You may be thinking, what is a timeshare? A timeshare is a property in which multiple owners own the right to use the property as a vacation based on a weekly time sharing schedule.
Process of Selling Timeshares
Are you planning to sell your property but are confused about how to sell it on your own? You can either try a listing company that will sell your timeshare for you by finding a buyer, or you can try the complicated process on your own. The resale market is highly competitive with thousands of properties on the market. This article will help you navigate the process making it easier for you.
Follow these steps on how to sell your timeshare:
Gather Information on Your Timeshare
The first thing you should do is get the information about the timeshare you own. It will be helpful if you know whether your timeshare program is a fixed week or a floating schedule. Are all the agreements, deeds, and NOC clear? Is your timeshare program an annual, biennial, triennial? What is the timeshare program working style, is it for even or odd years? What type of trading can be done will you have to trade within the club or with an exchange company?
When you start advertising your timeshare program, you will start receiving inquiries regarding the sale of the property. Generally, there are two types of buyers: one who wants to know more details about the property you own, its concept and other details. The second one are those who are curious and know only a little about timeshares and how the whole program works. Therefore, you should know more about the timeshare program in which you own.
- Your first type of buyer most likely will be looking for a specific unit or a certain week in which that property is available.
- If you own an exclusive location, then there is a good chance you will find the right buyer.
- The second buyer will buy your timeshare if they are fully satisfied by the explanation of the whole timeshare process.
You should breakdown the timeshare program in detail and in a way your buyer does not become confused or lose interest. Try and answer their questions directly and find out what exactly they are requesting.
1. Details Regarding the Transfer Procedure
It is highly suggested that you obtain the records on the transfer procedures involving the ownership with the resort. You should also know the method in which it is explained to you regarding the rights you have from the beginning. Sometimes the buyers are very restricted about their privacy, while some are easy to handle and charge no extra amount.
When you know more about the details involved, it will help you throughout the process of purchasing the timeshare.
2. Knowing Comparables
Selling a timeshare is a complicated process as stated above, so knowing more about the comparable properties is also an important factor. Doing market research is a good way to compare the property you would like to sell on the market. Online market research involves looking up the value on sites such as Executive Resorts Network. This site will give you a good idea of the value of the timeshare you are considering on selling.
3. Factors Determining Value
Where is the location of the property where the timeshare resides?
If the property is located in a summertime property on the beach or property with a beautiful landscape, then it will be easier to rent the unit out if necessary. A property that is favorable for both summers and winters will be perfect for selling the property with the highest value you can expect to see in your return.
Its highly suggested to make a list of the annual dues and the maintenance fees at the beginning of your purchase of your timeshare. Keep in mind, the value of the timeshare is higher if the maintenance fees are low. You can do these things ahead of time for when you plan to sell your timeshare:
- Comparing Maintenance Fees
The maintenance fees are a major factor in the overall cost of your timeshare property value. Once you evaluate if they fall in the normal range you can determine the best price to list it at.
- Size of the Timeshare
A key factor to also take into account is the size of the unit. Does your timeshare property offer more space and comfort than other resorts and hotels? See if it compares to similar vacation rentals of equal size.
- The Increase in Yearly Fees
If your yearly dues are continuing to increase systematically every year, then you should consider renting to cover the costs or sell it.
4. Are You Ready to Handle the Costs?
Another consideration is to know the cost involved in promoting the property. This will help you decide whether or not you will need assistance in selling your timeshare. It can become very costly to build a website or market the property on your own, which is why listing agencies help assist owners by doing all the marketing work for you.
These are the various things to keep in mind while you search for the best way to sell your timeshare. Think about cutting back on time and money by hiring listing companies to reduce stress and increase the number of buyers as options.