When you choose to sell your timeshare
Will you take on the challenge of selling it yourself or would you rather leave the task to a resale company that has proven results?
How to help timeshare owners sell their program and to understand the process as to what is required to successfully transfer their current ownership to another individual may be more than timely.
With this being said, please keep in mind that developers spend a lot of money on professional timeshare sales training as well as marketing. The process of timeshare sales has become very specialized over the years. With some companies and professional training departments working with salespeople for up to one month before even allowing them to sit with qualified guests on the resort!
I decided to tailor this article and address just a few keys points (and just a few…), but I think they may very well help you achieve your desired result based on my experience and knowledge of timeshare sales processes.
To begin with, you may have read articles, submissions to websites, blogs, forums, newsletters, etc. which often heighten various emotions in people reading such articles. There can be a sense of angst or undecidedness because one is trying exceptionally hard to sell their timeshare utilizing a resale company, and their program just never sold - this really fuels the importance of establishing a well-designed and mature secondary resale market geared to deliver results for both the seller and the buyer!
It is unfortunate to point out that there are less than stellar performances from various timesharing companies around the globe trying to “help you sell your timeshare with little emphasis on the sales process”; especially since timeshare is enjoyed by millions worldwide! But, this is another issue that can be tackled in another article.
Please keep in mind there may be numerous reasons as to why it hasn’t sold yet : economic models dictate various trends in buying patterns, just as they do with other commodities such as a McDonald’s Big Mac hamburger – but most importantly, it may all come down to the basics of economy 101 – supply and demand. But then again, maybe not!
Another reason may be that what excited you originally when you purchased… is most unlikely to excite the next person. Your timeshare may not be finding the right target audience.
It may very well be likely that the reason you originally purchased your timeshare or vacation plan was to establish a vacation lifestyle for yourself and your family. Congratulations for stepping up and wanting to guarantee quality time with your family and I certainly hope you feel your used timeshare has done so appropriately. The reasons for which you want to sell at this point are irrelevant and let’s just say that your timeshare has served its purposes and it is now time to let someone else take advantage of the benefits it has to offer.
So, what is required to successfully transfer the responsibility of your current timeshare to someone who can benefit from the program going forward?
First, pricing. How much will you price your vacation week at? Price is certainly an important determining factor whether your program sells quickly or not. However, I have read some owners advertising their week for 1$ and not being able to sell it. Why?!? Second, most timeshares have increased in value compared to what they were selling at 10-15 years ago. Overall pricing should be based on the Resort location (high demand destination, for ex. The Manhattan Club, NY City) quality of the week, size of accommodation and other factors really help determining the price on the resale market.
As a simple guideline to “pricing”, start with the price you paid initially and how many vacations you have actually taken using your program. The reason we see such a discrepancy in timeshares resale today is that some owners take into consideration the price it sells for today while other owners simply base it on what they paid for several years ago. Therefore to consider price paid vs. value will greatly help in establishing your sale price. An example of this would be- if you purchased 10 years ago and successfully taken 10 vacations you may feel you have “received good value and can choose to reduce the price even further” to help sell quickly.
Secondly, sometimes it is not enough to simply suggest your timeshare is “the next best thing since sliced bread” to potential buyers. The first question one thinks is why is this person selling it? Again, keep in mind the reason you’re selling is irrelevant at this time and try to focus on how it would benefit your potential buyer. What they really need to know is how your timeshare would benefit them?
An important point is to make sure you find out what they’re looking for before you can even share what this timeshare has given you. If you have advertised your program on a very popular resale website along with several others at the same properties, why would yours sell faster than the one above or next to yours? When placing an ad about your program, why don’t you use some of your own pictures as opposed to the ones already available in magazine or websites? Make sure you have memorable photos from your travels handy to help demonstrate to your potential buyer that it has taken you to all these wonderful destinations and that it could do that for them too!
Thirdly, review your clubs website to “refresh”, especially if you have not been there in some time, and learn about the newest additions at the resort and what has been going on as of late - Has the developer been building more units?(this creates a sense of excitement in itself if they are) How about the amenities on site, food at the restaurant? Do they have a renowned Chef? Have they “added a new infinity swimming pool with a “breathtaking view of the ocean”? Maybe they have added an additional 9 holes of golf?
This information shows not only a pride of ownership but indicates to your potential buyer that if they are considering buying a quality program with observed distinctions, yours might just be the one they’re looking for. To sell rather than tell can greatly increase your chance of closing the sale. On this final point, do not be afraid to ask “so does this work for you?” Do you want to buy it? Ask for the sale! Then, you’ll know where you stand. Your potential buyer may need more info or might just need to try it, suggest renting it if that can help.
These are important questions and only “touch” on the process of successfully selling your timeshare or vacation membership once you have chosen to sell your timesharing program. There are other considerations that must be made in addition to these tips however, remember: 1) Know your price 2) Learn your club 3) Have your photos ready, 4) Ask for the sale, and 5) Do not get discouraged! For more on the steps to sell your timeshare yourself, see How to sell your timeshare yourself
Please feel free to share your comments or experiences of selling your timesharing products or simply discuss it. We love to hear from you!