Fractional Ownership News

Owners' voices heard loud and clear at Fractional Summit USA

Elaine Joli reports on the Owners Panel session at the recent Fractional Summit USA in Miami.

Thousands of families own or are members of a fractional, private residence club or destination club. Last year alone the shared ownership/use industry in the US, Canada and the Caribbean had sales exceeding $850 million; the year before, the figure breached $1 billion.

Developers, architects, land planners, financiers and many others devote their professional lives to this industry, but how many of them – who have so much invested in a project – have ever heard directly from the owners/members, who have equally invested so much of their hard earned dollars?

That scenario played out on September 1st at the inaugural Fractional Summit USA in Miami, FL where, for the first time at any B2B conference, the agenda included an owners panel. Fractional Life, the leading luxury fractional ownership brand and conference organizer, invited an assembly of end users for a frank and spirited discussion about what they liked and disliked about the products they purchased.

The owners did not disappoint. They were candid in their responses to every question posed to them. Panel members, who represented a cross section of the industry, answered prepared questions covering:
• Their entry into the shared ownership/use world (most learned of the concept through a friend or associate that was an owner/member);
• Membership experience (full consensus was very satisfied);
• What factors triggered their purchasing decision (yes, price was a factor, but surprisingly very low on the scale);
• What services and amenities they liked best (ranged from 24/7 concierge and fitness facility to daily housekeeping);
• Their sentiment on annual dues (not as bad as some in the audience had feared).

They followed with participation in a “rapid round” of Q&A and enthusiastic questioning from the audience. Peter Kempf, president and CEO of Peter Kempf International and one of the leading authorities on international fractional luxury real estate, said of the session: “It was a real benefit to those in the industry to have a panel of those who own at a PRC or DC and to hear their experiences of what made them choose the club they did, what concerns, if any, they had or have and what their experience of ownership has been like. One particularly surprising revelation was the lack of concern about annual dues, which are usually the most heavily questioned issues prior to purchase. I look forward to having this again and even expanded at the next conference.”

This writer had the privilege of moderating the session and views it as the singularly most refreshing panel at any conference she’s attended. Engaging the feedback of those who literally write our paychecks should be duplicated regularly to ensure our collective success.

Elaine Joli is the author of Vacation Nation: The Complete Guide to Timeshare, Private Residence Clubs, Fractionals and Destination Clubs.

www.fractionalsummitusa.com

09/10/10

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