The Truth About How to Sell Your Timeshare
If you've come to the conclusion that you need to sell your timeshare, first recognize several key facts about the market and how the process works. Reselling might not be a pretty picture, but if you go into it with the right knowledge and expectations, you'll save yourself from wasted time and unnecessary frustration.
Be aware that the market for "used" timeshares is dictated by simple supply and demand economics just like any other market. Unfortunately, there aren't enough buyers, in part because too few are even aware that the after-market exists. Also, in a rough economy there are bound to be more and more timeshare owners looking to sell.
One ugly truth to face is that you won't be able to sell your unit for nearly as much as you paid. Perhaps you can get half of your purchase price back, but you may be looking at a figure anywhere the range of 10% to 50%, depending on a number of factors. You can't control all of those factors, but you can manage things through the right avenues to get as much as possible. This is one place where you can get no-pressure help and advice with no gimmicky upfront fees.
Before truly getting started with the sale, do some research into what your asking price should be. Simply Googling around is a good start, making sure to find data about your specific resort. Check eBay and elsewhere, and look for figures of completed listings; you may see prices close to your purchase price, but perhaps those are unrealistic requests from other owners. Check with the resort, too. They may know how and where others have resold properties, and for how much.
Advertising will be necessary; you need plenty of exposure. Some good advertisers may charge, but it should only be something like $10 to $35 for ad placement. The resort may let you post on a bulletin board where happy users might be interested in obtaining extra weeks. Once you've advertised, you'll likely face a stream of come-ons from dubious agents. If they ask for upfront fees, do not give in. You should only do business with a broker or realtor willing to work for commission. If you pay them upfront, they lose their incentive to keep helping you.
There's more work than just finding a buyer though. Consider your loan payments. Do you have so much left to pay that selling for a fraction of cost doesn't make sense? Try renting the unit to pay down the loan is paid before selling later. Refinancing is another option. Just make sure to cover all your bases, including taxes. Some people even find that donating their unit and deducting it can be more beneficial than selling, especially if you would rather avoid the effort of reselling altogether.
The bottom line is that it will take work and patience to get rid of your unit. After all, you don't have a marketing budget to let you offer free dinners and golf clubs to your buyer. During the process, you may face potential scams and gimmicks. Make "is it too good to be true?" your mantra and stay level-headed.
You shouldn't go through this without advice and help. We aren't here to put pressure on you, and we aren't looking to profit from upfront fees without helping you sell your unit. Reaching out to us is a great first step in obtaining the knowledge and strategy you need to get the most you can out of reselling your timeshare.