Inevitably there comes a time when you tell yourself for one reason or another I want to “sell my timeshare” but how do I go about it?
Most people turn to the internet to sell timeshare where you will be confronted with a whole range of information from companies that tell you that timeshares are worthless and impossible to sell right through to those promising that that a timeshare sale can be easily achieved and for a good proportion of the price you paid. Although it is not easy most timeshares can be sold and will have a resale value, some more than others, and some that have little or no resale value. At The Timeshare Mart we aim to guide you through the process of selling a timeshare so that you can make an informed decision on the best way for you to sell timeshare. The Timeshare Mart aim to give you accurate and honest information and for you to make an informed choice as to whether or not you choose to use our company to help to sell a timeshare. Here is some information on the most common ways to sell Timeshare and some useful information on what to look out for when asking “how to sell a timeshare.”
Timeshare Resale Companies or Timeshare Brokers
By far the most popular method of selling timeshare is to use a third party company in the form of a Timeshare Resale Company. These companies offer a full resales service which includes advertising marketing and usually transfer of ownership. There are many such companies to be found on the internet so it can be difficult to know which company to use. Most charge a fee for advertising ranging from around £100 - £600 for the various services they provide. There are many arguments for and against as to whether timeshare resale companies should charge a fee for advertising or not and if so how much is a reasonable fee. Most of the reputable and successful resale companies at present charge some form of advertising fee. The best way thing to do is to ask yourself what you are getting for your money and is the fee justified for the services they provide. The benefits of using a resale company is that you will be given guidance on pricing your timeshare correctly and they will most certainly give your timeshare more exposure to potential buyers through various advertising and marketing programmes. Most will also take care of the transfer of ownership and also hold purchase monies in ESCOW awaiting completion of transfer. This gives both the person buying timeshare and the person selling timeshare peace of mind.
Timeshare Resale Scams
One big problem for Timeshare Owners and legitimate timeshare resale companies alike are “rogue resale companies” and Timeshare Resale scams.
It can be difficult for the average timeshare owner to distinguish the good from the bad but there are one or two things to look out for. The first is if you receive a “cold call.” If you are approached by a company with an offer for your timeshare and you have never been in touch with them, be very wary. These companies often say that they have an offer from a corporate buyer or have someone willing to pay you a very good price for your timeshare. You will then be asked to either attend a meeting or to pay an upfront legal fee or holding fee of some description. This can range in price from £400 to as much as a £1000. DO NOT under any circumstances pay money upfront to a company that are promising you a sale. There are no legitimate companies that require money in this way. Most of these companies operate out of Spain. If you are in any doubt contact either TATOC of The RDO for advice or simply call The Timeshare Mart for FREE Timeshare Advice.
When you want to know how to sell a timeshare the first thing you need to know is how much is the timeshare worth. This is very complex and each individual timeshare has its own value. In general it is safe to say that you will not get back anywhere near what you paid. Timeshare is not and never has been considered as a financial investment. In many cases if you can recoup 50% of what you paid for your timeshare you would be doing very well. There are of course some exceptions to this rule for instance if you bought a timeshare resale and have now decided to sell a timeshare resale. There are a few timeshares which may have a reasonable resale value such as Marriott Timeshare, Anfi Timeshare. De Vere Resorts such as Slaley Hall and Cameron House, the Royal Savoy, Madeira, Hilton Timeshares such as Dunkeld and Craigendarroch, Radisson SAS Golden Sands Resort and Spa, Malta and Sheratons Pine Cliffs Resort in Portugal. There are many other individual timeshares that have good resale values such as those that fall within School Holidays or at Christmas and New Year. Equally if the country is difficult to buy timeshare resale’s in such as France Timeshare or Italy Timeshare or where there are not many good quality timeshare resorts in that country such as Marriott’s Club Son Antem in Mallorca or Marriott’s Phuket Beach Club in Thailand.
The best thing to do is to speak to a Timeshare Resale Company and ask them for a guide price. Be prepared to accept offers and sell for as low a price you can afford.
Have you been invited to a presentation or meeting?
You may have seen the adverts on Google or come across a company on the internet that is touting a guaranteed offer for your timeshare of a guaranteed timeshare sale. Here you should bear in mind the age old saying “if it sounds too good to be true it usually is.” These companies are not Timeshare Resale Companies. They are more often than not offering to take your timeshare in part exchange for another timeshare product which will also require you to pay an additional sum of money. You can of course go along to see what they have to say but do try not to part with money on the day and always take time to reflect on the proposed offer. They may tell you that the “special offer” only applies if you sign on the day but in our experience no timeshare company will turn away a deal if you go back to them at a later date. You can seek advice from one of the independent timeshare organisations in either TATOC or The RDO (The Resort Development Organisation) you could also speak to us at The Timeshare Mart and we will be happy to give you advice on any timeshare related products and services.
For sale by owner
This is a term used in the industry for owners that sell timeshare by their own means. There are benefits and pitfalls for this method. First you must find the right advertising medium. You could try your local Newspaper or a trading publication such as loot. There are also one or two websites that facilitate this method. The main benefit is that all the proceeds from the sale will be yours to keep with no “middle Man”. You will need to agree with the person buying timeshare who will pay for and administer the transfer of ownership. The downside to the “for sale by owner” method is that people who buy timeshare tend to use a timeshare broker or timeshare resale company for purchasing. This means that your exposure to potential buyers may be limited. You will also have to do the transfer of ownership yourself and may need to employ a solicitor to hold the purchase monies in ESCROW. It is also often difficult for you to value your timeshare as you will see vastly different prices on the internet for what seem to be similar timeshares for sale.