This episode is part 2 in our timeshare series. We explore the pros and cons of timeshare and help you determine if it is a great fit for you.
THIS IS NICK CARIOTI
AND YOU’RE LISTENING TO
CAREERS IN REAL ESTATE
ON iHEART RADIO
Welcome back to our second half of our series on Timeshare.
This episode will focus on whether Timeshare is a good fit for you or not.
Timeshare is not for everyone. I tell this to people all the time.
It’s not for everyone to buy and it’s not for everyone to sell.
To be a good fit for someone, you need to first believe in the product that you’re selling and you must have a great product to sell.
If you don’t believe in the product and maybe even want to own one yourself, it’ll be difficult to convince anyone else to buy it as well. This is an important feature of selling timeshare.
When choosing a resort to work with, you wanna make sure that you like the deal you’re pitching.
You may wonder why should you care about that, but you don’t want to be selling something to people that you wouldn’t buy yourself.
So if you’d like to have a moral and ethical outlook on what you’re doing in life, you need to make sure you’re selling the right product, with the right pitch and not hurting people.
There are many resorts and companies out there and you can go visit and speak with them.
They will give you a tour of their facility and give you an idea of what they’re selling and how it works.
Sometimes recruiters at these resorts will try to start you in the phone room. Selling timeshare products over the phone, maybe even just a week to rent, just to get them out here so they can try and sell them a week.
I don’t recommend this at all. That is a hard sell and it’ll probably leave you with a bad feeling about timeshare and you’ll never actually make it to face-to-face sales.
I suggest that you stick to your guns, and find a place that’ll let you start on the floor with actual customers.
There are two types of customers, what we call in-house customers or first time buyers.
In-house customers are people who already own at this resort or another resort and have traded into your resort.
So they’re already staying there perhaps, they’ve been invited to sit and see what your resort has to offer or if they already own at your resort, they’ll show them how they can add to what they already have.
In-house sales is usually a step up or even a promotion from first time sales.
Dealing with in-house buyers, who’ve already bought before, liked the product, use the product, and they know how to say yes. So they will be an easier sell.
The percentage of people you will sell while in-house, will be greater than what you might sell to first time buyers.
Before going on interviews with companies, try talking to as many people who have been in the timeshare industry before so you could pick up certain tips they may give you on how to present yourself or how to respond to what they offer. For instance, I tell my students when I go on an appointment with a Timeshare resort, to let them know that they were told by a friend, who has worked in the industry that they would be really good in the in-house department Because they relate well to people who currently travel or even own timeshare.
So this is about selling yourself to a certain degree. Of course, if you’ve been in sales before,
this might be something you want to talk about. I find that many people who have been in the car sales industry do very well in timeshare.
In many ways, it’s a similar product. Because it is an impulse buy, sort of a luxury buy. It is not something they necessarily need, but something that they want. You will, of course, show them how it could easily fit their lifestyle, is an excellent way to travel and can be very cost-effective when used properly.
You will also find that working in timeshare has a unique work schedule at most resorts.
They will probably require you to be there at 7:30 am at least five days a week, but you’ll probably be done with your day about 2:30 in the afternoon.
So again it feels like a very part-time job with very full-time money. There are some days that you may stay a little longer depending on how many tours you get that day or if you’re closing a deal.
So unfortunately, Timeshare is not gonna give you the freedom that you might expect from getting your real estate license as an independent contractor and working at a brokerage company, where your time will be your own.
At a brokerage company they’re not gonna require you to be in the office at any particular times. The only time that you wanna make sure you’re in the office is every other week for the morning meeting and of course you wanna make sure you get all your training in. Fortunately, many companies are doing a lot of training using Zoom or online.
You will get a certain amount of face-to-face training and you will have to be prepared for that. But here in timeshare you gotta be somewhere at a certain time. This also might be something that will help determine if it’s a good fit for you or not.
Again, if you’re getting in this business for the freedom to set your own schedules and work only when you want, then timeshare might not be for you.
On the other hand, if you’re looking to get into the real estate business quickly, with very little cash outlay and to make money as quickly as possible, timeshare could easily be exactly what you’re looking for.
Once the 10 day cancellation period is over for buyers, you’ll get paid pretty quickly after that. In general real estate, you typically have to wait 45 to 60 days for closings and there could also be a little red tape on the part of the broker paying you your commission.
So you have to plan for that kind of pay schedule.
I hope you’ve enjoyed this episode of Timeshare, Is it right for you.
Have a great day.