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9 Things You Must Know Before Trying To Sell A Timeshare

9 Things You Must Know Before Trying To Sell A Timeshare


    

9 Things You Must Know Before Trying To Sell A Timeshare

by Bryan Farrow

#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 Dont part with your credit card number. There are boiler-rooms full of fast-talking salesmen that are highly trained and highly persistent. If you get a call from someone claiming to have a waiting buyer for your timeshare for sale, dont be tempted to give out your credit card details; even if they tell you that no fees will be applied until after your timeshare has been sold.

#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 Have realistic expectations: Okay so here is the really bad news " with no sugar coating at all buying a timeshare is like buying a brand new car. It will work wonders for you if you learn how to use it properly. BUT the moment it becomes yours, it has decreased in value by thousands.

Resorts are too busy selling their remaining inventory as this is where their profits are made " and how they are geared up for the market. They are simply not interested in selling your week for you so even if you can get them to try, you are going to make a BIG loss as they have to cover their marketing costs, which in the timeshare industry are typically around 20% of the sales price (or more).

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 it can be a great product to own. But in general, people buy timeshare after a sales pitch. They have been convinced that timeshare is right for them and had a slick presentation on the 'upside'. Until then, many people associate timeshare with negative images. What this means to you is that just about the whole market for timeshare resales is made up of (i) existing timeshare owners looking to add a week to their portfolio and (ii) timeshare industry insiders with prospective buyers at hand. The latter will want to buy off you at a low price before selling it on for a larger profit than they would make selling a 'new' timeshare week.

#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).

The second way is simply by searching the internet. There are dozens - perhaps hundreds - of places where you will find listings of timeshares for sale. Try and not take too much notice of the ones for sale, look instead at the ones that have been sold.

#6 Timeshare resales websites with hundreds of timeshares for sale often mean that the company in question require an upfront fee to be paid. In other words they make their money from these fees rather than from selling timeshare weeks, which is not what you want or need.

Ideally, you want a timeshare for sale website that appears fairly high in the search engine results. If possible, check the 'whois' information on the website owners. If this information is hidden, you should ask yourself what the website owner has to hide?

#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 As well as using a timeshare resales broker, you can try selling your timeshare yourself. If you have the time, google the term 'selling my timeshare' and you'll find quite a few ideas for self marketing your timeshare. If you can sell it yourself, you'll save a fortune or be able to get a quicker sale by offering a discount.

#9 This should really be golden rule number two! "If it seems to good to be true, then it probably is". Remember this whenever a timeshare resales broker or a 'genuine' buyer offers way more than the true market value, which you have found through your research.

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


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