| Timeshare Sellers & The FSBO Headache! |
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Okay. So you're ready to sell your timeshare--For Sale By Owner (FSBO). Take a moment and consider the steps that you will need to take to sell it yourself. STEP #1 - ADVERTISING You already know that in order to give your property maximum exposure in the secondary or resale marketplace, you have to advertise it nationally. So, you place an ad in a major national newspaper. USA TODAY is one of the best publications to attract national timeshare buyers. Your cost? A minimum four-day, four-line classified ad costs $1,136. (Remember, local advertising typically does not generate sufficient buyer exposure to get timeshare properties sold.) Okay. Done! STEP #2 - THE PRICE It’s a good resort. But how should you price your unit? What will the market bear? How will you research the fair market value of your unit with similar units (i.e. same season--red, white, blue, green, yellow, platinum, gold, silver, bronze, high, medium, low, etc.; number of bedrooms, deeded, right-to-use, fixed, floating, bi-annual, quartershare or fractional, point systems, etc.)? You don’t want it overpriced, and you certainly don’t want your price eroded either! So, you proceed to wait by the phone hoping an interested buyer will call. Waiting. Waiting some more. It’s been a week and no calls. This could get really expensive! Did you know that when you purchased your timeshare at the resort, up to 60% of the retail price was to cover the developers’ marketing costs? STEP #3 – NEGOTIATING SKILLS If a buyer does call, you have to SELL him on it, tell him how GREAT it is, how much FUN he can have, how the EXCHANGE program works, what the maintenance FEES are and still how much MONEY he'll be saving -- all the while crossing your fingers and hoping that he’s genuinely interested and not just shopping like the others (even though you haven’t exactly been inundated with buyer calls!) Maybe you’d better run the ad a third time; or maybe try another publication? Hey, what about the Internet! It’s national in scope and couldn’t cost too terribly much. But which site will give you the strategic exposure you need? Will the ad be effective? And who will help you with answers to the many questions you have? STEP #4 – WHAT NOW? You know you need heavy advertising exposure. You’ve already called your resort, and they don’t have a resale program to help you out. At this point, you are ready to turn the whole thing over to your neighborhood real estate agent. Then you discover that most real estate brokers are not familiar with selling a timeshare or getting it closed. They specialize in traditional real estate (homes, lots, etc.); and therefore, can’t help you! So...you venture out on your own to locate contracts and a title company to do the closing. Unfortunately, you find out that not all title companies close timeshare! Great. Now what? Where on earth are you going to find someone who not only closes timeshare but will get the job done fast… and needless to say, someone you can trust? Your week is coming up soon and your buyer could evaporate if it doesn’t close quickly! Did you know that almost 60% of all vacation timeshare resorts do not have a resale program available for their owners who want or need to sell? STEP #5–GET IT CLOSED…AND SOON Regrettably, you realize that contracts and a deed are needed, and finding a title or escrow company experienced in closing timeshare properties is difficult. Now you begin to wonder if you’ll ever climb out of this quagmire. STEP #6 -- IT GETS WORSE Then you begin to worry. Maybe you'd better consult a lawyer to make sure your interests are protected… but the legal fees will dilute what you hoped to net from the sale. By the way... who pays the closing costs? How is the deed recorded? And who records it? Will the buyer want title insurance? Will you be at risk from omissions or something that you overlooked or unintentionally misrepresented? STEP #7 - WHAT A HEADACHE! Whew! And still, the title has to be transferred. And, oh yes, at what point are the funds transferred? Will your buyer trust you enough to send you the money before you provide him with title? Or… Will you trust the buyer enough to pay you if you deliver the deed before he has made payment? Will your points be transferable? Will your resort or the management company cooperate with you on the many items needing attention? On and on and on… HOLD IT! Don’t try to reinvent the wheel. Call a REALTOR® who is a Timeshare Resale Specialist and whose main purpose is to assist timeshare buyers and sellers in the secondary marketplace. (Then… sit back, take a deep breath, and relax!) The following is a sample profile of a professionally licensed Timeshare Resale Specialist. The qualities and services listed below are valued and appreciated by individuals who are in the market to either resell their timeshare or purchase an additional week. In the timeshare resale marketplace, accept nothing less than the best. Here is what you look for... RESORT INDUSTRY EXPERTISE
ADVERTISING & MARKETING
ADVANCED TECHNOLOGY
QUALITY CONTROL
PROFESSIONAL SERVICES
When buying or selling a timeshare in the secondary marketplace, call a REALTOR® who is also a Timeshare Resale Specialist. Copyright ©2002-2003 |
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