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APRIL 2010 | www.opp.org.uk
similar success with it’s own and other timeshare clients, according to chairman Bryan Lunt, who told delegates at the Fractional Summit that low cost inspection trips were helping the agent to convert unhappy timeshare owners to fractional options in Thailand at yooPhuket. “In our fi rst year we sold around half a million euros worth of fractional, but it was around €5m in our second year,” he said. “They know the model and how it works, so it’s a simple choice about a better property in a better location with better services.” Converting the converted is
all well and good but this still means fractional is being forced to cannibalise the timeshare industry for sales when it should be focusing on those people who want to invest in holiday ownership without the hassle or cost of buying outright. Lisa Migani, partner at trustee
FNTC, also points out that timeshare owners and new buyers are becoming more aware of the premiums and maintenance costs associated with both fractional and timeshare as the media ‘educates’ consumers about the potential downsides.
Buyers who don’t pay their dues or fees can endanger an entire project, and taking these owners to court to retrieve unpaid fees is a process that may take years. It’s best to structure the product so that non-paying members can be ousted.
Paul Mattimoe,
Perspective International
Developer focus • Fractional fi nance | 59
Lessons from Timeshare 55
Season for sales | Seasons sold out all of its fractional units at Forest Hills
“The two big issues with timeshare
are the lack of resale and rising maintenance fees, problems that apply just as much to fractional,” she explains. “The solution to both is to tap into the short-term fractional market, where the fraction is sold off
in 10-15 years maximum. There is also a vested interested in making sure the management and maintenance is of a high standard so that it’s good enough to sell at the end. Select is already seeing success with this in Turkey and a few other developers are gearing up
to launch it.” Migani also points out that by
packaging fractional in this close- ended way, developers can instil trust through greater transparency. “As trustees of such sales, we recommend
Choose to sell a development that ticks all the boxes
Developers used to set their projects apart with design, location and amenities with the basics like planning, bank guarantees and commissions taken for granted. Now the opposite is the case, with agents assuming that developers have researched the best product for the right buyer and looking for the best due diligence, commission structures, marketing support, mortgage finance and purchase options and, crucially, guarantees of completion.
Flamingo Lakes Golf & Country Club Resort, located in Mexico’s Yucatan region, ticks all of the boxes for an agent looking for product that will appeal to lifestyle and investment buyers. This British-owned developer also provides secure commissions and the reassurance that construction has already started.
To represent Flamingo Lakes contact us today
flamingolakes@rgmuk.com
www.flamingolakes.com
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