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| Nihilani at Princeville Resort :: Princeville, Hawaii |
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Find your home on Kaua’i’s majestic North Shore, in this rare opportunity to live in highly acclaimed Princeville Resort. Nihilani comprises 100 thoughtfully crafted homes with golf course and Bali Hai views on this magnificent bluff between the mountains and the sea. These award-winning townhomes are beautifully designed in the plantation style to reflect indoor-outdoor living, while featuring current home innovations. Enjoy spacious lanais, two-car garages and a private outdoor recreation center situated within beautifully landscaped gardens. |
| Western North Carolina Homes and Land :: Whittier, North Carolina | |
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All our developments and lots have mountain views and or water views. One of our developments has direct river front lots. All lots have access to the Tuckasseegee River via a 600′ private recreational area. Our lots are the best around at great prices!!
Contact us: Robert J. Russell, IRES, REALTOR |
| Westshore Yacht Club :: Tampa, Florida |
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Westshore Yacht Club is now taking reservations. Westshore Yacht Club will be offering a wide selection of single-family homes to suit your lifestyle.
Contact UsRobert J. Russell, IRES, REALTOR |
Alttus residential communities have been very successful in the greater La Paz area with its last 3 projects completed and sold out and 25 years of construction experience in Mexico City. Even during this slower economy we have continued to build and sell when most others have been dormant. We will follow those same principals in the Terrazas condominiums while continuing to improve on designs and maintaining quality while balancing that with reasonable pricing.
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So you have already put up your own small business that you know will change the world, now what? How do you let people know that you are open for business? You advertise. Hand out flyers, in-store samples, and business cards. Invest in TV ads if you have enough money, and socialize on the Internet. Do everything possible to tell the world who you are.
Marketing can be a bit tough at the start, but once you get started everything will just follow. Here are good marketing strategies you can do that will help you market on a dime:
Research. Before you start a campaign, determine whether it is the most appropriate for your business. If you intend to invest in print ads, look for the best materials that will give you good market exposure. Also, team up with competent online printers that will provide you high quality jobs. Aside from focus on the campaign, it’s best to research on your competitors as well. Find out what they are up to. The information you gather will help you devise ways that will let you outshine them.
Tell everyone why they should patronize your business. Get obsessive in telling people what makes you stand out. Go out there and hand out your marketing materials, join forums, start your own blogs, update your Facebook status, and get active on all social media sites. Don’t stop in reminding people of your uniqueness. Remember that your competitors are making their own move. If you stop your campaign, they can easily steal your customers away from you.
Influence your buyers to start word of mouth. Don’t let go of the chance to create brand advocates. Turn your customers into advocates so you can gain more new leads. Word of mouth is a powerful marketing strategy if done effectively. Take advantage of this tool to get more customers.
Target the right market. If you target the right niche, you can be sure that no marketing dollar will be wasted. Every marketing material you send out will generate positive response. Target marketing will require a good mailing list. Be sure to organize your list well so only qualified individuals will receive your ads. Regularly update the list to get rid of bad addresses and unresponsive customers.
Get hold of great marketing pieces. Remember that marketing is not all about the virtual market. Printed marketing materials are effective today as they were in the past. Produce excellent quality and engaging materials that will interest people. Look for a good printing place that will help you craft stand out materials. Contests, surveys, and games are great ways to engage readers. Consider putting some of them on your materials.
Market with a cause. According to studies, people are likely to trust businesses that show concern for the society. This shows them that the business is not only after people’s money but their welfare as well. Why not sponsor charity events or join special causes that you have interest in? This will surly help give you the image boost you desire. But make sure not to make the events purely business. Show some love and care for the cause.
At first glance, this seems quite logical and appealing. Isn’t it nice to have these disparate ownership types classified under one all-inclusive category?
Isn’t it convenient for professionals in different areas of the vacation home industry to attend the same meetings, share ideas online and read the same publications?
While I appreciate the attractiveness of this new-found togetherness, I’ll pass on the opportunity to sing kumbaya.
Fractional ownership, I believe, is significantly different from timeshare and must be clearly distinguished from it in order to maximize sales success.
The reason, simply and bluntly, is that significant numbers of buyers still figuratively “runs for the hills” at the mere suggestion that a property may be a “timeshare.” (The reason will be discussed shortly.)
I write this reluctantly and with apologies to my numerous friends active in timeshare and to the industry leaders who have labored long and hard over the decades to improve timeshare’s public image. I believe that a negative attitude toward timeshare is no longer justified; nevertheless, it continues, regrettably, to exist in the mind of some potential purchasers.
For this reason, fractional ownership has everything to lose and nothing to gain by being identified as “shared ownership” or as “timeshare.”
To clarify some of the major distinctions between the two property types, let’s examine some objective differences between fractional ownership and timeshare:
Timeshare is designed to have fifty-two owners per unit. Fractional properties have about sixteen to four owners per unit.
Timeshare owners usually purchase one week of use per year or sometimes a package of two weeks. (Owners on a budget may choose to vacation for one week every other year.)
Fractional owners enjoy from about three to twelve weeks of vacation use per year.
With about fifty-two owners per residence, timeshare properties will experience considerably more traffic and more wear and tear.
With fewer owners per residence, fractional properties offer a more relaxed vacation experience. There is far less hustle and bustle from transient vacationers arriving and departing. Also, service is more personalized, since the staff can get to know owners better.
The minimum qualifying household income for timeshare starts at about $75,000.
The minimum qualifying household income for fractional properties is about $150,000. (This is approximately in the top five per cent of American households.)
For private residence clubs, minimum qualifying household income is about $250,000. (This is approximately in the top two per cent of American households.)
The significant differences in household income result in a clientele for fractional ownership that is distinctly different from the clientele for timeshare.
The fractional clientele is more demanding. The owners want what they want when they want it. They require very high levels of quality and personalized service. They value on their precious vacation time and are willing to pay for the convenience of having others serve them.
Most fractional properties tend to have a better location within the resort, a higher level of construction and furniture, fixtures and equipment as well as more amenities and services than most timeshares.
Since owners of fractional properties have a larger financial stake in their property and higher disposable household income, they have the motive and means to keep their property in good repair.
Timeshare developments tend to be large—sometimes in the hundreds of units.
Fractional developments don’t often exceed fifty units. As a result, vacations at fractional properties feel more intimate, personalized and exclusive.
Timeshare purchasers are often motivated more by vacation exchange opportunities than by the particular property to which they have a deeded week. They may feel little loyalty to the property where they just happened to enter the exchange network.
Fractional owners have usually visited the resort or city where they own their property a number of times prior to purchasing. They think of their fractional property as their second home, and have feelings of loyalty to it and to the area.
Nevertheless, many fractional owners appreciate the potential of not being tied exclusively to vacationing at their own property. They are now willing to participate in fractional vacation exchanges offered by several companies—IF the exchanged properties can meet or exceed the quality level of what they own.
Timeshare is offered as a smart, money-saving alternative to hotel stays and vacation rentals. It is also a way to insulate buyers against inflation in the future cost of vacations. Timeshare makes vacationing possible for people who would otherwise have been unable to afford yearly vacations.
Fractional ownership is offered as a smart, money-saving alternative to whole ownership. Purchasers buy only the amount of vacation use that they can realistically enjoy and pay only a fraction of the acquisition price and annual upkeep.
In some instances, fractional ownership enables purchasers to own a higher quality property than would have been possible with whole ownership. Or, fractional ownership makes possible the acquisition of multiple vacation homes at dissimilar destination resorts.
In many cases, fractional buyers present the same economic profile as whole ownership buyers.
Purchasing a timeshare is in a way like taking title to a new car. The car loses value the moment you drive it out of the showroom. Similarly, timeshares, if they can be resold at all, tend to depreciate.
Timeshares, in general, do not hold their original market value. The substantial marketing and sales expenses incurred in selling a single residential unit fifty-two times—which may amount to 50% of the original price—are passed on to purchasers. When these purchasers try to resell, these marketing and sales costs do not translate on the open market into real estate value.
In addition, the vast numbers of essentially similar timeshares offered for sale must compete for purchasers not only against each other, but also against new product that comes on to the market.
Fractional ownership, on the other hand, is similar to deeded ownership of one’s primary residence. Historically, fractional ownership properties have proven to perform at resale like whole ownership vacation real estate in their local market. In fact, in some cases, fractional ownership resale values have out-performed those of whole ownership properties.
Purchasers of fractional ownership obviously seek to enjoy the vacation use of their property. However, they also expect it to hold its value and appreciate over time. This is a key reason why buyers who want an investment in real estate prefer fractional ownership and turn away from timeshare properties.
In the 1960s and 1970s timeshares in the United States had a bad reputation because some developers over-promised and under-delivered. In addition, high-pressure sales tactics put off many people.
To remedy the situation, all states passed stringent disclosure and other consumer-protection regulations. Also, the timeshare industry’s professional organization, ARDA, adopted a code of business ethics for its members.
In the 1980s, when major national hotel brands such as Hilton and Marriott entered the industry, they improved the quality of the timeshare experience, legitimized it and lent their credibility to it.
Nevertheless, in the minds of some people today, timeshare has not entirely lost its stigma.
Fractional ownership, on the other hand, is burdened by none of this baggage.
In the United States, it started in the 1980s, primarily in New England and Canadian ski areas, then it spread in the 1990s to western United States ski areas. Toward the end of the twentieth century, national luxury hotel companies, such as Ritz-Carleton and Four Seasons entered the industry, thus adding the power of their branding to fractional ownership.
Around the same time, the fractional jet and yacht industries ran successful advertising campaigns that persuaded consumers that it was smart to share ownership of super-luxury possessions. The word fractional became associated with glamor, luxury and living the lifestyles of the rich and famous. So, the fractional industry took off (no pun intended) both figuratively and literally.
The inconvenient truth is that legally both fractional ownership and timeshare just happen to be defined as “shared ownership” in just about every country in the world and fall under the same or similar rules and regulations.
Now, it seems to me that people who want luxury vacations and a real estate investment need to understand that fractional ownership is the name of what they want. After all, why should the tail (i.e. a shared legal definition) wag the dog (i.e. the luxury vacation experience and solid real estate value)?
So, how should a sales person respond to a customer asking, “Is this a timeshare?” How about this answer:
“Are you thinking about resale value?” [Answer, “Yes”]
“Then, you’ll be pleased to know that fractional ownership offers a deed similar to that of your primary home. You can resell your fractional property through real estate brokers, and resale values typically follow values of whole ownership properties. Is this something that interests you?”
The ten objective dissimilarities outlined above between fractional ownership and timeshare are valid points of difference.
And, the one similarity in legal treatment seems rather minor relative to the quality of vacation experience and real estate investment that fractional ownership offers.
So, let’s stop calling fractional ownership “timeshare” or even “shared ownership.” Technically, they both may be fruit, but the experience of each is different. And let’s end this needless confusion and silly discussion once and for all!
It’s high time to find out from prospects what quality of vacation experience they desire and what investment objectives they hope to achieve through ownership. Then, offer them the type of property they say they want!
What do you think? Are fractionals and timeshare the same to you? Should they both be classified, as “shared ownership”? How do marketing and sales programs differ, if at all? What other differences do you believe exist between fractionals and timeshare. We value your ideas and invite your response.
I recently came across a good article in a local Dallas website. The article covered five key questions that first time home buyers should ask themselves before they sign on the dotted line.As a Realtor who specializes in helping first time home buyers in the DFW Metro Area enter the rewarding, exciting and (often) profitable world of home ownership, I wanted to highlight these five key questions here for my readers:
1. Can you afford the down payment? These days, you don’t need to put down huge sums of money in order to qualify for a mortgage. In fact, you can put down as little as 5%, and you can also use RRSP savings as a down payment on your first home (though, of course, you must pay the savings back over a 15 year period). I always recommend that my clients make as much of a down payment as possible, and use other financial vehicles, such as a line of credit, if they need cash-on-hand. This is because mortgage interest is different than other kinds of interest, and an extra $10,000 on a mortgage will end up costing much more than $10,000 for a line of credit, or other kind of loan.
2. Am I aware of the costs of home ownership? The thought of owning your first home is exciting and fun but you don’t want to get carried away and overlook the basic financial fact that it costs more to own than to rent. There are property taxes to think of, maintenance costs, and other expenses that you may not be aware of. Though it’s not as fun and exciting as house hunting, you really should sit down and figure out exactly how much you can afford to spend over and above your mortgage payments on monthly household expenses.
3. Do I have a long term plan? While it’s relatively easy to sell a house these days and move across the street or across the country it’s not as flexible as renting. With renting, you basically give your notice and, provided there are no other considerations, you can pick up and walk out the door. Selling takes longer, and that means that your home should be part of your long-term plan. It doesn’t have to be a 20 years plan. Even 10 years, these days, is a long time. But you should generally assume that you re going to be staying put for the next 5 years, and focus on potential homes that are going to work for you for that time so you won’t be stuck with having to move.
4. Are you depending too much on rental income? Some first time home buyers factor rental income into their overall ability to pay their mortgage and this can be unwise. While it’s certainly possible to rent out the basement and use that income to offset some of the mortgage, it’s a mistake to absolutely need that income in order to make your payments. It’s possible that your rental space will be unoccupied for months at a time. If that happens, you don’t want to be staring a choice between a foreclosure or selling.
5. Are you sure you want to own? This is an interesting question; if only because it’s one that first time home buyers often overlook. It’s also an odd question to hear echoed by a Realtor like me, since you might assume that I want everyone (and their dog and their fish) to buy a home. That’s not true. My goal is to help my clients do what’s best for them and occasionally, that means helping them realize that home ownership isn’t the right decision for them at the present time. Admittedly, most people are ready for home ownership; especially since renting is expensive and home ownership can be a smart, safe investment. But for the few people who aren t sure, it’s really important that they think through the question posed above. And if they come to the conclusion that they should be renting instead of buying at least for now then that s exactly what they should do. There s absolutely nothing wrong with renting when it makes financial sense to do so.
Remember: Do What s Best for You
The last bit of advice I’ll offer is an extension of the final point above. Home buying especially first time home buying is a really exciting time in most peoples lives. I love seeing the look on my clients faces when they complete the transaction and, at long last, enter the world of home ownership.
However, that happy ending only happens when first time home buyers do what s best for them not their Realtor, their mortgage broker, or any other professional on their home buying team.
When planning to buy a home, you surely need to gather enough money to finance the down payment and closing costs as well as create enough slack in your budget to cover any extra costs that come with home ownership. You can do this by either increasing your income or reduce your spending.
None of these are necessarily pleasant but the latter may be the less difficult option. It is up to you to decide where you are going to cut the excess baggage, but you no doubt need to make them. The first thing you want to do is to rid yourself of any consumer debt like car loans or credit cards. This first step will go a long way in contributing to your overall financial well-being. Consumer loan borrowing will only facilitate living beyond your means and not saving money.
The astronomical interest rates on consumer loans could destroy your financial health and unlike the interest on a mortgage, it is not tax-deductible. If you have access to some savings you definitely want to use this to pay down your consumer debts. After all, you are paying a higher interest rate on the debt than you’re earning from interest on your savings. Also, interest on your savings is taxable.
Always make sure, though, that you have some emergency money on hand. Another way to cut the excess baggage and make high cost debts disappear is to refinance your high-interest credit cards onto cards with lower rates while reducing your spending in order to free up cash to pay down those debts in a timely manner. You may also cancel your credit cards and switch to using debit cards where purchases are debited from your checking account within a day or two. This will surely help to curb your spending habits. Look for ways to trim the non-necessary spending that you may be in the habit of doing. Everyone obviously needs to spend on food, clothing, housing, healthcare and the like.
A close examination of your habits will likely reveal a great deal of additional money being used for luxury type spending of non-essential items. Get into the routine of purchasing products and services that offer you value. You don’t always have to spend more on quality since higher quality items are a lot of times inferior to lower priced products and services. Also, get used to buying bulk items, since these are usually cheaper per unit when buying in larger sizes. Go to wholesale stores to find deals on essential things that you use. Eliminating excess baggage will help you in your new home purchase as well as brighten up your long term financial picture.
Starting tomorrow (Jan. 1, 2014) the Healthcare Act will officially start. What is the main key point of this ? Very simply, ALL pre-existing conditions are covered, which means that if you have been diagnosed with cancer, high blood pressure etc – you can now get covered for health insurance.
THE PROBLEM – Health Insurance Premiums in certain states (Texas, Louisiana & North Carolina) are going up to as much as 51% of what the rates are today (2013) so that means when you wake up in the morning, if you are waiting to get insurance after tomorrow, your monthly premiums WILL BE HIGHER than what they are today!
THE SOLUTION – this is important – Since pre-exisiting conditions are covered, the best and most affordable solution is a 12 month short term major medical plan. Why is that better ? Because at the end of 12 months when you get a rate increase, you can go with a different company because ALL PRE-EXISTING CONDITIONS are covered.
THE NOT SO AFFORDABLE SOLUTION – go with a Major Medical Plan – but still Pre-existing conditions but the monthly premiums are much much higher than a 12 month short term major medical plan. You will probably switch because of the rate increase – so in my opinion, the 12 month plan is better!
If you want to know more about this – visit: http://www.InsurancePricedRight.com or you can also go to http://www.UnitedStatesInsuranceMarketplace.com.
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