Selling advice

My parents are club Wyndham access members at a platinum level. Their monthly fees are beginning to be a stress on them financially. I have suggested that they sell off some of the points to reduce their fees. They are considering selling [a large number of] points but they (or I) do not know how much can be expected for the points, or the best way to go about it. Any advise would be helpful. Thanks.

Lisa

They will probably be disappointed with what their points will sell for. I haven't looked recently but I would say around $3000 for 500,000 points. With a platinum level they would probably be better off to learn the system and rent out reservations to help pay for their maintenance fees. Keep in mind they cant sell any number of points they want they would have to sell a whole contract. If all the points are on one contract then its all or nothing.

If they have 5 contracts with 200,000 points each and they sell one of those contracts, their VIP Level would become GOLD instead of Platinum.

Another suggest: Hook up with the group that manages VIP Platinum ownerships -- they make the reservations, controlling the ownership and the owners can decide if they want ANY usage each year OR simply just NOT vacation the timeshare way.

It would take the burden of MFs off of them - almost immediately. And it is not permanent nor will it alter their Platinum VIP ownership -- if their heirs want to keep the ownership or their travelling ways change.

ljc50 said:

My parents are club Wyndham access members at a platinum level. Their monthly fees are beginning to be a stress on them financially. I have suggested that they sell off some of the points to reduce their fees. They are considering selling [a large number of] points but they (or I) do not know how much can be expected for the points, or the best way to go about it. Any advise would be helpful. Thanks.

Lisa

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Consider that the cost to attain Platinum from scratch can be in the range of $100k-200k for the regular person. That rate makes it cost prohibitive to try to reach, and the benefits won't pay for themselves.

As a potential heir, however, you could potentially get this benefit for maybe $1500-2000 (mostly in deed prep and transfer fees). The benefits of VIP at this low entry point are VERY nice.

If your parents do not have the time or inclination to learn how to maximize their Platinum status, whether through deep discounted reservations, or renting for profit, perhaps you have the energy to do so. It would be very simple to add you to the current deeds, which will also aid transfer when your parents eventually pass away. Realize this will commit you to picking up the MF, but again, the discounts and rental ability can overcome this issue. If you don't have the will to rent yourself, then I believe one of the companies previously mentioned that does the management and rental of Platinum accounts is called WINPointVIP, and you can Google that name to get contact info.

If you still want to sell, one variable is which resorts they actually own. Some resorts have higher MF rates than others. If the MF rate is over $6/1000 points, you will probably get ZERO in a sale, and may need to pay someone to take it off your hands (again, because VIP does not transfer to anyone other than family). If the MF rate is less than $5/1000 points, you might get $800-1200 after fees for a 200k contract.

IMHO (without knowing other details) selling for this pittance is the worst possible option, considering the Platinum benefits they/you will be giving up.

Thank you everyone for the valuable information. I am currently acting as management for them, booking and renting out for a profit, although it takes a fair amount of my time, I have been able to make a profit for them the last two years.

I also told them about being placed on their deeds but I also have two brothers so I believe that complicates things a bit.

Please keep the information coming. It is helping a great deal. From what I can tell, their platinum membership is under 1 contract. They also have another contact with an affiliate in Mexico. I would really like them to get rid of that one if possible.

Thank you everyone.

Lisa