Diamond's New 10-year Product
When presenting its products to the younger holidaymakers, Diamond Resorts have listened and want to change its model when targeting millennials with lower commitments and experience-driven vacations. Timeshare has earned a mixed reputation both as ‘popular’ and being ‘onerous’. Where the elderly are concerned, some have become dissenting of Diamond, and have vocalised that descent causing Diamond to re-think their models.
Much like an experiential model, the first move was to drive members up and to maintain its position as being the industry leader. By creating a short-term, 10-year product, Diamond claims that its new concept is amazing. Diamond Resorts International CEO Michael Flaskey told Cheddar news "The results of the trial are staggering, so it is now absolutely focused on the millennial group as its is proving to be a wise and successful move in the right direction."
Diamond Resorts primary offering - throughout the years - has been a deed based timeshare, which is a way of saying that owners who buy in, are committed for life. They have accepted that in today’s market many just love traveling and have taken on board the industry experts who say timeshare existing products do not align themselves with this new age traveller, who tend to prize freedom, flexibility and minimal commitment.
Flaskey said ‘Diamond's new 10-year product, was created and has been tested over the past year and due to its success, it is now being launched everywhere except California and Hawaii. The sales have gone up as have our clients and we are more appreciated by younger buyers.
"In 10 years, they can just walk away, so (Diamond claim) we are seeing tremendous traction from that millennial group,".
Diamond has reworked its business model, with its Events of a Lifetime platform, which offers as many as 3,500 events for its members yearly. It's not alone in its efforts as companies like Airbnb have also upped the ante, in order to target the same younger traveller market.
"Real estate is important, they like the condo, but in the end, they want to leave with that experience,".
It’s a fact that many timeshare companies often have come under fire for aggressive sales tactics and when sold the contracts that are notoriously difficult to offload.
Those difficulties have birthed an entire sub-industry dedicated to helping timeshare owners wiggle out of those tricky contracts, which in turn has developed in a new breed of dubious and scandalous operators. Today in the UK it is a disappointment that timeshare owners are receiving unsolicited calls with adventurous claims. Many of the so-called exit companies are actually - scammers.
‘What we are seeing and what the evidence is showing is that these people are not only unethical and illegal, but they are bordering on fraud,’ Flaskey said.