Selling your timeshare can be a tricky business. Unfortunately, unprepared sellers too often fall victim to timeshare scams or ineffective marketing schemes. Many sellers find themselves in difficult financial situations and, out of desperation, make rash decisions without proper research. Others simply don’t know the warning-signs. So, what’s the number one mistake timeshare sellers make, and how can you protect yourself?
Paying an upfront fee is the number one mistake timeshare sellers make. Whether a company is selling you ad-space on their “highly visible” website, or promising to close the sale for a “ready and waiting” buyer – it’s rarely worth taking the risk to pay upfront for services.
Scammers trick vulnerable sellers into cutting them checks to “close a deal” while ad-sites charge a flat fee to list your property among thousands of others – with no guarantee of sale. After all, once they’ve got your money, what’s their incentive to sell your timeshare?
So What can Timeshare Sellers Do?
Always use a licensed timeshare broker to sell your timeshare. Timeshare brokers, like other real-estate agents, don’t collect any payment until the sale is complete. Brokers work on a commission basis, meaning they’ve got true incentive to sell your timeshare. Additionally, brokers must maintain licensing to practice – ensuring a measure of reputability and transparency.
Other Timeshare Selling No-No’s
Now that you know the number one timeshare selling sin, rethink your strategy. Take the time to research carefully, and consider the following final “no-no’s” before jumping into a sale:
- Under or Overestimating your Timeshare’s Worth – Don’t know how much your timeshare is worth? Get a free market survey or contact a licensed broker to find out how much your timeshare is worth and price accordingly.
- Forgetting to Check the BBB – Not sure if a resale company is BBB Accredited? Find out what the Better Business Bureau thinks about your potential reseller, and think twice about working with a company that isn’t listed or accredited.
- Being Afraid to Ask Questions – Too many sellers don’t ask important questions – like how a broker works to sell your timeshare, or what percentage commission they’ll make off the sale. The right brokerage company will take the time to make sure you understand the whole process.
So there you have it. Don’t fall victim to the number one mistake timeshare sellers make: never pay an upfront fee to sell your timeshare. Follow these simple suggestions, and choose a licensed broker for a safe, reliable resale experience.