When you sell a home, finding a real estate broker is not too difficult. Just open the Yellow Pages or do an Internet search and you will find an agent in your area. There are a lot of laws and regulations set in place for this type of transaction.
It is not the same case with timeshare brokers. Truthfully, not many real estate agents get involved with timeshare resale. While you may have better luck in coastal states like Florida, California, Virginia, and the Carolinas, timeshare brokers are not as prominent in other regions of the United States.
You may already be aware that it is not always an easy task to sell timeshare rentals. Timeshares should never be bought as an investment as in other real property. In bad economic times, a vacation is considered a luxury and most often not a necessary investment for most people. It is also in these times that circumstances can force timeshare owners to sell their timeshare.
Often, these timeshare properties will sell 30-50% below their original price. Besides the price, it takes a lot of time to close a timeshare sale. With all of these factors, it is imperative to select the right broker when you have a timeshare for sale.
Things to Consider When Looking at Timeshare Brokers
- Find a Broker in the State Timeshare is Located. Start off researching good brokers near your timeshare property. Searching for timeshare brokers in the state where you live won't help, especially if you live in a state where very few timeshare resales exist.
- Make Sure they Have a Good Track RecordLook for reputable brokers with a good track record in handling a timeshare resale. Go with big and reputable brokers as they are more likely to handle your resale professionally and responsibly. They are also less likely to play games or rip you off because of their reputation.
- Ask Questions Do not hesitate to ask lots of questions related to their success in selling timeshares, their experience in selling timeshares, specifically at the timeshare resort yours is located. Inquire about the number of timeshares he has successfully sold, his clientele, and fees.
- How long does timeshare sit on market?Ask about the average time that a timeshare property sits in the market before being sold. Definitely find out the average selling price of the properties the brokerage company has sold.
- Beware of Hidden Fees. Beware of the brokers who charge an upfront fee and excessive commission. Some brokers charge as high as $500 upfront fee. While it may be a norm, you should still ask in writing to list all the services they are providing for that fee. It is generally recommended to go with the broker who doesn't charge an upfront fee.
- Check the Better Business Bureau. Check the Better Business Bureau to find out the broker's business practices.
Do not fall prey to resale scammers who might trick you by claiming a quick resale of your timeshare. I have already pointed out earlier how rough it is to resell a timeshare. Never believe their promise to resell it quickly. There is no guarantee whatsoever that your timeshare might resell in a specified time period.
The broker should be able to answer all your questions. If the broker is unwilling or unable to answer your questions they you may better look out for some other broker.
Do Your Timeshare Research
- Make sure you research your market. This will help you be aware of the resale prices. It also may be difficult to sell if your timeshare is not located in a popular destination.
- Understand all of the legal jargon and stipulations on your timeshare contract. Knowing all these facts makes you knowledgeable about your timeshare and helps you in reselling the property with confidence.
- Be realistic in your expectations. As previously mentioned, timeshare properties do sell significantly less than their original price. Be prepared mentally about the depreciation, similar to a car which depreciates over time.
When selling a timeshare, it is important to find the right broker to make your experience go smoothly. Remember these guidelines to find a suitable broker who delivers on all his or her promises.
Julie McElroy - Freelance travel writer with published articles about places all over the world, including Italy, Colorado, Japan, Germany, and Spain.
Join the Conversation