As a timeshare owner, it’s important to stay up-to-date on the latest news and developments with your resort property. Things do change from time to time, after all. And, owner update meetings can seem like they might be a good way to stay in the loop and hear directly from resort staff about what’s going on. But you might want to think twice before attending timeshare owner update meetings.
Sometimes timeshare resorts demand that owners attend these events however, others provide incentives to entice people to do so, such as freebies or discounts on future reservations.
What Happens In An Owner Update Meeting?
These meetings are designed to share changes or upgrades to the resort that have been made, and any other important news that owners need to be aware of. Aside from that however owner updates are typically sales meetings in disguise. These presentations are usually different from the ones given to new potential buyers, but they’re still set up to get you to spend money on buying more timeshares and upgrading your membership level.
It starts innocently enough. The presenter will talk about how much the resort has grown in popularity and may show you a chart to back up their claim. Then, they’ll start talking about all of the new things that have been added or are in the works. Maybe there’s a new restaurant or bar that’s going in or some other amenity that’s being built. All of this sounds great so far, right? And, while there may be some benefits to these things, it’s just as important to remember that you’re not obligated to buy anything.
What Is An Owner Survey Used For?
Timeshare salespeople use owner surveys during update meetings to learn more about you, including your future travel and vacation plans. Once the survey is completed, the sales rep can better tailor their sales pitch to you, making it more difficult to overcome objections to offers. The survey may even be used as a way to invite you to an owner update meeting. You may be asked to fill one out online or during a phone call from a resort representative. And, while you’re not required to do so, know that refusing may not stop them from inviting you to the meeting.
What To Expect During An Owner Update
Purchases are made in the present, as with “Today Only,” and are referred to as “Today Only.” You should be aware that timeshare sales are generated by the deliberate creation of enthusiasm.
Here are some actual owner survey questions asked by timeshare salespeople.
- When and where was your last update?
- What was recommended to enhance your portfolio?
- How many days per year do you travel?
- Do you own ANY other vacation club / Timeshare?
- Do you have a resort credit card?
- If you could change anything about your ownership, what would it be?
- When was the last time you converted to points?
- In the last 5 years, how many times have you rented your property?
- What keeps you from more quality time with your family?
- What are the three (3) most important things in your life?
- Which of these brackets describes your AVERAGE annual travel expenses?
A. $3,500-$7,500 B. $8,000-$12,000 C. $12,500-$25,000
Once the owner survey is completed, a sales rep then sits down and draws out (in a pencil pitch) how you can save money, time, and stress by upgrading your timeshare today. Using a “Vacation Currency” model around conversion and upgrade of points, they break down where you currently spend your money on things like:
HOTELS – RESORTS – AIRFARE – CAR RENTALS – FOOD – ENTERTAINMENT – SHOPPING
For example, if you told the sales rep that you spend $8,000-$12,000 a year on your total travel, the rep may show you how you could get a two-bedroom suite at a luxury resort for that price – or even less – by upgrading your membership.
There’s nothing wrong with comparison modeling, but when high-pressure tactics are used to make it seem like this is a once-in-a-lifetime opportunity that you must act on right now. You will learn that there only two options in this take it or leave it proposition. The salesperson may even say that they can get you a lower price than what’s being offered to other owners or that the resort is raising prices soon and this is your last chance to lock in the current rate. There will be a rebuttal for every objection.
Can I Prepare For An Owner Update?
Yes, there are a few things you can do to get ready for a timeshare owner update if you must go.: – First, as an existing resort owner, you should want to learn as much as you can about the property and the timeshare company itself. If you do so, you’ll be less likely to believe any verbal statements made throughout the sales pitch. You already know there’s a non-reliance provision in the contract about verbal representations. – Talk to other owners at the resort. See if they’ve attended any recent update meetings and, if so, what they thought of them. You will probably find out quickly whether they had a good experience or not. And, finally, take a look at social media. Both Twitter and Meta are active with timeshare discussions.
Keep in mind that other timeshare owners may be posting their own experiences and thoughts on blogs and discussion boards. These may or may not be consistent with other owner experiences but there is a good chance you can pick up some good tips from these sources.
The Bottom Line
Owner updates are usually fast-paced and information-packed. As a result, you may not have much time to ask a lot of questions. So, write them down in advance and make sure you get answers to them before leaving the meeting. – Remember that: If you’re not interested in purchasing anything, don’t feel obligated to do so. Don’t let yourself be compelled to make any decisions on the spot, regardless of what happens. There is no such thing as a “Today Only” sale.
Disclosure: This article is for information purposes only and does not represent legal advice. If you feel you need legal assistance, you should consult with an attorney.
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The Finn Law Group is a consumer protection firm that specializes in timeshare law and is led by timeshare attorneys Michael D. Finn and J. Andrew Meyer. Contact our offices for a free consultation to learn about timeshare owner rights. We have helped thousands of consumers nationwide stop harassment from timeshare companies and cancel their contracts. Contact us online or follow us on Twitter.