Philippe Myer's blog

Protect Yourself from Scams

There has been a huge amount of timeshare fraud unfolding in the United States. Many timeshare owners have been having a difficult time trying to get rid of their timeshares. Thousands of scams have risen up to trap these owners into believing that there are buyers for their properties. Representatives from these alleged businesses cold-call timeshare owners and convince them that they have a buyer waiting to purchase their timeshare. The only thing that is stopping them from revealing more information on the buyer is a couple of fees that add up to $2,000. However, once these owners pay the company, they simply disappear with the money.

The Federal Trade Commission had received complaints from timeshare owners filing claims against companies that do not fulfill their promises. In 2011, there were more than five thousand complaints compared to 800 the previous year. This gigantic increase has governments working hard to inform timeshare owners on how spot a scam.

The Better Business Bureau has also released information on how to protect yourself from scams and resale fraud. One thing to always remember is never trust a company who repeatedly asks for an upfront fee. In addition, make sure you do your due diligence and research a company before you trust them with your money.  

If you truly wish to get rid of your timeshare once and for all contact Transfer Smart and talk to a representative today. 

 

BBB Warning Against Midwest Timeshare

Timeshare scams have been targeting southern Arizona recently and the Better Business Bureau has started releasing warnings to timeshare owners. The company behind the scheme is called Midwest Timeshares and they are based in Wisconsin. To this day, the company has already racked up 70 consumer complaints, which continues to grow each day.

Midwest Timeshare has also been called National Timeshare Resale and Integrated Advertising Solutions. All three businesses have received an F rating with the BBB as well as numerous complaints. The BBB has identified the way these companies portray their services. Apparently, representatives from these companies will cold-call timeshare owners and convince them into paying an upfront fee by claiming that they have a buyer waiting to purchase their timeshare. Once the owners pay the fee, the company disappears with the money and the sellers never hear from them again.

Midwest Timeshare has yet to respond to any requests from the BBB to clarify their services. In order to better protect timeshare owners the BBB has released a few tips on how to properly sell a timeshare.

“• Be wary of too-good-to-be-true resale claims. The company’s salespeople may claim that the market in the area where our property is located is “hot” or that they have already received a buyer request. Be skeptical of these claims.

• Be careful if you’re asked to pay a large fee upfront. Smaller fees for appraisals, etc. are customary for a real estate transaction. However, if you’re asked to pay hundreds or thousands of dollars up front, this should be seen as a red flag.

• Check with the Better Business Bureau to see what type of a report it has on the firm. Also check to see if any complaints have been processed and, if so, how did the company respond?

• Request a written contract and read it. What cancellation rights do you have? If you were promised the company would sell your timeshare, but you don’t see that clause in the contract, don’t sign it.

• Check with your state to see if the salespeople are licensed to sell timeshares or if they are licensed real estate brokers and whether there are any complaints on file against them.

• You may want to try to sell your timeshare “by owner” by placing an ad in a newspaper or magazine. Or, list your timeshare with a licensed real estate broker.”

Transfer Smart hopes that all timeshare owners are aware of the numerous scams that have been revealed recently. 

 

Sleepy Pilots

Transfer Smart reports on a sleepy pilot that mistook Venus, the planet, for an aircraft. The sleepy Air Canada pilot tried to avoid the imaginary collision by diving towards the Atlantic. This incident is similar to the January incident back in 2011 when “the first officer rammed the control stick forward to avoid a U.S. plane he wrongly thought was heading straight toward him”. This incident resulted in sixteen injuries.

Canada’s Transportation Safety Board commented, “Under the effects of significant sleep inertia (when performance and situational awareness are degraded immediately after waking up), the first officer perceived the oncoming aircraft as being on a collision course and began a descent to avoid it.”

The plane in question was the Boeing 767 flying from Toronto to Zurich. This night flight contained 95 passengers and eight crew members. According to the report, the first officer had woken up from a nap when he was suddenly informed that a U.S. cargo plane was headed straight for them.

The report stated, “The FO (First Officer) initially mistook the planet Venus for an aircraft but the captain advised again that the target was at the 12 o'clock position (straight ahead) and 1,000 feet below. When the FO saw the oncoming aircraft, the FO interpreted its position as being above and descending towards them. The FO reacted to the perceived imminent collision by pushing forward on the control column.”

The plane dropped about four-hundred feet before the captain was able to pull back on the control column. The first officer had been in a deep 75 minute nap instead of the 40 minute maximum and had woken up disoriented. The injured were taken to a Zurich hospital once the plane landed.

This incident is just one of many that show how pilots are not getting enough sleep before flying a plane full of people. Hopefully in the future airlines will allow their pilots to rest before assigning them again. 

 

Interval International Renews Partnership With Westgate Resorts

 

Westgate Resorts was founded in 1982 and is the largest privately-held corporation in Central Florida. They use Interval International to expand their footprint, giving their customers the option of going to other timeshare resorts besides ones owned by Westgate. This relationship benefits both parties by increasing the amount of traffic to Westgate, as would-be competitors are allowed to use Westgate rooms, and vice-versa.

The relationship between Westgate and Interval started 21 years ago. Both Florida-based companies, Westgate and Interval understand the timeshare market and are both considered pioneers in the industry. Terms of the agreement were not disclosed. David Siegel, founder and CEO of Westgate Resorts had this to say about the new contract: “Interval International has been a great partner of ours for the past 20-plus years and we look forward to continuing this great relationship. They have been an important part of the success of our company. Since day one, we’ve focused on providing exceptional value and memorable vacation experiences. We could not have a better exchange partner than Interval, whose high-quality resort network, programs, and benefits have helped us meet our owners’ needs.” Craig Nash, president and CEO of Interval Leisure Group was also effusive in his praise. “David Siegel has a remarkable entrepreneurial spirit. He entered the American timeshare business at its infancy in the ‘80s with just 16 units, and built Westgate Resorts into a most impressive empire,” he said. “We look forward to many more years of our ongoing collaboration with David and his team, as we grow our respective businesses.”

Interval will continue its Interval Gold program, where members earn points for future stays and better benefits. If you feel you've bought a timeshare in error and would like to sell it, call Transfer Smart first and get critical information on current exit solutions.

 

 

How Do I Sell My Timeshare? | Transfer Smart

 

If this is what you expect for your timeshare, curb your enthusiasm.

 

Selling your timeshare is the best way to get out of it. One on one transaction without a middle man. However, it’s extremely difficult to do (you’d probably get better odds out of the Mega Millions lottery).  Here at Transfer Smart we don’t sell timeshares or list them; we transfer the title out of your name, in some cases for free. If you want to go the personal sale route, however, here’s how you should proceed.

1. Put together all your timeshare paperwork, including your deed and up-to-date maintenance fee information.
2. Like any good salesman should, check the market to see how much timeshares similar to yours are being sold for.
3. Some resorts charge a commission for sales of their timeshares, even if you are the one who does it. Call your resort and find out how much they want before you sell.
4. Set your price and then use one of these steps to sell: an Ebay auction; your local classifieds and the classifieds closest to where your timeshare is located; an ad in a timeshare magazine like Timesharing Today or Endless Vacations; or on the web at Timeshare Users Group, Redweek, or Craigslist.
5. Contact a title transfer agency, the same as you would if you were selling your car or house. They will provide you and the interested customer with a contract you both will sign.

Many customers use Transfer Smart to get rid of their timeshare title. You don’t need a real estate agent when working with Transfer Smart, just show up and listen to the options we provide at our presentations, which we hold nationwide. 

Timeshare Resort King Wynn Invests in China | Transfer Smart

Las Vegas Casino king Steve Wynn of Wynn Resorts already has the most profitable casino in the former portugese colony of Macau on the coast of China.

Conservative Chinese government is against gambling, but there have been pushes by western investors such as Wynn and other billionaire developers like Sheldon Adelson to bring casinos inland.  Chinese people are able to participate in state-run lotteries and small, subversive online sports waging. But there is a movement to bring casinos into the heart of China, into major cities like Shenyang and Shanghai in the north, or even Beijing.

The profits in Macau have been undeniable. The cities casinos took in $33.5 billion in 2011, and Wynn’s Macau casino now makes up 69% of his company’s revenue, even though only 30% of its assets are there. Gambling is officially illegal in China, but like Native American reservations in the United States, historical factors have led to a kind of grey area for casino investors.

Mr. Wynn is doing his best to be a patron of the Chinese people. He paid $10 million for a Hongwu-era vase which he donated to the Macau government. He donated $135 million to the University of Macau last year, the largest single donation ever given to a Chinese university.

One challenger to Mr. Wynn is the man who has made more money than any other American over the last three years, Sheldon Adelson. He went from having “just” $3 billion in 2009 to $28 billion today. Mr. Adelson is a timeshare, resort, hotel tycoon in his own right, going from lower-class New Englander to world developer by buying condominiums in Massachusetts, developing them into hotels, and eventually getting into the casino business with his Las Vegas Sands corporation.

Today, he owns half of the casino contracts in Singapore, and Merril Lynch has forecast that Singapore’s two casinos will be more profitable than all of Las Vegas’ combined.Adelson beat Wynn to Macau’s money first, debuting the Sands Macao in 2004, two years before the Wynn Macau.Neither man should lose money on their projects in the long run. But the development of the auto industry, the gaming industry, and tourism both to China and by its people into Europe, the Americas and beyond do mean the Chinese economy is gearing up to be tops in the world.

To answer your questions about selling or giving away your timeshare, contact the Transfer Smart timeshare experts.

 

 

Starwood CEO Says Rising Gas Prices Are Good

Frits Van Paasschen, the CEO of Starwood Hotels, says that rising gas prices shows the U.S. economy is re-gaining strength and that timeshare and lodging/ resort demand is also growing, going against some experts’ estimates.

A weakening dollar along with Iranian unrest and a rising price of Brent crude oil has led to a decrease in American spending overall, including domestic tourism. China’s tourist numbers are growing as ours are decreasing. Markets are expanding in Africa, even including timeshares sold by resorts. It’s generally understood that the “depression” is mostly based in the West and Europe.  Emerging Asian and African markets are offsetting European and American losses. Even South America is enjoying a better worldwide image and more tourists as a result.

"As we look at occupancy, not just in North America but around the world, it's quite strong today," van Paasschen said on March 20^th.

China is moving towards a more capitalist state. The Chinese government has stated that boosting consumer demand is a key priority this year. They are allowing companies such as Starwood to develop in their country like never before.

 

Istanbul Top

Turkey’s pull as a tourist destination lies in its geographical as well as historical location. It’s one of the oldest continually inhabited regions in the world, and home to such world famous historical locations as the city of Troy and the Ottoman Empire. The art and culture include works critical to both Islamic and Christian faiths. Elements of both remain.

Today, you can enjoy Ottoman-era bathhouses and modern nightclubs. Istanbul is also home to world-class museums and restaurants.

Topkapi Palace, in the heart of Istanbul, offers a bathhouse and a beautiful view of both sides of the Turkish capital, sitting squarely on the Sea of Marmara. Construction began in the 1460s, and it served as a palace for 400 years before becoming a museum in 1924.

Culturally, Turkey is open to progressive Western ideals but maintains a dictator-like prosecution of public protests and journalists who write unfavorable reviews of politicians or the military.

Istanbul is full of popular bars with modern accommodations. The Sultan Pub in Sultanahmet offers American alcohol and Western-style dancing.

 

 

 

Rising Fuel Prices Are Changing Business Practices

 

Fuel prices are affecting business in various ways. Some businesses are forcing their employees to take webinars on how to get the best flight deal. Industry experts maintain that they can save 10-15% this way. Traveling salesmen are being asked to cut down on their driving by a third.

Travel by either car or plane is crucial to most businesses. As the national average for a gallon of gas rose to $3.80, businesses are actually looking elsewhere before cutting their travel budgets. Less travel can mean less customers and less growth.

Business travelers are renting vehicles with better gas mileage. They’re also staying in cheaper hotels than in the past. Cargo companies are leaving their fleets at home and renting trucks from pick-up locations. And businesses are encouraging their workers to do as many things electronically as possible.

"All of our travelers are encouraged to try to do something electronic, whether that means something as simple as a phone call or a webinar, or to go to more electronic meetings," says Bernie Velasquez, a construction company manager from Peachtree City, Georgia.

Saving a few dollars on fuel can cost a business much more in the end. "Cutting back on travel is not going to happen,” says Roger Sorensen, an engineer in Texas. "It's how we make our money."

Is a Hedge Fund right for you?

Ray Dalio made $3 billion last year.

Known as mutual funds for the super-rich, the reputation of the hedge fund is taking a major dive. More people are investing in hedge funds than ever before, with the industry’s total sitting at a robust $2 trillion in assets in 2010. Hedge funds specializing in equities fell by 8%; the average hedge fund lost 5% of its value. Investor John Paulson’s clients lost $10 billion. All while the S&P 500 actually gained.

 

Ray Dalio did the best last year. He earned $3 billion in 2011, to go along with his $120 billion in assets. He put stock in German and American bonds, and he increased his returns in the 20% range. The nation's top three hedge fund investors all had returns of over $2 billion, but they are in a minority.

 

Hedge funds aren’t accessible to everyone. Investors must have a net worth of at least $1 million and all earn a certain amount of money annually. The initial investment has to stay in the fund for at least a year; no provisions are made for taking it out early. They are not regulated by the U.S. government, but this is a blessing for intelligent investors, who have more flexibility in their investment strategies.

 

If you have the initial investment, you need around $15,000, business/investment knowledge and the ambition of an entrepreneur.  Experts in the field of finance have left behind restrictive mutual funds for the bigger returns found in hedge funds. But as the old saying goes, “It takes money to make money.” Don’t be surprised to see your entire investment go to waste, depending on the actions of your hedge fund custodian.

 

Hedge fund management is a risky investment, but at least it's not a bad one. Timeshares, on the other hand, will never accrue value, and who wants to vacation in the same place every year? Let Transfer Smart transfer your timeshare resort or hotel title out of your name and stop those yearly fees on something you weren't sure you wanted in the first place.