Recently the Timeshare Board Members Association (TBMA) published a press release describing their mission and current issues concerning timeshare owners. The TBMA (from their homepage) states that “In 2014, Shep Altshuler, Publisher of TimeSharing Today was contacted by the president of an owner-controlled board with the idea of launching an association for owner-controlled board members and so the idea of the Timeshare Board Members Association (TBMA) was conceived.”
This was in response to the growing control of the resorts over Homeowners Associations. By developing strong owner controlled Homeowners Associations the timeshare owners can have more of a say in what is going on with their timeshare compared to the corporate run associations.
That’s good for timeshare owners in many ways.
However, there is a lot of work to be done by timeshare owners associations. Over the years challenges to managing timeshare resorts have mounted. In fact, the TBMA outlined the largest challenges faced today:
o An aging owner population who can no longer afford the maintenance fees or unable to travel
o Transfer companies that have no intention of using the resorts or paying maintenance fees
o Growing delinquency rates and aging receivables
o Conflicts with management companies or vacation clubs
o A lack of young buyers
o Declining timeshare values, especially in highly seasonal locations
o Decline in traffic from exchangers
o Proliferation of scams
o Defunding and deregulating state regulatory agencies
o Growing inventory of units turned back or foreclosed
o On-going negative press in the mainstream media
o No viable exit strategy for owners who feel locked in to their obligations
I sincerely applaud the work of the TBMA and helping timeshare owners have more control over the operations and well being of their timeshare resorts.