ITRA is a self –regulatory Trade Association and Consumer Body formed in 2002 and acting as a platform for Timeshare Resale Brokers who strive for excellence within the industry, for themselves, and their clients. ITRA not only acts as a Trade Body but also as a Public Consumer site. We welcome input from the General Public on any positive or negative experiences and or suggestions that can they believe could be useful to potential buyers or sellers of resale timeshare.
No, ITRA is an independent Self-Regulatory Trade Association and works with other professional bodies to help regulate the Timeshare Resale Industry.
How are the member companies vetted?
Potential ITRA members go through an extensive vetting process and our membership team carries out due diligence before admittance is granted.
SELLING TIMESHARE
Why do some resale Companies ask for an upfront fee?
Many active timeshare resale companies spend large amounts of money on public and corporate marketing programmers including press, internet and television advertising to generate legitimate buyers. Due to the high cost of these marketing activities resale companies often ask for an upfront fee to contribute towards the disbursements. With the current market condition, traditional advertising whilst expensive proves to be the most successful medium to promote resale timeshare.
Are upfront fees refundable if my timeshare does not get sold within my contract period?
In the instance where an upfront fee is paid to a resale company for marketing exposure it is often non-refundable as the majority of this fee has already been used on the advertising of your timeshare. No sale can be guaranteed however bona-fide resale agents should discuss with you in detail the services that they can provide, the fee they charge for these services and how the money is spent in order for you to make an informed decision.
How many members do ITRA have?
New members are joining on a constant basis - for a current list of our members please click here
If a sale is being conducted and a buyer pulls out, where do I stand?
In general it is in the interest of the resale company to ensure that their buyers are able to conclude a purchase. That being said it isn’t uncommon for buyers to pull out (by law they are entitled to a 14 day cooling off period). There are no guarantees and unless you have been paid a deposit by the buyer you don’t normally have rights to compensation. Many resale agents offer long term contracts and should be able to source alternative offers in the case of a buyer pulling out.
Typically how long does it take for a sale to go through?
Unfortunately it is impossible for us to give an accurate figure as there are so many variables to consider. However, according to our member’s feedback, sales have concluded in as little as 6 weeks to as much as 6 months, or longer.
What is the normal method of payment when paying fees to resale companies?
As most other businesses, timeshare resale agents normally accept payments by a variety of methods, and we cannot advise on which is better as this is your personal choice.
We are selling our timeshare with a resale company that is not listed on your website. Can you tell us anything about them?
Unless the specific company is member of ITRA we cannot assist with any details.
I have previously paid fees to resale agents who have had no success in selling my timeshare, how do I know I wont get the same result if I sign up with another resale agent that charges an up front fee?
Unless the resale agent you paid monies to last time are members of ITRA, we cannot advise on their practice. If you are looking to sign up with non member resale agent we recommend the following… - They are a member of a respected organisation or association. - They provide transparency, in other words, they fully explain their services and costs and are happy to provide you with a copy of their agreement before payment. - They can they provide audited and documented proof of successful completions and/or transactions of past timeshare resales? They can show you tangible proof of their efforts to market your timeshare i.e. an advertising schedule?
The resale company has stated that I will get the fees I have paid to them back when the sale goes through. Is this true?
Many resale agents will include the costs of the fees you have paid them into the sales price, meaning that you will receive this fee back on top of the sale. The question then asked is does this overprice my timeshare to prospective buyers? This depends if the resale agent charges a commission to the buyer on the sale. If not then the price the buyer pays will in many cases be more attractive with the additional sellers refund fee on top of the sale price then having to pay a 10-20% commission to the resale agent. Please note: This being said there are many instances whereby the potential buyer and seller negotiate the final selling price that may be lower than the predetermined original selling price, consequently, this may result in less monies being received.
What are the standard guidelines for re-selling timeshare?
Each resale company has their own terms and conditions. You must decide before signing or remitting any monies that you are completely satisfied. For more information on selling a re-sale timeshare see our Top 7 Selling Tips.
What if I am not happy with contract?
We as a governing body recommend that you to preview the agreements terms and conditions BEFORE signing. If you are not satisfied with what you read or if you do not understand anything without a reasonable explanation, then you should not sign nor pay for anything.
How do I know what price I can realistically achieve for my timeshare?
As with any item you look to sell the price you set is ultimately for you to decide. However, please remember exactly what are the reasons and motivations for selling your timeshare. The price of anything is determined by the willingness of somebody to pay for it. If something does not sell then the level of motivation should be analyzed and reviewed. Is the price right for the current economic environment? We recommend the best way to get a realistic idea of what price you should be selling for is to research what others are pricing similar timeshares for. Also be realistic you will never sell a resale timeshare for what you paid for it.
We have been asked to travel to visit a potential buyer (either in the UK or overseas) is this normal?
Many resale companies utilize a network of independent avenues to help clients dispose of their timeshare. Many of these include timeshare traders and companies who may wish to discuss the offer face to face. Some are based overseas in counties such as Spain and Portugal as this is where the majority of timeshare related companies operate. If you own a Spanish timeshare those who are interested may well be located in Spain. Also some timeshare ownerships have “escrituras” attached which may require the seller to attend a “notary” in the country of ownership to make transfer of the title deeds While this may not be convenient, feedback we have received documentation that shows that many successful transfers have concluded through these avenues.
Please contact us if there are any other questions you may have which may not be answered above. Please state your concern concentrating on the most salient points and contact us using the form below:
