1. CHECK OUT THE COMPETITION – look and see what we are asking for other weeks at your resort. Do an internet search and see what other Brokers are asking for the same weeks. Realize that many weeks that are listed are overpriced. It seems that most sellers start high and work their way down to a reasonable price. In the meantime they pay maintenance fees, RCI fees, and property taxes. Buyers will search the internet and timeshare publications looking for the best buys.
2. REALIZE THAT NOT EVERYONE IS GOING TO BE TRUTHFUL – Be especially wary of resale brokers that quote a high price for your week but require an upfront fee to list with them. I talk to sellers daily who have wasted money on promises, then they never hear from the Broker again once they have paid the upfront fee. An appraisal fee or advertising fee is just another disguised upfront fee. I do not make a dime unless I find a buyer and close an escrow on your week.
3. ACCEPT THAT YOU ARE GOING TO LOSE MONEY ON YOUR PURCHASE – In all but a few exceptional cases timeshares resell for a fraction of the price they were originally purchased. Most weeks sell for 30% to 50% of the developers original price. Premium weeks such as Marriott, Four Seasons and Hilton will do a little better than that, usually in the 50% to 75% range. Hopefully you have had many years of great vacations out of your week. If you call the resort, you will probably find that the developer is still selling weeks at a high price. However, the developer has the buyer in their control for 90 minutes to two hours, puts them in the ether, and paints a picture that you now know yourself is not quite true, after all, didn’t they tell you that you would be able to sell for at least what you paid for the week? Realize that the developer is spending 50% to 70% of the sales price just in marketing costs.
4. FIGURE OUT WHAT THE WEEK IS GOING TO COST YOU IN THE FUTURE – If you don’t sell the week, how much will you spend on the week over the next ten years? Do you really want to do this? You may want to keep the week and start using it religiously every year, or maybe you should give it to your kids and have them let you use it once in awhile. Chances are that the resale price at your resort is not going to get higher in the next ten years. Too much inventory on the market is going to keep prices down.
5. UNDERSTAND THAT SOME WEEKS ARE ALMOST WORTHLESS – There is very little demand for studio weeks. Off season weeks are very hard to sell. If your resort has a very high maintenance fee buyers may choose another resort.
6. CALL US IF YOU ARE UNSURE OF WHAT YOUR WEEK IS WORTH. I will be glad to discuss the price your week should be listed at.
7. IF YOUR WEEK DOESN’T SELL IN THREE MONTHS, DROP THE PRICE – Over any three month period I have thousands of hits on my websites and on my internet advertising. If your week hasn’t sold within that period of time you should drop the price a minimum of $500. Timeshare resales are very price sensitive. You wouldn’t think that $500 would make that great of a difference but it will. Timeshare buyers surf the internet watching for good buys. Many of the weeks I sell are immediately after the seller has dropped the price by $500 to $1000.
80% OF OUR SALES ARE WITHIN 90 DAYS OF LISTING OR 90 DAYS OF A PRICE REDUCTION, IF YOU HAVEN’T SOLD WITHIN 90 DAYS PLEASE CONSIDER A PRICE REDUCTION. SOMETIMES IT ONLY TAKES A $500 REDUCTION TO MAKE IT SELL! PLEASE MARK YOUR CALENDAR.
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