1. Don’t Over Price – Please realize the price you paid for your timeshare, if purchased through the developer, involves massive marketing costs that are built into the selling price and are usually non-recoverable. As such, it is virtually impossible to sell your timeshare for the same price as that you paid. We suggest you research the market to obtain a guide of comparables for what others are selling similar weeks or points for on the resale market.

2. Focus on the Hot Buttons when Selling – There is a lot of competition in the timeshare resale market, therefore the more information you can provide about the “features and benefits” of your ownership the better (i.e.) does your unit have great views, etc. And please remember the 3 most important things when selling any property, this being location, location, location. For timeshare this refers to where your property is located, what season you might own - high, medium, or low, what size unit you have, the recognised brand name and the cost of annual maintenance fees.

3. Keep the Maintenance Fees Current – whilst some buyers are happy to take into account overdue maintenance fees when completing a purchase, other potential purchasers may be put off if there are outstanding payments to be made to the management company. This is one of the biggest points for negotiations to break down.

4. Understand the Costs - When selling through a reputable resale agent make sure you understand all the charges and/or fees that you may incur. Brokers should only be paid upon results which would include part exchange and no upfront fees should be charged.

5. Ask for a Copy of the Agreement in Advance before Signing - Make sure the resale agent states all advance fees, commissions, etc, on the agreement and that they are properly disclosed and documented, in writing. Additionally, if you request a copy of the agreement before you proceed, they should be able to provide such information. Also, most reputable and professional companies will provide a Buyer’s Guideline of all the procedures required from the Buyer.

6. Be Willing to Accept Offers – Nowadays it is harder than ever to resale a timeshare and indeed in the current economic climate many weeks or points that have high management fees attached can represent a pure liability and should be deemed worthless. Therefore it is a good idea to inform the agents that your price and your desire to sell is either “Firm,” “Motivated,” or “Highly Motivated,” and that you are open to offers. While some companies or private individuals may offer you better prices for more desirable inventory, others may make very low offers. Please remember, a low offer may be better than no offer at all. Many owners who are unable to sell and who wish to discharge their ongoing liabilities opt for trade ins against membership to Lifestyle programmes. This is a good route to discharge your ongoing liabilities and still maintain your timeshare benefits and the quality of accommodation but without the burden of spiralling maintenance and exchange fees. You may wish to discuss this option with your agent who will give you full details of this process.

7. Identify the Reason(s) you are Selling – It helps if you are clear about your understanding and level of motivation surrounding your reasons and desires for selling…Are you simply looking for a change in your holiday destination? Do you no longer take holidays or travel? Are you dissatisfied with the timeshare exchange system? Are the maintenance fees too high? Do you need the extra savings? When selling through an agent inform them of your reason for selling, as they may be able to advise you of the best sales strategy.

Disclaimer

Special Note: The information provided in our “Top 7 Tips” section is impartial advice and may not be legally relied upon. Furthermore, ITRA accepts no responsibility or liability for any information published herein which is only intended to be used as general guidelines.