You may be wondering how to sell a timeshare. Is it
easy? Will I be able to get my invested money? Unfortunately, the answer is
no. Selling a timeshare is never easy. This is because the supply for resale
timeshares greatly exceeds the demand for it. Moreover, the value of these
properties depreciates fast. Actually, there are timeshares out there that
have already depreciated to more than 99% or its value. It is disappointing
and depressing but these are facts that you should be aware of. You better
know what to expect.Know the Resale Price.
Check the prices for recent timeshare resales especially if you do not have
any idea how much you should sell it. It may be hard to sell a studio type
unit or resorts that were not properly maintained. Though you may have a
larger unit and a nice resort, you can only sell them to about 30%-50% from
the original price. If you are in a hurry to sell it, probably for financial
issues, keep your prices low.
Do your homework. You are expected to know
everything to what you are selling. There may be inquiries and information
that a buyer would ask you and you should be able to answer them. Also,
organized and compile the important documents of your timeshare property.
These may include the mortgage details, the deed, and maintenance and tax
records. It is better to have them ready in case an interested party wants
to inquire about them.
Use cost-effective advertisements. The only two
factors that you can control in reselling timeshares are the price and the
advertisements. Though you may have a low price, prospect will not notice of
your property without an advertisement. You do not need to spend so much on
this. You can use advertise them through free Internet ad posting or join a
group and forums who are dedicated in this kind of services. You can also
spend a little amount to publish your ads in newspapers and magazines.
Choose brokers carefully. To further expose your
property in the market, you may want to have a timeshare broker. This is a
good option especially if you are in a rush of selling the property. There
are basically 2 types of brokers, those who are purely commission-based and
the other is upfront fees + commission. Though there are brokers who would
want you to pay them $15 to $30 as upfront fees, mainly for advertisements,
there are those who require you to pay them big amount. Be careful with this
kind of setup for they are prone in scams.
Remember,
there are a lot of scammers that are waiting to take advantage on people.
They may victimize people who may not know how to sell a timeshare or those
who are desperate to sell their property to accept their deal of paying a
large upfront fee. It is important that you yourself are equipped with
essential information to protect yourself from being scammed.