New to timeshares

I just recently purchased a Marriott Grand Chateau Las Vegas 2 bd/2bath unit that is available for weeks 1-51. It is also a lockout unit. So....how do I go about offering it for exchange.

1. Do I first have to lock in a specific date if I know I won't be using it in a particular year? ONce I get my requested dates confirmed, then do I offer it up for exchange?

2. What about the lockout? If I want to use the studio portion and offer the larger 1 bedroom, can I do that? Or vice versa. What is confusing, is I submitted my unit (the full 2 bedroom/2bath unit - sleeps 8) for valuation for the week 9/12/09 to 9/19/09. I received a value of 963 pts.

There is a studio (small portion of the lockout) that is available for the same week and would cost 1212 pts. That doesn't seem right or fair. Why am I getting so little in return compared to a much smaller unit for the same week. Why are the 2 pts values so disproportionate?

robertj384 states / asks: >> I just recently purchased a Marriott Grand Chateau Las Vegas 2 bd/2bath unit that is available for weeks 1-51. It is also a lockout unit. So....how do I go about offering it for exchange? Do I first have to lock in a specific date if I know I won't be using it in a particular year? <<

Yes. You need to have a confirmed reservation firmly in hand before you actually have anything to actualy "deposit" for exchange, regardless of which exchange company you utilize. Your "floating week" is just a "conceptual possibility" until such time as you obtain a confirmed reservation from your resort system.

>> 2. Once I get my requested dates confirmed, then do I offer it up for exchange? <<

Yes, if you choose to do so, as per item 1 above.

>> What about the lockout? If I want to use the studio portion and offer the larger 1 bedroom, can I do that? Or vice versa.<<

Yes, you can choose to do either one, although the studio portion of the lock off will be (...or should be, anyhow) of lower valuation. In a location like Las Vegas, where supply quite often exceeds demand, there might not be too much interest or value in the studio portion alone.

>> 3. What is confusing, is I submitted my unit (the full 2 bedroom/2bath unit - sleeps 8) for valuation for the week 9/12/09 to 9/19/09. I received a value of 963 pts. <<

Valuations are based upon projected demand, other available inventory for the same time period at the same resort, long term advance deposit date and other factors which I do not claim to know. In my own experience and opinion, RedWeek valuations seem to often be inconsistent, but I certainly do not claim to know all of the RedWeek evaluation parameters. In any case, per above, you can't actually deposit ANY week until you first obtain a confirmed reservation.

>> There is a studio (small portion of the lockout) that is available for the same week and would cost 1212 pts. That doesn't seem right or fair. Why am I getting so little in return compared to a much smaller unit for the same week. Why are the 2 pts values so disproportionate?<<

You don't actually state outright that this "same week" is also at the exact same RESORT. If it is, then you have apparently happened upon an inconsistency in RedWeek valuations --- which only RedWeek can explain for itself. The good news is that with the RedWeek exchange program, if you don't like the valuation offered, you can simply decline to deposit the week at all. That's considerably better, by comparison, than the mandatory RCI practice of "deposit first, then just hope and pray"...

>> 3. What is confusing, is I submitted my unit (the full 2 bedroom/2bath unit - sleeps 8) for valuation for the week 9/12/09 to 9/19/09. I received a value of 963 pts. <<

Valuations are based upon projected demand, other available inventory for the same time period at the same resort, long term advance deposit date and other factors which I do not claim to know. In my own experience and opinion, RedWeek valuations seem to often be inconsistent, but I certainly do not claim to know all of the RedWeek evaluation parameters. In any case, per above, you can't actually deposit ANY week until you first obtain a confirmed reservation.

>> There is a studio (small portion of the lockout) that is available for the same week and would cost 1212 pts. That doesn't seem right or fair. Why am I getting so little in return compared to a much smaller unit for the same week. Why are the 2 pts values so disproportionate?<<

You don't actually state outright that this "same week" is also at the exact same RESORT. If it is, then you have apparently happened upon an inconsistency in RedWeek valuations --- which only RedWeek can explain for itself. The good news is that with the RedWeek exchange program, if you don't like the valuation offered, you can simply decline to deposit the week at all. That's considerably better, by comparison, than the mandatory RCI practice of "deposit first, then just hope and pray"...

Yes, same resort, same week, just the unit is different. My first experience with this, and it gives me a bad feeling. I am offering up so much more, and receiving about a third less in points. Somehow, this leaves me with the impression that RedWeek is somehow overly profiting from this. Just a gut feeling mind you, but it is what I feel, right or wrong, but facts is facts.

robertj384 stated in relevant part: >> Yes, same resort, same week, just the unit is different. My first experience with this, and it gives me a bad feeling. I am offering up so much more, and receiving about a third less in points. Somehow, this leaves me with the impression that RedWeek is somehow overly profiting from this.<< =================================================

I must respectfully disagree with your final conclusion, although I do not represent RedWeek in any way and it is not my role to defend them. That clearly stated, RedWeek valuations have, in my opinion, thus far demonstrated some troubling inconsistencies --- in BOTH directions (not just undervalued, but OVERvalued as well).

My own belief is that because the RedWeek exchange program is relatively new (not too much more than a year old now) there are still some "growing pains" and "learning curves" yet to be resolved. I also think that some "early advance deposit" submissions have received some VERY (i.e., overly) generous valuations.

RedWeek has never actually indicated at any time that their exchange "points currency" was or is intended to reflect or represent a "one dollar per one point" value. Nonetheless, many people have made that interpretation and conclusion on their own (personally, I'm not at all sure). Yet, it certainly does seem (at least to me, anyhow) that RedWeek has sometimes assigned point values based almost exclusively upon advertised private rental figures at some resorts --- figures which are usually considerably lower than "open market" rental figures for that same resort. I know, just as one example, that I was offered 800 points for a prime 1BR winter week in a waterfront Florida resort which routinely (and easily) rents out that same week out for $1100. If you accept the "dollar per point" thesis, this "points" offer is 37% below "market value" but rare private rental ads for this facility are found, lo and behold, for $800. Is the "match" of 800 points and $800 private (discounted) rental rate just a coincidence? This is a facility where "exchangers" can rarely find ANY availability through ANY exchange company and rare winter rental weeks get snapped up promptly at $1100 (...maybe not as promptly in this current economy).

I also believe that the RedWeek exchange program, really only still in its infancy, has also OVERvalued submitted weeks (including some of mine), presumably to help expand their somewhat limited inventory. Again, if you accept the "dollar per point" thesis, I have seen submitted valuations of some of my own weeks which EXCEED the actual "dollar value" of an "open market" rental for that particular week at that particular resort.

In short, I believe the RedWeek exchange system model to be honest, "up front" and transparent, all of which is certainly both good and desirable. However, I also believe that RedWeek accuracy and consistency in valuations is still something of a "work in progress".

Just my subjective opinion and conclusions, based upon my own comparative observations and knowledge of rental rates at a handful of specific resorts with which I have been personally very familiar for many years now.

ken1193 wrote:

Yet, it certainly does seem (at least to me, anyhow) that RedWeek has sometimes assigned point values based almost exclusively upon advertised private rental figures at some resorts...

Earlier in the year, I questioned some of the inconsistencies of the valuation of my NH timeshare and eventually they all but admitted that there wasn't enough "rental data" on my resort (I guess they failed to go to the resort website). The odd thing is that I listed my unit for rent with Redweek, but I price it very competetively (enough to get my MF plus a small % extra). So by pricing my unit low, I'm "shooting myself in the foot" and lowering the valuation for the exchange.

Seeing RedWeek is based out West, I don't think the staff in the exchange department really understands the value of Eastern Timeshares (try to get a summer week in New England, especially Cape Cod). There are probably more TS units in Orlando, than there are in the entire New England region. Even "oversaturated" Williamsburg is a popular destination in the summer.

I still try to keep an open mind, but as of yet I have not seen anything of value for me to complete an excange.

mike1536 related in part: >>...I listed my unit for rent with Redweek, but I price it very competetively (enough to get my MF plus a small % extra). So by pricing my unit low, I'm "shooting myself in the foot" and lowering the valuation for the exchange. <<

I have observed and have personally experienced exactly the same thing, subsequently declining to deposit.

>> Seeing RedWeek is based out West, I don't think the staff in the exchange department really understands the value of Eastern Timeshares<<

Perhaps that's true to some degree, Mike. However, with Dial an Exchange behind the scenes as infrastructure for the RedWeek exchange program, it would seem that there would be some experienced institutional knowledge there to call upon in assigning valuations. Then again, maybe DAE itself, being a small exchange company (compared to the other "Two Titans"), ALSO has limited knowledge, experience and expertise regarding the actual value of (and demand for) Eastern timeshares in peak periods of high demand.

One issue of concern to me if RedWeek is arbitrarily using a few, isolated private rental figures to formulate a "value benchmark" (as I believe they are doing, at least in SOME instances) is that as owners reduce their rental figures downward on a "one time" basis during tough economic times, just to cover their expenses in an "off" year, those (temporarily) reduced figures may somehow become permanently "adopted" as stigmatized (but generally inaccurate) values. I certainly hope that isn't the case --- to do so "...just ain't right."

Maybe they can use the RCI points matrix for "weeks" units as a baseline. For example, all 2 bedroom Gold Crown "weeks" units in New England, during Red season, are worth the same number of points. There is no guessing. If RedWeek wants to add a small "premium" to "bright red" weeks or weeks from extremely high demand resorts they can do so. They can inform members that the "baseline" point values will be reduced by certain percentages as check-in date nears.

I have an TS that is part of the RCI weeks system and I can do a Points for Deposit into my RCI Points account. I know exactly how many points my unit will fetch (I do not have to keep asking RCI for a value). If I delay, I know my value will go down 75%, then 50%.

While this is still not perfect, at least it partially exposes the man behind the curtain.