A timeshare is a fractional ownership in a vacation property. Rather than possessing, say, a beachfront condo in San Diego, you buy a timeshare that gives you the right to use that condo for the same week every year. Unfortunately, buying a timeshare is much simpler than selling one. With programmers constantly opening new resorts–and offering lavish incentives like free vacations to buyers–the supply of”utilized” timeshares generally far surpasses demand.
Set the Right Price
Establish your price based on what the market will pay, not everything you think you”should” get. Regardless of how much you paid for your timeshare, it’s probably not worth that much now. According to the Timeshare Users Group, an association of 40,000 timeshare owners, even at the best of times a timeshare will pay at perhaps 50 percent of what the programmer sold it for; sometimes, that may drop as low as 10 percent–when it sells at all. Many men and women purchase their timeshares brand new and are unaware that a resale market even exists. Those who do purchase resale are more likely to be aware that the market is glutted, which impacts how much they will pay. Realistic pricing gives you an advantage over sellers who consider that timeshares are similar to other real estate–which they should return whatever money they put into it, and much more.
Be on the Low End
Discover how much equal resale timeshares are available for, and be certain that your cost is at the very low end of this range. Start by reviewing ads for units at precisely the same hotel as your timeshare, or nearby. Look on timeshare-specific websites like the TUG Timeshare Marketplace, Redweek and My Resort Network. You’re on the lookout for units of similar size with comparable conveniences, and–perhaps most important–for comparable weeks. After all, a timeshare in the peak of holiday season will probably be in greater need than one slap dab in the middle of the rainy season. After reviewing the ads, check recent sales. Each timeshare comes with a deed, and generally, deed transfers will be on file in the county recorder’s office. This is where you find out what timeshares are really selling for.
The best place to advertise your timeshare might be in the community in which the timeshare is located, rather than your local industry. The person you’re trying to reach isn’t someone who just may prefer a holiday property somewhere; it’s someone who takes vacations in the area where your timeshare is. If possible, promote within the hotel itselfin the publication or on bulletin boards. You’ll reach individuals that are leasing weeks out of others and might be seeking to purchase.
Developers provide all-expenses-paid vacations to lure buyers. You probably can not do this. What you can do is offer to pay the final costs, or to pay the buyer’s annual maintenance fees for the first couple of years. If you have two weeks, then sell them both for the price of one. If you can accept that you’re not going to profit off your timeshare possession, you’ll be in a better position to make the concessions you may need to get a deal done.
Sell on Commission Only
If you contract with a broker to sell your timeshare, sell just on commission. This ensures that the agent has an incentive to actively advertise your unit. When you pay an up-front fee, the agent has your money and has no incentive to put in extra labour. Insisting on a commission sale also helps weed out the scammers who prey on individuals desperate to sell. That said, a broker may legitimately pass together fees to place an advertisement in a specific publication or on a specific site. By way of example, eBay costs $35 to record a timeshare.