Selling a timeshare is tough. Timeshare resellers should be aware that the supply of resales greatly outweighs the demand, making it hard for resellers to recover much of the original sales price. There are, however, ways to optimize what you are offering for sale and the way it is presented to the potential buyer.
First, pricing is what drives timeshare resales, you need to have realistic pricing in place to entice the buyer. If time is of the essence and you are in a hurry to sell, keep the price low. Buyers usually look at units by what is available at each resort. If your unit is the lowest priced timeshare at a selected resort the odds are in your favor that yours will be selected. Be honest about your timeshare’s attributes and price it accordingly. Some factors which will decrease timeshare value are: week during an off-season, low rated resort, a studio unit, and a timeshare that has fallen behind on maintenance.If your timeshare is part of a chain you can add credits for airline tickets or accommodations into the asking price in an attempt to get closer to your original purchase price. I suggest making a time line and strategically deciding when and under what circumstances to lower the price, but in the end you are the only one that can decide if holding out for a higher price outweighs the burden of paying fees.
A second important factor in selling your timeshare is knowing what you own. Find out if you have a deeded ownership or right to use ownership. Deeded ownership property values remain fairly static over time, but right to use ownership contracts decrease dramatically in value as the termination date approaches. Be sure to have all of the documents that pertain to the timeshare such as: mortgage information, tax records, and maintenance details. Another great thing to have ready is a list of timeshare buyer’s frequently asked questions that you are prepared to answer. Being a knowledgeable seller in the timeshare market is imperative and knowing how to answer difficult questions can make a sale.
The third and final factor in successfully selling timeshare is knowing where to sell. Listing with a real estate agency is one option when making timeshare available for sale. There are many offline and online agencies that will list your information for an upfront cost with commission at the time of sale or commission alone. Fees and commissions will vary and are usually higher than those charged for a typical real estate transaction. Research each real estate agency before listing with them by checking their Better Business Bureau records, find out of they are a member of the American Resort Development Association, ask them about their familiarity with the timeshare laws for the state(s) involved, and ask the office to tell you in writing how they plan to market your timeshare.
Another avenue for timeshare resale is a developer resale and this can prove to be an excellent arena for selling timeshare if it is available to you. Resort developers sometimes offer resales due to the fact that they have salespeople working on-site with easy access to buyers interested in that specific resort or chain. One warning about this resale strategy is that it may be lengthy because their main focus may be selling new units. Before you sign a contract, compare their fees and marketing practices with those of other agencies.
If listing with a real estate agency or developer resale do not work for you there are a few other methods useful for selling timeshare:
- Offer your timeshare as an auction on website such as ebay.
- Post a classified ad in your timeshare membership magazine or a local newspaper.
- Exchange your week for another owner’s week through your timeshare club.
- Contact the owner of the preceding or following week and find out if they wish to extend their stay.