How many times we have heard this over the years.
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It actually makes great sense for the kids. In previous articles we have told the story of the Mark Hopkins hotel in San Francisco. For those who missed it, the 1942 nightly rack rate was $5.00 single and $7.00 double. By 1974 it was $45.00 and $55.00. Last year it was $210 to $270 single or double depending on location. Carrying that price increase forward another 50 years will set the price at $9,058.00 per night!! Can’t happen, you say? It did happen and there is absolutely no reason it won’t happen again. Now what will the kids think of you when they are saving this kind of money down the road? They will think their parents were just about the brightest people in the whole world and they will think that every time they vacation. What a great legacy!!
Why, then don’t they want it now? Even for free? Well, you think back. Several years ago did you wake up one morning, look at each other and say, “This is sure a great day to go out and buy a timeshare?” We all know that didn’t happen. No, you went out not to buy, but just to pick up your free car, Hawaiian vacation or other “free” gift. After you had left the sales presentation, you said, “What happened?” Not only had you paid for your own “free” gift, but you had also paid for those of the other nine people who didn’t buy. You probably didn’t give a lot of logical thought to this purchase as you were intentionally swept away by the slick emotional sales method employed.
So now you offer it to the kids and they decline. Why is that? It is almost always the cost of upkeep that the kids focus upon. The dues of from $350 to $500 and taxes of from $30 to $90 knock them out. They can’t envision spending that much on a vacation. The fact is that they will probably spend a lot more than that even now for a product that isn’t one tenth as good. But the reality is that they have not been sold the product. How many parents will become salespeople to their kids to show and sell them on the advantages of the product before it is offered?
Part of it is timing. If the kids are too young or really financially struggling, it is not a good time to offer the gift. Wait until they don’t have those kind of pressures. Also, have you used the timeshare as a family? If not, how could they know how good it is? On the other hand, if they have used it with you as kids and really enjoyed it, and if they now have kids of their own and are struggling with the ever-increasing cost of vacations, their reception will be much different. Timing is everything.
Don’t neglect the selling of the benefits. Before offering it to them, open the RCI or Interval International catalog and show them all the neat places they can go. If you have already taken them to some of these, it will just be that much easier. Don’t overlook the fact that you should really be able to offer one to each of your offspring. Fortunately, resales offer the opportunity to pick up these additional timeshares at a fraction of what you originally spent. And what a gift it is!! They talk about the gift that keeps on giving. This is one that will provide your children with a lifetime of pleasure. And their children after that.
You might also clip out this article for your kids for the time when they will pass it along to their children.
One final caution. Don’t just add their names to the Deed! In disposing of resale timeshares one of our worst problems has been straightening out improperly deeded property. In some cases it has resulted in the property being unsaleable. In one case a mother just added her four kids names to the deed without any thought to their spouses some of whom were ex-spouses by the time we got into the picture. A nationwide manhunt insued to find the ex-spouses and talk them into signing a quit claim deed. Don’t forget that most timeshares are in fact real property and follow those rules. You are almost always better off obtaining the services of a professional.
The lifetime value of timeshares is just starting to be realized now. It will still take a few more years before it is completely obvious to everyone. When it does, the value of resales will increase dramatically.