and many of them are very pleased with their purchase. While the chances of being conned have drastically decreased, insiders still warn that are still plenty of unethical sales representatives out there, better known as “heat merchants” and that consumers should still be extremely cautious when entering a sales presentation.
These heartless-selling sales representatives use relentless sales strategies to sell high-priced timeshares, assisted by falsifications and even outright lies.
most often the consumer arrives at these presentations is because they typically reply to a letter/email or phone call offering cheap travel packages, generally including a hotel stay or a short cruise. Otherwise consumers are approached on the streets by timeshare touts whom then convince the consumer to visit a nearby resort for a sales presentation in exchange for a gift of sorts, these can include anything from local attractions, free holidays and dinner at a nearby restaurant.
Basically, when a timeshare is purchased, this usually consists of buying a week’s holiday, which gives you the right to use year after year. Consumers can choose to return the very same week each year, or choose to be able to exchange it and stay at a different resort at another destination.
When arriving for the presentation, consumers are in for more than they bargained. Therefore, to prepare you, here’s a list, together with some quotes from genuine sales pitches at prominent Florida and South Carolina timeshare resorts that validate some of the most common falsifications and dubious declarations which consumers have to listen too.
It won’t take long:
“The sales presentation will only last about 90 minutes.” Most probably this is true, if you sit unresponsive and don’t say a word. However, do plan on being there for a minimum of two hours, three if you make the mistake of asking any questions. A good sales representative knows that the longer the pitch lasts, the more likely you are to cave in and open your cheque book.
Timeshare is a great investment:
“I know this stuff has doubled in the last five years — oceanfront — cause there’s none left … You know a time share is not sold as an investment opportunity … but think about it … we’ve gone up $2,100 in seven months, where do you think we’re going to be in 10 years?” Fact, as a financial investment, many timeshares are just about as bad as it gets. In truth, it’s like buying a new car, the moment it leaves the forecourt it’s worth much less than you paid just moments before.
The re-sell of timeshares is simple:
“Why don’t you try it at least one time? If it doesn’t work, sell the darn thing. What do you have to lose?” the consumer has a lot to lose if they don’t like it. Timeshares are notoriously difficult to resell. If you drop the price drastically for far less than what you paid, you might eventually find a buyer. In the meantime, the consumer is still liable to pay off your loan which may have had to be taken out as well as the annual maintenance fees (which can run into hundreds of dollars) no matter what.
Great rental opportunities:
“If you can’t use it one year, you could rent it out.” Renting is also especially tough. Many who try end up losing even more money, since they pay advance fees to rental agencies who often don’t find any interested parties.
You can travel anywhere on your timeshare:
“You can exchange your time share week here for one at any resort you want … and visit Hawaii in the winter, Paris in the spring, anywhere, anytime.” Trading your timeshare week for one at a different resort, anywhere in the world, is one of the biggest attractions of time-sharing and potentially the foundation of its biggest disappointment. That’s because many people find that the “anywhere, anytime” claim is an exaggeration.
This special price is just for you, just for today:
Claim: “The value of a one-bedroom-for-one-week time share is $28,250. We’ll give you a $4,000 discount.” Usually the consumer is quoted a ridiculously high price, which is then dropped dramatically. This way consumers are led to believe they are getting a deal of a lifetime, when in reality the sales representative didn’t expect anyone to pay the first price in the first place. And if you keep bargaining, you can usually get them down further again. “If you don’t buy today, you’ll have to pay full price. According to state law, the offer is only good that day”. But this is just another bogus pressure ploy, the state Real Estate Commission says no such law exists.
We at TCA recommend the best way to make it as painless as possible is simple, don’t ask any questions, make observations or give justifications for not buying. Remember, they will have an argument to counter everything you say. The best answer is “We’ll think about it,”.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk