Online timeshare resale and rental advertiser BuyaTimeshare.com has announced its full support of the campaign led by the Federal Trade Commission (FTC) to shut down companies operating illegally in the timeshare resale industry.
The FTC, working with the U.S. Attorney’s office and various state agencies around the country, stated last week it has brought 191 cases against companies over the past two years, with over 180 people currently under prosecution for fraudulent timeshare resales and travel club activity. The State of Florida has sued nine resale companies this year, with a total of 83 civil cases pending across 28 states.
The FTC activity comes as welcome news to Wesley Kogelman, president and CEO, BuyaTimeshare.com, who acknowledges that these rouge operators have made it more difficult for legitimate companies to offer services to owners looking to find buyers.
“We are very supportive of the FTC and law enforcement agencies working to clean up the secondary market,” Kogelman said. “These companies have given the entire industry a black eye and it’s no wonder that owners are hesitant when looking for a resale company with which to do business.”
Kogelman added that there are a few basic points of emphasis that timeshare owners need to be aware of when dealing with a suspect company. They are:
- Ask how the company plans to market their services to buyers. If an owner can’t find the company through a basic Google search for generic search terms such as “buy timeshare”, then no buyer will find them either. They are questionable.
- Do they cold call owners? Any company that makes an unsolicited call to an owner is one to be very careful of when doing business.
- Do they claim to have a buyer waiting for their timeshare? Buyers looking for timeshares review inventory already being advertised on the internet, so if the owner has not advertised their unit for sale, then how would a company know to bring them a buyer? These are companies not to be trusted.
- Do they require a written contract to engage their services? In Florida, it is state law that a resale operator must have a signed agreement from a timeshare owner before providing services. Always ask to sign a contract before engaging a company to advertise a timeshare for sale.
BuyaTimeshare.com has been connecting owners with buyers for 14 years, so anyone with questions about how the secondary market operates can contact the company at http://buyatimeshare.com.