Today, 3RD HOME, the pioneering luxury home exchange, achieved a new milestone. The portfolio of member homes passed the 4000 mark. The portfolio of luxury properties is unmatched in the home exchange industry, totalling over $9.1 Billion in value. The growth of the club is due to the trust and support of our members and affiliate partners.
Collaboration to Expand the Portfolio of Multimillion-Dollar Residences Available to Each Membership
NASHVILLE, Tenn., June 9, 2015 – 3RD HOME, the leading reciprocal travel club for the luxury vacation homeowner and The Quintess Collection, the premier private luxury vacation club for discerning travelers today announced a partnership that will bring more benefits to members of both clubs. Through this exclusive collaboration, 3RD HOME members will be invited to deposit weeks in their homes in exchange for access to Quintess’ portfolio of multimillion-dollar luxury residences across the globe. Similarly, Quintess members will have the ability to use their nights for a stay at any of 3RD HOME’s 3,500+ properties around the world.
This new collaboration will allow both 3RD HOME and Quintess Collection members to explore and experience new places – from a private beach villa in Los Cabos to a rustic cabin escape in Jackson Hole – while enjoying the services and benefits of each without becoming a member. Through this combination of select inventory, members will be able to expand their travel experiences to destinations and times offered by each luxury travel club.
“Our affiliation with The Quintess Collection will add coveted premium travel opportunities to our existing offerings,” says Steve Zacks, chief marketing officer of 3RD HOME. “We are thrilled to be able to offer weeks at this high-end collection of residences to our multimillion-dollar vacation home owners, as well as providing Quintess Collection members with access to our diverse portfolio of homes.”
“We’re excited to bring 3RD HOME members a new world of travel opportunities and offer our members access to amazing private residences through the 3RD HOME network,” says Paul Davis, founder and senior vice president, corporate development of The Quintess Collection. “We look forward to welcoming 3RD HOME members to our unique portfolio of residences and exemplary onsite services around the globe.”
Created by Founder and CEO Wade Shealy, 3RD HOME enables second home owners to explore new destinations, while providing a safe and trustworthy way to expand the use of their second homes. Second home owners no longer need to travel to the same destination to justify their investment when they prefer to be somewhere else. By depositing unused weeks at their second homes into the club, members earn 3RD HOME keys, which can be used as currency to immediately reserve a stay in any other available property at any time.
Steve Zacks, 3RD HOME
Nashville, TN, April 22, 2014 – 3RD HOME, the premier reciprocal travel club for luxury second homeowners, and The Ritz-Carlton Destination Club® announced a unique affiliation that will allow both brands to expand the luxury travel options available to their respective members.
3RD HOME members will now be able to exchange time in their homes to visit The Ritz-Carlton Destination Club’s six luxury destinations across the United States and the Caribbean including: Aspen Highlands, CO, Jupiter, FL, Lake Tahoe, CA, San Francisco, CA, St. Thomas, U.S. Virgin Islands, and Vail, CO. Similarly, The Ritz-Carlton Destination Club Members will now gain access to the over 1,850 properties in 70 countries that are part of the 3RD HOME portfolio.
Wade Shealy, Founder and CEO of 3RD HOME comments: “Our commitment to partnering with the very best has never been more evident than it is today. The Ritz-Carlton® brand is synonymous with luxury. By providing access to The Ritz-Carlton Destination Club properties, we will significantly enhance the 3RD HOME member experience. We are looking forward to hearing our members’ stories of spectacular stays as well as welcoming The Ritz-Carlton Destination Club Members to join 3RD HOME.” Lee Cunningham, Executive Vice President & Chief Operating Officer of The Ritz-Carlton Destination Club comments: “We are thrilled to be collaborating with 3RD HOME, adding this exceptional portfolio of homes and destinations for our Members to enjoy.”
The Ritz-Carlton Destination Club joins an already expansive collection of global residences and award-winning 3RD HOME affiliates including Auberge Resorts and Trump International Hotel & Tower®, NYC.
Founded in 2010 by luxury real estate industry veteran Wade Shealy to fill an expressed need of second homeowners, 3RD HOME affords members a safe and trustworthy way to expand the use of their second homes and travel the world without the expense of renting.
3RD HOME currently features over 1,850 properties in 70 countries with an average value of $2.3 million (USD) per home and a portfolio value of over $4.5 billion.
For more information, please visit www.3rdhome.com
Steve Zacks, 3RD HOME
A leading website on loyalty intelligence, Colloquy, reports that the pooling of points with friends, family members and charities with a rewards program increases loyalty and usage. They quote “The Share the Love: 2014 Consumer Study” with statistics that proved the point. 70% of respondents would shop more often and 45% would spend more if sharing of their reward points were allowed. Citibank and JetBlue are cited as examples of companies that are allowing sharing. 3RD HOME was created to allow individuals to get more value from their vacation home investment by sharing it with others. We agree that sharing increases utility!
Steve Zacks, 3RD HOME
Hoteliers, in the news, commenting on the impact of the shared economy, have been debating whether such stays, including those by members of 3RD HOME the luxury vacation home exchange, are incremental trips, or replacing stays normally made at hotels. Based on the thousands of trips 3RD HOME has facilitated we can state with certainty that both are true.
Our members love the fact that they can exchange unused weeks in their luxury vacation homes for stays at similar accommodations around the world and save thousands per trip. The lower cost of travel makes our members more spontaneous and increases the number of vacations taken per year.
At the same time, the ability to stay in a home creates a different type of vacation experience that replaces a traditional hotel stay. The large shared spaces of a home, as compared to a hotel, make for great multi-family, multi-couple, and multi-generational trips. And many travelers enjoy the local experience that can be achieved by staying in a home. Many home owners will share their expert advice to allow their guests to truly live like locals. And the cost of a luxury home exchange via 3RD HOME barely dents the wallet compared to several hotel rooms at an equivalent resort.
Does the shared economy, and reciprocal travel clubs like 3RD HOME, increase travel occasions or simply replace trips that otherwise would have been taken? The answer is not one or the other, it is “both.”
Steve Zacks, 3RD HOME
I noted two very interesting findings in a recent study on Affluent Travelers by Google and Ipsos MediaCT.
First, 48% of affluent travelers plan to research or use peer-to-peer sharing alternatives to traditional hotels and or car rental services in the next year.
Second, the internet and family, friends and colleagues are the most important sources of inspiration for personal travel, with 76% and 75% respectively rating them as extremely or very important. At the same time, however, only 27% of this same affluent traveler group have posted a review of the places they have been.
Affluent travelers with luxury second homes can satisfy their interest in peer to peer sharing, stay at luxury residences around the world, and save thousands of dollars per trip, plus view unedited testimonials from other affluent travelers at 3rdhome.com.
Steve Zacks, 3RD HOME
I recently came across two news items that talk about the latest trend in technology and travel. One was from ABC news. The other was from hotelsmag.com which may have put it best by calling the trend “digital detox.”
What are they talking about? The idea that people want to go on vacation to get away from it all— technology, email, phones, Wi-Fi and so forth. Funny isn’t it. We are so infatuated with the latest and greatest, yet it is driving us back to what vacations are all about. And that is regenerating our own batteries by shutting down.
Yeah, hotels are coming up with lots of fancy names for it. Like “Braincation Zones” at Marriott and “tech-free areas” at Renaissance. And even the “Disconnect-to-Reconnect” program from the Four Seasons Costa Rica.
But all you really need is some will power, a beautiful location, a spectacular property, and some great weather. So, where do you want to go?
Founder, CEO, and Chairman
When I began my career in resort real estate, home swapping was not anything too many people paid much attention to and most of us in resort sales never thought much about it. It was paper-based and you made your reservation over the phone—today it seems so out-of-date and almost foreign.
It’s safe to say that the “old guardhouse swapping clubs” have struggled to adopt to the Internet—at least at first. Industry professionals agree that it’s a pretty hefty accomplishment to have migrated from “traditional paper-based catalogs”to what we call today “online matching-making websites.”
Traditional home exchange companies have made a mark for some types of homeowners, however, they have really never made a significant impact on the luxury resort real estate market. The main reason is because their programs were not geared toward luxury or second homes.
With the explosion of online applications, companies like 3RD HOME are now coming up with innovative ways to incorporate the functionality of high tech into creating value for owners of luxury resort real estate. Functions like member reviews, online chat, online bookings, 24/7 reservation program, reviews and testimonials, and the option to search online are all necessary functions to earn the respect of a luxury second home owner.
Many of the traditional exchange sites are acting like online dating services. This “affinity” program is almost like a dating service. During registration, users are asked to fill a “detailed profile to describe not only the location and the services of the property, but also the member’s interests and educational background for better member-to-member matching.” The Facebook model certainly applies here—customers are asking to be integrated and want to know more about each other’s interests and backgrounds. Then people start reaching out to each other chatting, asking millions of questions and lots of talking back and forth. Now, some people may have the endurance and time for this type of activity, but many in the affluent category do not.
Our members do not want the hassle of all the chat, the talk back and forth, they just want to go on line, find what they want, when they want it and book it. This is what makes us different from the others out there. One thing for sure, our members are all like -minded individuals, that demand efficiency, privacy, speed and information and they want it now.
Founder, CEO, and Chairman
Home exchanges are a great option for cost effective family vacations. Expenses are nominal and you are saving thousands of dollars versus hotel rates. They come with lots of added amenities and offer lots of vacation options —from resort-style villas to ski condos, and swanky city lofts. It did not surprise me when RCI took notice and launched programs similar to a traditional home exchange.
Wyndham Vacation Rentals, part of the Wyndham Worldwide family of brands, launched Wyndham Home Exchange; a program that would allow “homeowners of vacation rental properties to trade weeks at their rental property for access to accommodations at more than 4,000 RCI affiliated resorts around the world.”
Wyndham clearly sees the growth of this segment and wants to be a part. Similar to our company 3RD HOME, the new Wyndham program administered by RCI, the world’s largest vacation exchange company, gives “Wyndham Vacation Rentals homeowners access to additional vacation options by allowing them to deposit unused weeks of their choosing at their rental property.”
It’s a way for owners of vacation homes to see the world and get added utility. That being said, I do believe that Wyndham will attract a different customer than 3RD HOME. They will appeal to vacation homeowners that perceive going to a timeshare as a good option for them. But, that is not necessarily the case for all second homeowners.
In short, Wyndham will attract a mass audience, probably not the luxury second homeowner, who wants to visit properties of the same caliber as their own, as well as host like-minded individuals.
All told, the fact that Wyndham is allowing vacation homeowners to exchange into RCI is further evidence of the value and growth of home exchange to second homeowners.
Founder, CEO, and Chairman
If you thought airline fees were a nuisance, think again.
A recent USA TODAY article outlined the top five trends to watch out for in travel this year. It got me thinking about all those extra fees we now accept so openly when we fly—baggage fees, reservation changes, even the food.
Reports from that article indicate that airlines collected more than $900 million in baggage fees in the third quarter of 2012. They made another $600 million straight from fees to reservation changes.
Now, it is forecasted that hotels plan on following a similar pattern. We should expect hotels and other service industries like rental car companies and even cruise agencies to adopt “airline strategies” that will end up costing travelers more money. Plan ahead when you book your next vacation because some hotels have guests pay extra for re-stocking mini-bars, luggage storage, and room safes. If you think about it this starts to add up.
Home exchange programs save vacationers as much as several thousand dollars per trip. 3RD HOME, has saved its members more than $10 million in rental fees in just the past 2 years alone. There are no hidden or add-on fees. And nominal fees overall.
With 1325 properties in 67 countries with an average value of over $2.25 million, 3RD HOME properties are some of the most beautiful in the world rivaling any travel alternative for luxury second homeowners. You can learn more by visiting 3RD HOME.
Steve Zacks, CMO, 3RD HOME