Hi everyone. I see some real good points being made about timeshares and vacations here. I'm contemplating on selling my timeshare. Could anyone give some valuable suggestions/tips regarding timeshare sale? Thanks.
I see a lot of timeshare users suggesting that the timeshare market is inclined toward buyers, and not sellers. And hence comes the problem of fixing a "realistic" price for the timeshare. But could anyone explain why is it so? The reason why it's a buyers' market and not a sellers' one? Thanks
It's very simple to understand. The good old Demand and Supply Equation. To begin with, buyers have multiple offers to choose from. There are timeshare developers who rigorously promote their timeshares and try to sell them, there are auction sites which come up with lots and lots of timeshares to choose from, there are classified ads in which the sellers just try to outdo each other by keeping their timeshare price to an affordable minimum, and so on. Ultimately, supply exceeds demand and prices come down, making it a buyers' market.
Now, imagine you were a buyer looking for a timeshare. When you are given such a huge number of options, you have the liberty to pick and choose the one you want. And obviously, the price is going to be a lot lesser, thanks to the immense competition among sellers. Especially in the resale market, the competition is so tight that some of the sellers are even ready to give their timeshares for 1/4th of the original price.
But one thing though; if you want to buy a timeshare, it's up to you to decide whether to go for a resale one or a new one. But make sure you get a fair deal. Because sometimes, buyers end up buying timeshares with payment overdue, etc. In my opinion, the best way to go about it would be to consult a timeshare website. This way, you can be sure of a "transparent" transaction. The company will make sure you get everything in written and it will verify the authenticity of the information provided by the seller, making it a safe bet.
1. Realistic price - I'm sure a lot of people would have suggested this before, but still it's the most important thing. Let me make one thing very clear. You CANNOT sell your timeshare for more than what you paid for it. It's not real estate. So, check out the price range in timeshare resale market. Make sure you have made a reasonable quote.
2. There are a few factors that determine your timeshare's value and demand. Season, type of unit you own, amenities, and location.
3. Make sure you have all the documents pertaining to your timeshare.
4. Make sure you don't have any left-overs in your maintenance fee or any other payment for that matter.
5. Sometimes your timeshare developer might offer a resale program for the benefit of their members. In this case, the resale process will be taken care off by the sales agents, who usually enjoy a good rapport with other customers. This should make your resale process simpler, but make sure you inquire about the conditions and the price fixed for your timeshare.
6. You can pick a timeshare website and place an ad. This is bound to attract more people, as these websites usually have customers who could be potential buyers. The biggest advantage in placing an ad in these sites is that you get to display your timeshare to a target group of potential customers. So, if you make the right offer, more often than not you will get responses.
The timeshare market is full of resale offers. So, unless you own a red week at a prime location, it's not going to be easy for you to sell it off. One thing you have to remember is that the timeshare market is a buyers' market, not a sellers' market. There are lots of offers for buyers, so they have the luxury of choosing what they want. So, usually they go for the lowest price offered.
But with a little bit of work from your side, you can make your timeshare sale process easier. First, quote a reasonable price for your timeshare. Make sure you don't have any overdue left. Don't go to an agent. Usually, they charge an exorbitant amount as their commission. Moreover, you have to be very sure of their background and credibility. Instead, choose a timeshare website which can make things easier for you. This way, you can be sure of a "transparent" sale process.
You have not mentioned the location of your timeshare. But still, I would like to tell you something about selling your timeshare.
First, make a research about the current market rate for timeshares. The commonest mistake that most of the timeshare owners do is to try and list their timeshares at a rate which is two or three times higher than the market average. Probably, you can check out the internet and find out the averate rate for a timeshare like yours. If you are realistic in your price, your offer will attract buyers more often than not. Your selling price is most likely to be lesser than the amount you paid originally for your timeshare. But that's the way it happens in the timeshare market. As it's been said a lot of times, the profit that you make from a timeshare is the money you save in your vacations, not the kind of profit you would make from selling a home.
Make sure you don't have any overdues (MF and other fee). The last thing a buyer would expect is to buy a timeshare for which he has to pay the due amount.
If some of the prospective buyers contact you, give them proper replies. As they say, most of the sales are decided in the first call you make/receive. So, if you respond properly, the buyer will more likely be interested in going forward.
Thank you very much everyone. So nice to see lots of info. I thank every one of you for bringing in so many perspectives.
I see a lot of timeshare users suggesting that the timeshare market is inclined toward buyers, and not sellers. And hence comes the problem of fixing a "realistic" price for the timeshare. But could anyone explain why is it so? The reason why it's a buyers' market and not a sellers' one? Thanks
It's very simple to understand. The good old Demand and Supply Equation. To begin with, buyers have multiple offers to choose from. There are timeshare developers who rigorously promote their timeshares and try to sell them, there are auction sites which come up with lots and lots of timeshares to choose from, there are classified ads in which the sellers just try to outdo each other by keeping their timeshare price to an affordable minimum, and so on. Ultimately, supply exceeds demand and prices come down, making it a buyers' market.
Now, imagine you were a buyer looking for a timeshare. When you are given such a huge number of options, you have the liberty to pick and choose the one you want. And obviously, the price is going to be a lot lesser, thanks to the immense competition among sellers. Especially in the resale market, the competition is so tight that some of the sellers are even ready to give their timeshares for 1/4th of the original price.
But one thing though; if you want to buy a timeshare, it's up to you to decide whether to go for a resale one or a new one. But make sure you get a fair deal. Because sometimes, buyers end up buying timeshares with payment overdue, etc. In my opinion, the best way to go about it would be to consult a timeshare website. This way, you can be sure of a "transparent" transaction. The company will make sure you get everything in written and it will verify the authenticity of the information provided by the seller, making it a safe bet.
Bob
Thanks Bob. It was really useful. Now I have a clear idea of the timeshare market. Thanks once again.
1. Realistic price - I'm sure a lot of people would have suggested this before, but still it's the most important thing. Let me make one thing very clear. You CANNOT sell your timeshare for more than what you paid for it. It's not real estate. So, check out the price range in timeshare resale market. Make sure you have made a reasonable quote.
2. There are a few factors that determine your timeshare's value and demand. Season, type of unit you own, amenities, and location.
3. Make sure you have all the documents pertaining to your timeshare.
4. Make sure you don't have any left-overs in your maintenance fee or any other payment for that matter.
5. Sometimes your timeshare developer might offer a resale program for the benefit of their members. In this case, the resale process will be taken care off by the sales agents, who usually enjoy a good rapport with other customers. This should make your resale process simpler, but make sure you inquire about the conditions and the price fixed for your timeshare.
6. You can pick a timeshare website and place an ad. This is bound to attract more people, as these websites usually have customers who could be potential buyers. The biggest advantage in placing an ad in these sites is that you get to display your timeshare to a target group of potential customers. So, if you make the right offer, more often than not you will get responses.
John
I second everything you mentioned John. I'm sure it'll help the newbies. It was really informative.
Bob
The timeshare market is full of resale offers. So, unless you own a red week at a prime location, it's not going to be easy for you to sell it off. One thing you have to remember is that the timeshare market is a buyers' market, not a sellers' market. There are lots of offers for buyers, so they have the luxury of choosing what they want. So, usually they go for the lowest price offered.
But with a little bit of work from your side, you can make your timeshare sale process easier. First, quote a reasonable price for your timeshare. Make sure you don't have any overdue left. Don't go to an agent. Usually, they charge an exorbitant amount as their commission. Moreover, you have to be very sure of their background and credibility. Instead, choose a timeshare website which can make things easier for you. This way, you can be sure of a "transparent" sale process.
You have not mentioned the location of your timeshare. But still, I would like to tell you something about selling your timeshare.
First, make a research about the current market rate for timeshares. The commonest mistake that most of the timeshare owners do is to try and list their timeshares at a rate which is two or three times higher than the market average. Probably, you can check out the internet and find out the averate rate for a timeshare like yours. If you are realistic in your price, your offer will attract buyers more often than not. Your selling price is most likely to be lesser than the amount you paid originally for your timeshare. But that's the way it happens in the timeshare market. As it's been said a lot of times, the profit that you make from a timeshare is the money you save in your vacations, not the kind of profit you would make from selling a home.
Make sure you don't have any overdues (MF and other fee). The last thing a buyer would expect is to buy a timeshare for which he has to pay the due amount.
If some of the prospective buyers contact you, give them proper replies. As they say, most of the sales are decided in the first call you make/receive. So, if you respond properly, the buyer will more likely be interested in going forward.