If you bought a timeshare some years ago, but since then have either not used it as much as you thought you might, or it has just lost its use to you than you have probably considered selling it.
Maybe you should sell it. For taking the right decision, write down all the costs of the timeshare – annual fees, maintenance fees, membership fees. Don’t forget to include the costs of actually using the timeshare, trips to it and any other imaginable cost that you incur to go there.
There is definitely a huge market for resales of timeshares. However, how well is this market re-buying timeshares? Most timeshare deals run over a period of 10 years. This is enough time to get bored of a timeshare. Going on vacation at the same time to the same place every year is not a very attractive pastime for many owners. Unhappily, potential buyers also know it, and that pulls the prices down. Timeshares have had a better time in the past.
Similarly to the real estate market, timeshares also go up and down with the same tendency. Timeshares are real estate, so they tend to follow the same increase or decrease in value. They are not just a service that we buy, even if we often get the impression that we have bought the right to spend our vacation on the timeshare.
Take a close look at some basic facts, before deciding to sell it. Perhaps it is not worth trying to sell it.
First – its price. Buying or selling anything is a matter of price, of course. However, you should consider the price on a historical perspective. Did it go down in the last time? How expensive are similar offers? In most cases, you won’t cover the price you once paid with the sale of your timeshare. Of course, resale companies will tell you that it is possible, but it isn’t.
Second – the time. How long do assets stay on the market before they are sold? This is not only important because you want to get the money in your pocket, but also because in most cases you have to pay to list your timeshare. The average time to sell a timeshare can be sometimes over a year. If you really need the money of the timeshare, consider searching for it somewhere else.
Third – other hassle. Selling any asset costs time, but not only waiting time. You’ll have to negotiate with potential buyers. No one will buy a timeshare online. Remember, it is a form of real estate. Face to face meetings are an absolutely must.
However, if you do need to sell your timeshare now consider taking measures that will make your property more appealing. Something to consider is lowering the price to the point that people may consider purchasing on price alone.
Tab Pierce is an executive sales leader and security professional who has spent years as a serial entrepreneur. He has owned successful companies within eLearning, data management, telecommunications and others. He has also successfully assisted companies integrate sound sales processes into their organization.