Washington, DC, September 17, 2009- Today the American Resort Development Association (ARDA) released two advisories to help consumers and timeshare owners navigate through the secondary market, which includes timeshare resellers, internet advertisers and other resale companies, to ensure a safe and positive selling experience. The advisories were developed to help dispel the growing misinformation and confusion in the secondary marketplace by providing specific tips on reviewing timeshare resale companies, their practices, costs and services in the marketplace.
As a result of the current economic environment, disreputable companies are using unscrupulous tactics to take advantage of owners who may need to sell their timeshares. In fact, several state attorneys general have addressed concerns about resale “scams.” Since the resales industry is largely unregulated, ARDA is working with its members, including reputable resale companies, to ensure transparency on both the buying and selling process.
“This is not an indictment of our reputable resale company members, but rather a problem faced by everyone who loves this industry being painted with the same ‘timeshare scam’ brush,” said Howard Nusbaum, president and CEO of ARDA. “We continue to work with stakeholders to craft what we believe will be guidelines for best practices and legislation,” continued Nusbaum.
“It’s simply a matter of buyer beware. With the state of the economy today, a large number of our owners are being approached by a variety of companies, with offers of previously unheard of rental revenues or resale prices, and even just “getting out from under” one’s timeshare week. Many of these offers are hard to understand, even for the savviest of timeshare owners. Unfortunately, we have heard from many owners who were dissatisfied with the end result of these transactions and little can be done about it after the fact. As always, if a deal sounds too good to be true, it just might be. Be aware and be diligent. Do your own research and check with your own timeshare resort association before doing anything,” added Cindy Thomas, Stoneridge Resort Manager.
The first of the two consumer advisories focuses on the types of timeshare resellers with four steps to guide consumers through the process: utilizing existing resources, understanding timeshare resale companies, choosing the best option, and following basic rules. The second advisory provides tools to evaluate resale companies with a list of tips.
Most importantly, ARDA encourages consumers and timeshare owners to conduct research and due diligence on any resale company or advertiser in advance of paying any money or signing any contract or agreement.
The American Resort Development Association is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has over 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC).
Lou Ann Burney
Email: [email protected]
American Resort Development Association (ARDA)
Washington Office, 1220 L Street N.W., Suite 500
USA – Washington, DC 20005
Phone: (202) 371-6700
Fax: (202) 289-8544
Email: [email protected]
Press Release Source: American Resort Development Association (ARDA)