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Redweek just entered the exchange company game

PerryM

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Well, I am assuming (perhaps incorrectly) that RW will have an ongoing search capability.

If I had my way, this would be a search-first feature, not deposit-first, so my week never goes into the inventory pool. I simply make it available for exchange on the condition that I get what I want. I give them 2 months to make it happen. Beyond that, I haven't lost anything as all of my usage options are still alive (just like my real-estate agent has 2 months to find a buyer, beyond that I'm free to switch listing agents).

Say owner A has Captiva but wants Park City. Owner B has Park City but wants Breckenridge. Owner C has Oahu but wants Captiva. Owner D has Breckenridge but wants Oahu. RW arranges the 4-way exchange, collects $500, and everybody gets what they want (in theory). Assuming the point values are not identical, each owner either adds points/cash or gets back change to balance the transaction. Now, if any one of these owners is absent, this deal could not occur. Thus, I think it is critical to minimize the owner's risk (with search-first).

This is not mutually exclusive with a deposit-first scenario. Some owners may prefer to deposit, bank their points, and go shopping for the next three years. But, those owners will never see my week in this example, because it never goes into the inventory pool. It's either taken directly in a 3-way, 4-way, ..., n-way exchange, or I get it back. No hocus pocus or added uncertainty. I believe most owners would prefer a low risk approach when using a new exchange system (or any system for that matter).


It’s hard for a company to thrive and dominate an industry if their customers are all fence sitters.

I’d bet that RW is busy at work running a parallel system that has all kinds of goodies to make exchanging timeshares a lot of fun. I'm hoping for all kinds of gadgets to make this enjoyable.

I tried to help my brother-in-law last weekend change the new desired check-in days he now has on an II ongoing search. We screwed around for 20 minutes on the II web site and I stumbled into the same error I remember seeing more than 1 year ago on the same page. II could care less about it’s customers. He had to call in and have the II rep do it - two grown ups with 20+ years of computer experience each could not do it.

If RW has watched II and RCI bully the owners around and the other exchanges languishing around hoping for scraps, then RW is going to introduce an internet site that rivals eBay’s in terms of goodies that folks want in an on-line exchange system.

Will RW do this or have they raided the RCI Points folks and snatched the blockheads over there? I can only guess, and I don’t see anyone here with more insight than just guessing – which is all we can do at the moment.
 
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Pit

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It’s hard for a company to thrive and dominate an industry if their customers are all fence sitters.

True. I think we're both suggesting that RW needs to take a more owner-friendly approach than RCI/II, if they want to make a splash and get noticed. If they don't, the entire exercise is a big NOOP.
 

Carolinian

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Timeshare exchange companies are hurting these days, and I doubt it'll get better. Most new timeshares are chains, and much of the usage is inside the chain. I doubt that Redweek will ever be a player in the market. The fact that you have to join Redweek to see anything doesn't help them. Nor the fact that their exchange rates are very high. Nor the fact they have zero brand recognition, and very little promotion budget.

Some assume the asserted fact that most new timeshares are in chains, and it gets repeated a lot. The only factual information I have seen, however, shows the opposite. There was an article in a trade journal that was reprinted in Streettalk a year or so ago, and I put a link on TUG, that said that the majority of timeshare now in development was from independent developers, not chains. The article had the precise numbers.
 

BocaBum99

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Well, I am assuming (perhaps incorrectly) that RW will have an ongoing search capability.

If I had my way, this would be a search-first feature, not deposit-first, so my week never goes into the inventory pool. I simply make it available for exchange on the condition that I get what I want. I give them 2 months to make it happen. Beyond that, I haven't lost anything as all of my usage options are still alive (just like my real-estate agent has 2 months to find a buyer, beyond that I'm free to switch listing agents).

Say owner A has Captiva but wants Park City. Owner B has Park City but wants Breckenridge. Owner C has Oahu but wants Captiva. Owner D has Breckenridge but wants Oahu. RW arranges the 4-way exchange, collects $500, and everybody gets what they want (in theory). Assuming the point values are not identical, each owner either adds points/cash or gets back change to balance the transaction. Now, if any one of these owners is absent, this deal could not occur. Thus, I think it is critical to minimize the owner's risk (with search-first).

This is not mutually exclusive with a deposit-first scenario. Some owners may prefer to deposit, bank their points, and go shopping for the next three years. But, those owners will never see my week in this example, because it never goes into the inventory pool. It's either taken directly in a 3-way, 4-way, ..., n-way exchange, or I get it back. No hocus pocus or added uncertainty. I believe most owners would prefer a low risk approach when using a new exchange system (or any system for that matter).

I agree with you Pit. The person who does the matching between A, B, C and D is called the exchange specialist. I call that person the market maker.

If Redweek doesn't have an ongoing search capability with market makers, they will fail. If they have hired away exchange specialists from other exchange companies, then I would say that they get it.

Creating the feature to do ongoing searches is easy. SFX has it on its website. It's the exchange specialist that makes or breaks the exchange company. They tap from all available sources including exchange partners, their own inventory and others. But at the end of the day, they get paid on transactions completed.

I truly hope that Redweek didn't think they could simply create a technology to set point values for timeshare intervals and then expect the transactions to just happen as people casually browse their site. Well, even if they did, they could adapt and still be successful.
 

BocaBum99

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It’s hard for a company to thrive and dominate an industry if their customers are all fence sitters.

What a start up venture needs is a compelling value proposition that is so superior to what they have today that they will overcome inertia and trust issues inherent in all start ups vs. incumbents.

If Redweek has nailed a new exchange model that will be adopted by the masses, then it should be easy for anyone on this board to complete this sentence:

"I am cancelling all of my other exchange company memberships because Redweek ....."
 

PerryM

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What a start up venture needs is a compelling value proposition that is so superior to what they have today that they will overcome inertia and trust issues inherent in all start ups vs. incumbents.

If Redweek has nailed a new exchange model that will be adopted by the masses, then it should be easy for anyone on this board to complete this sentence:

"I am cancelling all of my other exchange company memberships because Redweek ....."


Of course I see things a little different (so what else is new).

There are thousands of rentals out in RedWeek already and it is the job of RW to convince them that this is much easier and they don't have to declare the rental income and send a check to Uncle Sam's protection racket.

I can't speak for RW and how they are going to convince those folks to deposit their rental into their exchange system.

They have a fantastic Point system which is based upon reality but they need to improve their existing Internet system which is just paying some nerds to implement an eBay kind of system.

We must see how RW decides to convince us to use their exchange system.

They could also go after fractionals and solicit their business like II is now doing. Same with condo hotel folks. Also they could go after VRBO kind of folks to deposit a week with them from their whole ownership condos. The sky is the limit.
 

BocaBum99

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Of course I see things a little different (so what else is new).

There are thousands of rentals out in RedWeek already and it is the job of RW to convince them that this is much easier and they don't have to declare the rental income and send a check to Uncle Sam's protection racket.

I can't speak for RW and how they are going to convince those folks to deposit their rental into their exchange system.

They have a fantastic Point system which is based upon reality but they need to improve their existing Internet system which is just paying some nerds to implement an eBay kind of system.

We must see how RW decides to convince us to use their exchange system.

They could also go after fractionals and solicit their business like II is now doing. Same with condo hotel folks. Also they could go after VRBO kind of folks to deposit a week with them from their whole ownership condos. The sky is the limit.

Perry,

I completely agree with you on two points. First, the IDEA of using the market rental rate to assign the points value is an excellent one. I've made that argument myself in the past. Second, a key economic value is like kind exchange and no income tax on the equal part. Redweek clearly gets that and I applaude them for trying to capitalize on it.

Where we disagree at this point is whether or not Redweek is a "fantastic point system." Time and the market will tell us if that is true. Just paying a nerd to create a system is like saying that all that was needed to create google was to have a couple of nerds cook up a search engine. Success was much more than that. I guess that's where we differ.
 

PeelBoy

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Mine just returned.

The OBBCII one bedroom week 15 scored 1517 RW points. The Plantation Resort Myrtle Beach two bedroom July week scored 2017 RW points.

With 1517 points, I can book 2 studio weeks in Bali or 2 one bedroom weeks in Scotland off season. I can get one week only with RCI, so I will give Redweek a chance.
 

PA-

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Some assume the asserted fact that most new timeshares are in chains, and it gets repeated a lot. The only factual information I have seen, however, shows the opposite. There was an article in a trade journal that was reprinted in Streettalk a year or so ago, and I put a link on TUG, that said that the majority of timeshare now in development was from independent developers, not chains. The article had the precise numbers.


I haven't seen an independent timeshare arrive on the scene in a long time. Have you? Meanwhile, chains add thousands of units each and every year. I guess a simple search of the RCI and II directories would certainly answer that question, if anyone cares enough to research it. I don't.
 

timeos2

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The ability to combine and split weeks is a key

Mine just returned.

The OBBCII one bedroom week 15 scored 1517 RW points. The Plantation Resort Myrtle Beach two bedroom July week scored 2017 RW points.

With 1517 points, I can book 2 studio weeks in Bali or 2 one bedroom weeks in Scotland off season. I can get one week only with RCI, so I will give Redweek a chance.

And there is at least one value added feature. The ability to take points and split them into two weeks or take two weeks of points and combine them into one better use. Although it has been poopoo'd as undesirable by the weekheads, that is a feature many timeshare owners would love to have available. The strict week for week systems, even forgetting the fact that it's virtually impossible to obtain equal trades, simply don't offer the flexibility desired by owners. A true points system open to any resort / owner can be a holy grail for timeshare if handled right. RCI had the idea but botched the implementation and cost horribly. Maybe this second attempt will be handled better if the principals don't see it as an instant gold mine the way RCI / Cendant appear to have viewed the RCI systems. An honest attempt to create a value added service would go a long way.
 

jjking42

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there website is really slow right now are all the tugger online at once

my values came back
IPV 2 bed summer 1821
Val chatell 2 bed summer 1821
FF flagstaff 2 bed summer 1750

I am tempted to use IPV with RCi
FF for FF points
Val chatelle with RW
 

wbtimesharer

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Mine just returned.

The OBBCII one bedroom week 15 scored 1517 RW points. The Plantation Resort Myrtle Beach two bedroom July week scored 2017 RW points.

With 1517 points, I can book 2 studio weeks in Bali or 2 one bedroom weeks in Scotland off season. I can get one week only with RCI, so I will give Redweek a chance.

How do you search to determine what n number of points can get in the system?

Bill
 

Quimby4

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http://www.redweek.com/exchange/

At the top, Value Your Week Free.
They will email you the point value within 24 hours.
Obviously it is new, but there is not much inventory to motivate me...
 

djyamyam

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RW Values still need tweaking

They've valued a 1BR Grand Okanagon Resort as follows:

Nov 11, 2007 - Nov 18, 2007 425 1 Bedroom 4
Dec 09, 2007 - Dec 15, 2007 1,300 1 Bedroom 4
Feb 03, 2008 - Feb 10, 2008 1,300 1 Bedroom 4

How does that work???? That is definitely offseason for Kelowna and that's a lot of points for a 1BR. If I owned there, I'd bank it with RW too before I'd put it with RCI.

The only question is what I'd be able to reserve in exchange.
 
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Jennie

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Hubby and I own 15 timeshares--mostly fixed/deeded weeks. In the 1990's we space-banked many of them with RCI and received great exchanges. When the RCI "rental games" began, and we could rent their inventory on public web sites for a few hundred dollars, it made no sense to continue to deposit our weeks considering what we were paying in maintenance fees, Special Assessments, the annual RCI membership fee, and the exchange fee.

I joined Redweek when they first started, and they were offering totally free membership and free rental and sale ads. I was able to rent our weeks so easily that we listed more and more on Redweek, and gave less and less to RCI. As time went on, I began using Redweek as an "iinformal" quasi exchange resource. I would rent out our prime weeks then take the money and rent what we wanted directly from owners who had posted rental ads on Redweek. I was so glad to be able to "cut out the middleman", namely RCI. We were able to get exactly what we wanted, w/o all of the uncertainty and long wait that RCI put us through.

I have always been extremely pleased with the way Redweek has set things up. Even when their fees crept up through the years, I gladly paid whatever the price was because of the great results I received from our ads, and our ability to make direct deals with other owners. Redweek's customer service has been excellent the few times I needed to contact them (although it must be done via Email rather than phone).

The owners of Redweek created Classmates.com, brought it to the point of profitability and widespread use and satisfaction, then sold it for big $$$$.
They have the knowledge, experience, expertise, financial resources, and committment to make the new exchange program a success. They have an excellent marketing strategy mapped out. They consider the initiative rolled out this week to be "a soft launch"--sort of a beta test. A few months ago, they offered members the opportunity to post free exchange ads. These are the people who received Emails on Monday describing the new exhange program. I'm not sure Redweek expected the news to spread so fast. If you look at the "announcement" on their homepage, it is so brief that one would not easily notice it unless it was pointed out through some other source.

I have 100% confidence in Redweek's ability to develop and grow an exchange program that will be far superior to any of the other options available to ts owners thus far-- especially for people who own fixed or floating weeks instead of the various points products. Redweek is headed by a top notch team. They have devoted a lot of time and energy to doing the research, developing their business model, and establishing important links with other companies in the field. I commend them for choosing DAE to handle an important piece of this program. I believe most of us consider DAE to be one of the few exchange companies that strives to treat their customers fairly and not be obsessed with greed.

I submitted 14 weeks to Redweek for "valuation" and am very pleased with the results (which I received within a few hours of submission on the first day). I believe they are trying to be generous with these first offers to encourage deposits, as they need to build up inventory. I feel confident enough to give them some of my "tiger traders" and all of my so-so weeks right now.
 

rickandcindy23

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there website is really slow right now are all the tugger online at once

my values came back
IPV 2 bed summer 1821
Val chatell 2 bed summer 1821
FF flagstaff 2 bed summer 1750

I am tempted to use IPV with RCi
FF for FF points
Val chatelle with RW

You should try Val Chatelle with RCI, but don't deposit until you see a need for weeks. We deposited our weeks too early for summer 2008 and our trade power is horrible, but my understanding is that waiting until maybe the 9 month window, when they need inventory, you might be better off. I am going to be very cautious with depositing my Val Chatelle weeks from now on. I would love to own some ski weeks there, but the prices the owners charge are ridiculous.
 

jlwquilter

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Flexibility

What appeals to me is that I can get points (and use them to combine, split, etc.) for my fixed weeks that I can't get RCI points for - they are at RCI Point resorts but not coverted (and frankly I don't want them converted). And even better, I can get points one year and have my fixed week intact for the next year if I so desire. Best of both worlds as far as I can see for fixed week owners...if RW can deliver exchanges I want.

For example, I have a fixed week we are using this year but can't use next year due to other plans. With RW, I can deporit it, get points and use them with all the flexibiity points offer, but then the year after next, I have my lovely fixed week back! I can't do that with RCI.
 

NTHC

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One summer Massanutten 2 bedroom will give me 2017 points. One would think that in the next 3 years I could find something acceptable as far as a trade.

I personally like the way they put the points out there for everyone to see. We have weeks available so I am going to give it a shot.

JMHO,
Cindy
 

Quimby4

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2,000 Points for a Prime 2 bedroom at Riviera Beach Resort and Spa in S. Cal.
1,000 Points for a 1 Bedroom December at Palm Springs Tennis Club 1 bedroom

I would definetly consider doing it if I could find something to exchange into...Hopefully there will be more deposits to make this a successful program...
 
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Miss Marty

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Redweek Exchange


The New Redweek Exchange Program


Submit your information
Get a Point Value for Your Timshare Week for Free
Receive an email with the point value within 24 hours.

Great way for Redweek to get all your t/s information
What resort you own, which week, unit number, etc.
Name, email. Looks like they are building a data base!
 

AnnaO

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Lockoffs

Be sure to split your lockoffs if you have them. I don't have the numbers right in front of me, but it was something like 1br = 1400+, 2br=1900+, 3br combined only = 2400+.

I didn't see much interesting available yet, but I'm game if they start getting a good selection.

Sheila

Thanks, that was good advice. My Presidents week, 2 bedroom lockoff at Tahoe Seasons got 1534 points. After reading this, I resubmitted as one bedroom and got 1067.

I wonder if splitting the units is a better strategy for renting as well?

As far as the exchange goes I found nothing in the US for week7. Then I tried Europe any time in the summer, but nothing that can sleep 5 showed up. Perhaps things will change.
 

jtridle

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Points offered for Hawaii and Cayman

I got an answer back from RW. For my one bedroom Morritt's Tortuga Club in Grand Cayman, Sept. week, I would receive 1,130 points. For my 3 bedroom One Napili Way on Maui, week 1, I would receive 3,451 points. If you are saying that means they think I can rent my Cayman week at that time of the year for $1,130 or my Hawaii week for $3,451, they are mistaken. I know I could not get that much. ONW does not even rent out their units for that much to the public. RW's offer seems very generous. Like somebody said, maybe it will be overly generous in the beginning and become more realistic later, simply because they need the inventory now. I hope RW can make a success of this. It's very tempting.
 

KauaiMark

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Time for "request first" option...

I was waiting for a post exactly like this. I think your Marriott is a high value week. I submited my Maui summer week 6-11 to 6-18/2008 1 bd/2ba at a resort that is definitely inferior to Marriott and I received the same quote, 2000.

At this point, I think I'd be reluctant to exchange for points unless they had an option to do a "request first" option like II.
 

JudyS

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Submitted 2 weeks that I rent all the time:
2BR Week 51 ski week I've rented for $2,400 in the past and Redweek offered 2,321 RW points.
Mini Suite Week 50 ski week that I’ve rented before for $1,000 and RedWeek offered 1,180 points.....

I got an answer back from RW. For my one bedroom Morritt's Tortuga Club in Grand Cayman, Sept. week, I would receive 1,130 points. For my 3 bedroom One Napili Way on Maui, week 1, I would receive 3,451 points. If you are saying that means they think I can rent my Cayman week at that time of the year for $1,130 or my Hawaii week for $3,451, they are mistaken. I know I could not get that much. ONW does not even rent out their units for that much to the public....

Over on Timeshareforums, I said that I thought $1 per point was too high a value -- it looked like $.50 per point was a more reasonable value to me, based on the number of points they were assigning each resort. After I saw PerryM's post, I was thinking that maybe I was just cheap! But now, many of the points values that have come in since then seem very high to me. few timeshares rent for above $1000, let alone above $2000 or $3000. Perry, maybe they undervalued your weeks, relative to other weeks?
 

JudyS

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At this point, I think I'd be reluctant to exchange for points unless they had an option to do a "request first" option like II.
While they don't have a "request first," the current system does allow for "search first," since you can see all the other weeks available and their points values. There is the problem, of course, that inventory is quite sparce right now......
 
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