Finance
Any property in the world that comes with a shared form of ownership is a timeshare. This means you can pay for just the unit you plan to own for a fixed duration. A fixed maintenance cost is chargeable for timeshare properties that is payable irrespective of whether you plan to stay or rent it out. However, uncertain market conditions can make it expensive to own a timeshare at times.
So, here are a few ways through which you can sell your timeshare property along with some tips to keep in mind before reselling.
Three key points to consider
Do your research
Spend time on the Internet and find out everything there is to know about the different ways to sell a timeshare. Compare brokers, read reviews about listing companies, check for hidden costs, and avoid paying any amounts in escrow.
Do not deal without representation
Representation is a sign of guarantee. Legitimate timeshare agents and companies will never contact sellers unsolicited. Due to the legalities involved in transfer of ownership, title deeds, and payments, legal representatives will reach out to sellers only after confirming an appointment.
Don’t pay anything in advance
Scammers are always on the prowl for charging fees or upfront costs without providing sufficient explanation for those costs. This is a telltale sign that the broker or representation may take you for a ride. Avoid paying anything in advance unless the cost breakup for services rendered is justified on paper.
Five ways to sell a timeshare
Sell via agents
Real estate agents who specialize in the purchase and sale of timeshare properties can help offload the listing in the open market. It is common for resorts and vacation rentals to have contact information of local brokers who can facilitate the transaction, for a fee of course. You can ask the concierge to put you in touch with reliable brokers or alternatively pick one from the approved list of Licensed Timeshare Resale Brokers Association. Ensure the broker handling the sale has knowledge of the legalities involved in a timeshare resale and has past experience of having brokered such deals. Discuss the costs before engaging their services to avoid paying any unnecessary fees.
Sell with a timeshare listing company
Listing companies can also broker a timeshare resale deal. You will only pay for the services rendered and avoid any upfront expenses that individual brokers may charge. The American Resort Development Association and Better Business Bureau are great places to start looking for timeshare listing companies. The process is quite straightforward and starts with creating a free listing on the company website. For example, should you decide to go with Fidelity Real Estate, one of the top companies in the market, representatives will create the listing for you and set the first offer price.
The listing price can be adjusted accordingly depending on current offers and similar deals that drive the cost of the resale. Fidelity will also manage the negotiations, draft the contract, and finalize the sale on behalf of the buyer and seller.
Post your timeshare listing online
Feeling uncertain about broker and listing services? Why not post an advertisement on active timeshare resale marketplaces to get the best deal on listed properties? SellMyTimeshareNOW is one of the most popular websites that features buying, renting, and selling ads posted by timeshare owners in over 200 countries. Websites offer search algorithms and plugins that boost your ad visibility across major search engines. You don’t have to pay any hidden fees as all costs are discussed before the ad is posted. Simply research buyers online and communicate directly with interested parties who respond to the offer. Enjoy the benefits of full page customization and manage all offers on the online dashboard for a hassle-free experience. These marketplaces are also best equipped for unloading brand-affiliated timeshares.
Trade with Vacation Exchange Networks
If you find it difficult to sell off the property, consider a trade. Major resorts offer timeshare listings on Vacation Exchange Networks like Resort Condominiums International (RCI) or Interval International. You can avail extra points for the property exchange and enjoy additional perks at the new location. The exchange may also prove to be more beneficial at times over a resale, depending on the real estate scene. You should consider an onward sale in the future only if it is favorable.
Consider timeshare exit
Many popular resorts also offer an inhouse give-back or title surrender program that allows you to transfer the ownership. This is one of the costlier ways to sell a timeshare but can be used as a last resort if you are simply unable to get rid of the unwanted ownership. Given the current situation wherein the real estate market for timeshares is unrealistic, it is better to sell off the property rather than continue paying maintenance fees. In exchange for the title deed, timeshare exit programs may charge additional fees for the foreclosure. Research is key before choosing a timeshare exit company. Consider the number of years the company has been doing business. Read reviews online to see if the company can offer reliable guarantees for the sale.
