The American Resort Development Association’s Resort Owners’ Coalition (ARDA-ROC) launched the Timeshare Resale Resource Center, an online information resource for timeshare owners who desire to better understand how to safely maneuver the uneven timeshare secondary market.
As a result of a growing need to create more clarity and transparency for timeshare owners who wish to sell their timeshare interest, the Resale Resource Center was born to provide objective information on the resale process, tips on selling, and consumer advisories on the various resale scams currently being investigated by state authorities.
While regulation of the timeshare industry has developed and matured over the past 30 years, specific regulation of the secondary market is still in its infancy. The current economic environment has led to a rise in disreputable resale companies trying to profit from vulnerable timeshare owners and as a result the resale process has become confusing to many consumers.
“With the rise in fraudulent resale practices and the far too many dishonest resellers preying on consumers, it is necessary to establish legitimate guidelines to help safeguard consumers and ensure a safe resale experience with reputable companies,” said Howard Nusbaum, president and CEO of the not-for-profit ARDA.
Over the past eighteen months, ARDA and its member task force have worked diligently to propose model legislation for the secondary resale market as part of an effort to standardize and legitimize timeshare resellers and the resale process. The Model Resale Act calls for specific guidelines related to resellers, including standards for sales and marketing practices and more stringent penalties for fraudulent behavior.
“Leaders in our industry - developers, managers, homeowners’ associations and resellers - have tirelessly worked together to develop new business models for the secondary market as a way to address basic problems rather than treat symptoms,” said Ken McKelvey, Chairman of ARDA-ROC.
“Existing owners are just as concerned as would-be consumers about the misinformation regarding resales and have supported efforts to educate owners about the process to buy or sell a vacation product from the secondary market,” said McKelvey.
The ARDA-Resort Owners’ Coalition (ARDA-ROC) is an alliance of one million-plus timeshare owners, developers and managers who advocate for public policy positions that protect the interests of individual timeshare owners, preserve the integrity of vacation products, and enhance the vacation purchase.
For more information, visit www.arda-roc.org.