A wise consumer is one who does the research. The information collected here is sure to make you a more informed consumer when it comes to investing in timeshare companies. After reading this information, you will know if the company you are dealing with is real or fake.
Key signs of a timeshare scam
If you pay attention to the clues out there, you are sure to not fall for a timeshare scam. Therefore, we have compiled a collection of clues that detect potential timeshare scams so you can become a more informed investor. That way, if you review these clues, you will be able to distinguish the fake timeshare companies from the real ones.
So here are the clues to look for when detecting timeshare scams:
Honesty and openness
If you question yourself about the honesty of the timeshare company and find some inconsistencies, then you are probably dealing with a scam. For example, if you get misinformation about the presentation (like the free incentives are not free or the breakfast is just drinks), then you are seeing signs of a company whose little white lies will eventually turn into bigger ones—a timeshare scam.
Reputation of the timeshare provider
Make sure you invest in companies with a known history and those that are at least ten years old. Any company worth investing in will have a researchable history on the internet. If you can’t find one piece of information on this company, then it may be a one-night-wonder and should be avoided.
Licenses and permits to operate
A reputable timeshare company will be registered with the local government agencies. If you are on vacation, you may not be able to find out this information, but you can spot a legitimate agent by their ID badges as they work the malls and airports. If the agent doesn’t have a valid ID that permits them to work in the public, then their company is most likely a scam.
International Exchange networks
One good way to determine if you’re being scammed is to find out if your timeshare company is in affiliation with one of the international exchange networks. Most legitimate companies are connected to RCI or Interval International. If yours is not, find out if they are affiliated with another international exchange network.
Go to the resort
It should be obvious you’re in the middle of a timeshare scam when you don’t get an invite to see the resort where you are purchasing your timeshare. And it’s not wise to make a choice on a picture of a resort or a model of a resort (unless done by an architect with an established reputation). Even if you do get to see a unit, verify that what you saw is the same thing expected in your actual unit, and this is stated in the contract.
Often, people’s intuition is accurate about a timeshare scam. Have you ever noticed how accurate you were when you trusted your intuition that things weren’t as they seemed? In the case of timeshares, if you are feeling that same way, it could very well be your intuition giving you an early sign that you are about to encounter something that is not good for you.
What have been the tell-tale signs for you that you were involved in a timeshare scam? Share your experiences.