diyFractional: Splitting the (really big) bill
diyFractional rebranded as jointli. Seems to follow a similar concept as below though.
They say a boat is a big hole (hull) in the water you throw money into. The freedom of being at sea is irresistible though. There’s nothing like the feeling of the wind in your hair, mist of water splashing up, and all the horizon to explore. This horizon remains a fleeting dream to many who find the cost of ownership to be outside their means. In fact there are many things in life that people would like but are unable to enjoy since they simply can’t afford them. Also, sometimes it doesn’t make sense to make large purchases for things you might only get to use a couple of times a year.
The fractional ownership market exists for this very purpose. A group of like-minded individuals can purchase a property and share the expense and use amongst the group. There’s the group of well heeled women who pooled together $37,000 to buy a single overindulgent diamond necklace. You can imagine how that conversation went- “Honey, I’m buying a 40k necklace with the bingo group.” I’m just not sure how to weasel out of that one.
With traditional fractional ownership the management of the calendar, maintenance, and all other aspects of the shared resource are handled by a central company (for a hefty fee). Privately organized fractionals are the most cost-effective way to share an item, but must be self managed. Usually this only works if one person is particularly adept at keeping everyone on the same page. Providing a ground breaking set of tools to assist with the purchase and sharing of large ticket items is diyFractional. It’s a new website set up for the express purpose of buying and sharing goods with like-minded people.
The most basic use of diyFractional is to post a sharing opportunity. You enter a title to entice potential partners (motorcycle for weekend riders!), an asset type is selected, and price. There’s also a map to show where the item is located. The suggested asset types include real estate, air craft, boat, car, motorcycle, motorhome, and other. Noticeably absent is a special category for gold plated pants.
diyFractional derives its name from its Do-it-Yourself ready tools. These include their reservation system, shared calendar, fee and payment processing between partners, shared to-do list, issue tracking, maintenance log, partnership discussion forum, shared address book, a private messaging system, dashboard and activity streams, and more. Of note the fees and payments are managed through PayPal which allows for multiple currency support and easy tracking of your finances. Also helpful is that the reservation system comes with a conflict resolution tool in the event that more than one owner wants to use the resource at the same time.
For those who haven’t yet purchased a shared resource there’s the community area. Here you can view the activity of diy’s members, “follow” other members, share links via Twitter-like status updates, start your own blog, and of course browse or search for sharing opportunities. Take for instance this new opportunity to buy a condo on a golf course outside of Cancun. A clean $35K gets you this one month fractional ownership for life, shared by six people. I’m having a little trouble with the math on this one since it sounds like twelve months divided six ways allows two months for each. Perhaps it’s one month each on a six month cycle. Fortunately diy’s communication system allows for all these details to be clarified and organized well in advanced of the transaction. Realistically most people don’t have time to live in Cancun for months on end anyway, but when you manage the investment on your own it allows for everyone to enjoy it more.
diyFractional is an impressive tool for those in the market for a big ticket item. If you can’t afford it on your own, it’s a great way to get organized and enjoy some of those things you’ve always wanted. After all, boats, condos, luxury vehicles, or even the best gold plated pants imaginable, are only enjoyable in good measure. So share the wealth, and share the cost, with diyFractional.