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One way to look at this is unlike a timeshare, Ancana has no ownership interest in the property. Resorts own the property and sell you access to that property.
by rblack44 5y ago
One way to look at this is unlike a timeshare, Ancana has no ownership interest in the property. Resorts own the property and sell you access to that property. At the point all of the shares are sold, we become property managers. You don't have to sell the share back to us like you do with timeshares - in fact, we don't purchase shares back. You are free to list your fraction with an agent of your choosing or sell to your own network at whatever price you desire. Given that we have a large list of qualified leads, we are happy to list your fraction for sale, but that is not a requirement.
Curious why you think there is no secondary market for these homes. The primary market is exploding for this model of ownership and given the limited inventory of vacation homes on the market, we think the secondary market is also going to be very large
- slumdev 5y agoWho becomes owner of a person's share if he stops paying maintenance fees?
- rblack44 5y agoAncana steps in and takes over the share and finds another buyer. Other co-owners are protected in this case.
- everybodyknows 5y ago> free to list your fraction with an agent of your choosing or sell to your own network at whatever price you desire. What if one co-owner chooses to sell to someone whose intention is to sub-let as a party house?
- benatkin 5y agoThat's what Ancana takes care of, and what you entrust them to take care of. Some would involve lawyers instead. I certainly would.
- tmp_anon_22 5y agoYou can't lean on a start-up to provide prudent legal advice and protection. Its not what start-ups are good at.
- rblack44 5y agoOur investment trusts are legally binding and created by attorneys. Each prospective buyer is more than welcome to have these agreements looked at by their own lawyer if they'd like.
- koolba 5y agoAre the agreements standardized and publicly viewable now?
- benatkin 5y agoI'm not sure they should be. As a customer, I wouldn't want everyone poking holes in it. Also, seeing a new version of it, could cause unnecessary headaches (it also could let me know of stuff that's really important, but they should communicate that another way). That said, I do like standardized agreements in a lot of situations. I just am not sure it's best for these.
- koolba 5y agoWhy wouldn’t the agreement be standardized at least per country or jurisdiction? For clarity, I’m not asking to see contracts with peoples names or addresses. I’m asking to see what I would assume to be the actual terms one would be entering regardless of which specific property or others involved.
- benatkin 5y agoSure, they would have a standard version of it. If you don't have access to it, it isn't relevant to you that it's standardized. I have clarity. I don't think it would necessarily be good to let everyone scan it for vulnerabilities. They would need to clean it up more first. With web apps, even if the app is open source, the server config will often be hidden. Otherwise, on some forums they might discuss how to take advantage of a timeshare, or how to get more out of the company managing it. Things like making extra by putting it on AirBnb or VRBO and not taking pains to avoid disruptive parties. More access, more scrutiny.
- benatkin 5y agoIt's already a thing, though. "Fractional ownership" is a mouthful. I would probably call it a "timeshare" unless I needed to be specific, when I'd call it a "fractional ownership timeshare". https://luxuryfractionalguide.com/fractional-ownership-vs-timeshares/ https://luxuryfractionalguide.com/fractional-ownership-vs-ti...
- rblack44 5y agoRight, the fractional ownership model has been around for decades. We are making it more accessible and streamlining an otherwise complicated process. As you can see from this thread, the assumption by many is that we are a new take on a timeshare. But like your linked article demonstrates, there are many important differences between fractional ownership and timeshares. So while it rolls off the tongue easier, we want to distance ourselves as much as possible from a timeshare. Appreciate the feedback, we'll continue to refine how we talk about our model!
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- azinman2 5y agoTo me it just sounds like you’re trying to avoid a 4 letter word. Even if your model is completely different, it’s so on the periphery of timeshares that I think you really need to find a different term. Maybe one that’s less “accurate” and one that’s a brand all its own. Might be worthwhile to learn how AirBNB has described themselves over time. Their name at least plays on something familiar but makes it different. Ancana means nothing to me. Maybe there’s something in between? Or another metaphor you could pick? I propose: CloudHomes.
- deleted 5y ago[deleted]