The first thing someone who wants to sell something tries to do is to advertise it. With timeshare, it’s the same thing. Regardless of whether you want to sell the weeks you won’t be able to enjoy or your timeshare as a whole.
But where should you advertise it? Facebook? Gum Tree? That’s a pretty good question…
But well, the lack of an appropriate venue to do so leads timeshare owners to do exactly that. To advertise their weeks or contracts in places which aren’t really suitable for that. If you were looking for accommodation, would you really go to Facebook or Gum Tree, or any other listing platform? Pretty random, isn’t it?
It’s likely you wouldn’t even think of renting a timeshare off someone, let alone buying one advertised on Facebook or Gum Tree… it reeks of scam…
That said, you could definitely try RedWeek or TUG, which are more appropriate venues to advertise a timeshare and will give you better chances of renting out your unwanted weeks or even selling it. But good luck in cutting through the clutter!
2) Lack of interest
This is a subset of the first hurdle you’ll find when trying to rent out or sell your timeshare. Once you actually advertise it, the most common thing to happen is, well… you’ll keep checking your inbox but that coveted message that says “I’m interested in your timeshare…” will probably not be there. Not now, not ever…
At this point, you already get the gist. Renting or selling your timeshare is hard work. But keep on trying, as it can happen. It certainly happened before with other timeshare owners just like you. It’s a good thing, then, to try and find a person who’s been through the process, successfully, for advice.
3) Explaining how it all works
Well, you kept on going and your ad finally came across someone who’s interested, and that someone reached out to you. Yay!
That’s more than half the job done, right?
There’s still a lot to cover from here, and this part may prove to be just as intricate as it was finding someone interested in your timeshare offer.
For example, how do you explain how everything works in a simple, easy to understand way, considering all the clauses in your timeshare contract that you, too, can’t fully understand?
Like how you are allowed to rent out your weeks in a timeshare unit to a third party, secure the accommodation, and confirm it’s all been booked and taken care of. And you haven’t even delved into cancelation policies…
But, in case you managed to do all that the right way, then you’ll have someone virtually in front of you that may be seriously considering to go ahead with your offer.
This leads us to hurdle number five in your attempt to sell or rent your timeshare.
4) Convincing your prospect
After explaining how it all works, how will you convince your potential renter/buyer that this is a guaranteed transaction, that you are trustworthy, and everything will happen according to what you are saying?
Especially when your price is less than half the original price. Or sometimes not even a third of all the other prices that this potential renter/buyer is getting from more reputable timeshare sources in the market.
At this stage, a red flag has certainly been raised and your potential customer is questioning himself of why he should risk his vacations and proceed with this transaction – with zero guarantees…
How will you back up your claims?
This lack of confirmation or, in other words, trust, will then take you to the final hurdle in the hard knock life of a timeshare owner.
5) Getting a fair price for your timeshare
After you have overcome all the obstacles thus far, time will come for you to negotiate the final details of your timeshare transaction with your prospect renter/buyer.
This ultimately conducts the negotiation towards pricing your timeshare. What’s a fair price that you’d be willing to get for what you are offering and that your prospect may consider paying?
Remember that this person could just as well go elsewhere and book their holidays in a safer way that has practically zero chances of being jeopardized. These are the AIRBNB and Booking.com times, after all.
Consequently, your prospect has a big edge over you and is going to be able to take the reins of the negotiation.
Not only that, but also consider the laws of supply and demand and think about the number of people who are trying to get rid of their timeshares and the number of people who consider going to the aftermarket after timeshare options…
This virtually drives your price to pretty much rock bottom.
There are even cases where people are giving away their timeshare. Some timeshare owners even offer to pay up to a year’s worth of maintenance fees just so they can transfer they timeshare over to someone else and not incur into unwanted maintenance costs and yearly fees.