Selling a timeshare has many of the same legal requirements as any other type of real estate transaction, but may be quite different from a marketing standpoint. Things to consider before selling a timeshare include personal goals, marketing, economic conditions, and the use of a real estate agent. While many of these issues are better defined when looking at traditional real estate property, timeshares can create a little more ambiguity.
This ambiguity is evident when considering your personal goals when selling a timeshare. In traditional real estate, the goal is simply to divest yourself of the property owned. While this could be the goal when putting up a timeshare for sale, you could also only want to sell part of that timeshare. For example, you may want to keep one week of a two-week timeshare, and sell the other week. This must be determined before putting the timeshare up for sale.
Marketing is another key when it comes to selling a timeshare. While most real estate can be marketed locally, with perhaps some Internet marketing as a supplement, the same is not true for timeshares. Most of those interested in buying a timeshare will probably not be local, and therefore a more comprehensive marketing campaign is likely needed. This may include a national campaign, or possibly targeting a few key markets where people may be interested in timeshares.
Economic conditions may not only affect the price of a timeshare, but whether it is wise to put the property on the market at all. If you see the price of real estate falling or notice properties are staying on the market longer than usual, these decisions become critical. You may consider waiting until market conditions improve, or even selling at a price at or below what you originally paid, if getting rid of the timeshare is a top priority.
The use of a real estate agent could be a good option when selling a timeshare, especially in a depressed market situation. Some agents even specialize in timeshares, which may be a big help when determining a marketing strategy. In fact, some offices work exclusively in timeshare resales. Though hiring an agent will eat into the profit somewhat, it also means you will have an expert on your side, and possibly even get a better price for the unit.
The other points of selling a timeshare are very similar to a regular real estate transaction. The buyer will likely have to secure financing, and then the closing will be handled, usually through a real estate agent's office or an attorney's office. Closing costs are usually the responsibility of the buyer, unless a deal was made during the sale.
