#1 This is the golden rule ! Never pay any sort of upfront fees to a timeshare resales agent. Think about it! If you were selling your home, would you pay a real estate agent an upfront fee or only when your property is sold? It is the same with selling your timeshare. Dont do it. EVER.
#2 Keep your credit card details to yourself. There are dubious sales operations abound that will contact timeshare owners saying that they have a buyer waiting for there timeshare. All that is needed is a small marketing fee payment (etc). Dont give them your credit card details even if they promise that no charges will be applied until the sale is finalized.
#3 Make sure you are getting the real deal. USA consumers should only deal with licensed real estate agents; they are the only people who can take deposits on behalf of their clients. In the UK (and most of the rest of the world) timeshare is not considered a real estate transaction so anyone can set up as a timeshare resales broker without any sort of qualifications or regulatory restraint. So check their background, check again and then… check again!
#4 Understand the worst part: Your timeshare is NOT worth anywhere near what you paid for it on the resales market. Selling you your timeshare in the first place cost the resort a lot of money, which is unrecoverable.
Your timeshare resort will most likely not be interested or able to sell your unwanted timeshare week for you. This is because they are making too much money selling their own inventory. Even if they do offer to sell your timeshare for you, they will want a substantial commission to reflect their costs and loss of profits had they sold their own week to a potential buyer instead.
Industry research shows that you can expect to receive around a third of what you paid. The market for timeshare resales is microscopic when compared to the current $10Billion per year sales of new timeshare weeks. Market competition is fierce so you must deal with the fact that not only will you not recieve what you paid for your timeshare, but it may take some time to sell also.
As a timeshare owner, I can tell you that I am glad I bought a timeshare. But people don’t just wake up and think, ‘hey, I might just buy a timeshare today’ instead of going to their travel agent to book a vacation as normal. People (generally) buy timeshare because they have attended a sales presentation and been sold on the many benefits of ownership. How this relates to your situation as someone with a timeshare for sale is that existing timeshare owners, looking to add a week to their portfolio, are the major target for your timeshare week. These owners are going to have a specific timeshare product or location in mind, meaning that finding a potential buyer is going to be difficult.
#5 Is the price right? You can get an idea of what you will get for your timeshare in two ways. First you can talk with established timeshare resales agents (more than one).
Remember golden rule number one above and get some agents selling for you. Appoint two or three agents if you can. Two, look around the internet for timeshares for sale and you will soon get an idea of a realistic sales price. One great tip picked up from a seller in the UK ” she agreed a sales price with her resales broker then went on to tell her broker that if he managed to get any more for it, he could keep the difference. A buyer for her timeshare week was found after just 6 days!
#6 Some basic background checks can save a great deal of pain later. When looking at websites for timeshare resales brokers, look at the number of listings. Where there are hundreds of timeshares for sale, this may mean that they will be asking for upfront fees as this is how they make their money. What you want is a company that does not have too many for sale, and who make their money from successfully completing sales.
What you are looking for is a website that comes in the first three or four pages on an internet search from one of the major search engines (google, bing, yahoo). Then you want to check the who-is information on their website. If you find that the website is registered as declined to show owner information, the chances are that this is another fly-by-night company that sooner or later will ask you for a fee to help along the sales and marketing costs.
#7 Be aware of the scams Just like you paid far too much for your timeshare week (should have bought a resale in the first place, right!), you can lose a great deal of money falling for the scams when trying to sell it. There are so many ways you can get caught out it is scary. Deal only with your own legal representative ” dont use the buyers lawyer or the brokers lawyer. Yes it will cost more to use a lawyer but think of it as insurance ” if anything goes wrong, it will not be YOUR pocket that suffers.
#8 You dont have to use a broker. Just like selling your home, you can do it yourself if you wish. If you have the time, again look on the internet for ideas using the term ‘how to sell my timeshare’ or ‘selling my timeshare’. You could save a great deal of money or offer your week at a lower price. The best of both worlds of course is to use a timeshare resales company AND put some effort it yourself too.
#9 The second golden rule! This is listed last just to round things off nicely: remember the saying, if it seems too good to be true, then it probably is! Take wild claims for what they are, be realistic in your expectations, do some homework, compare brokers, set a realistic price, use your own lawyer and chances are, youll have a trouble free experience.
About the Author:
article by Bryan Farrow of sell my timeshare
you can also visit my blog on how to sell a timeshare here sell my timeshare