We all know how difficult the current economic conditions are. Knowing how to sell a timeshare can give you an alternative means of raising some cash if needed.
There are a couple of steps you should undertake before you sell your condo. The first one is to be realistic about the sales value. There is no point in placing an ad for sale at an unreasonable price. There may be a slim chance that someone will pay it but it is more likely that you will have wasted both the cost of the ad and your time. You are not going to sell it for what you paid for it and the sooner you accept that the easier it will be.
So how do you value your unit, The first thing to do is to speak to the people at your resort. Some other investors will have sold their timeshares so you should be able to get a feel for the prices they are achieving. Make sure that you are comparing like for like though. For example, if your week is at the height of the season then do not compare it to a low season letting and vice versa. Check with them to see are they getting any enquiries from potential buyers.
You could also look on EBay checking the completed listings for similar vacation homes. It would be fantastic if you could spot an identical one to yours but even those in a similar location would help you define the sales price.
The second step is to avoid the scam artists that prey on timeshare owners. Do not pay an upfront fee to any agent who promises to sell to his list of waiting buyers. I don’t care whether they write their refund policy in blood or not. This is just another scam surrounding the whole timeshare market and any thousands of condo owners have lost their fees (upwards of $500). The buyers never materialised and they didn’t get their refunds.
You could also consider joining one of the timeshare networks that offer a buying and selling service. Alternatively take out advertisements in your local paper or the paper local to the location of the timeshare. If you have sold on EBay before you might want to consider that. It is hard to believe but luxury cars and condos sell every day on EBay.
As soon as you place your ad, be prepared for a host of calls from salespeople offering to help you sell your unit. I cannot stress this point enough – please do not pay these people in advance. If they really had a list of waiting buyers, they would act in the same way as real estate agents. They would sell your timeshare in return for a percentage of the sale or a closing fee. You could try negotiating this type of arrangement but you will find most of these sales people will run for the hills proving their list of buyers live in their imagination.
I hope this has shown you how to sell a timeshare and the potential pitfalls that should be avoided.