Recently, in the New York Times, selling timeshares during the recession was discussed. It is "absolutely the worst time to sell," said Brian Rogers, owner of the Timeshare Users Group. "A few years ago you got 50 cents on the dollar. Now you're lucky if you get 10 cents on the dollar." Here are nine tips about selling your timeshare in this economy during recession.
1. Do your homework. Just like selling your car or selling your home, it is important to get a realistic idea of what your timeshare is worth. If you can, find out what similar timeshares have sold for recently.
2. Make sure you understand what you are selling. Before you begin to market your timeshare, make sure that you have everything in order. Know exactly what you're selling.
3. Gather all of the paperwork together and review it. This could include tax records, maintenance details, the payments you've made, and any other related paperwork. Gather photos of the property. If at all possible, find or take recent photos or even a video of the property, inside and out of the location.
4. Consider using an agency to sell the timeshare, but be careful. There are many internet-based and even "offline" companies/agencies that will list your timeshare for sale. Some charge you a fee to list your timeshare and then they will charge you a commission when it sells.
5. Consider listing your timeshare at an auction. You might consider an auction web site such as eBay.com. Make sure you set a reserve price, though, if you are expecting to sell timeshares for a certain amount of money.
6. Consider listing your timeshare on the classified ad web sites. There are several web sites where you can list your timeshares for sale. Craigslist, American Classifieds and Backpage.com are just a few. Consider even the local newspapers, as well. If your timeshare is in a warm location like Florida, consider advertising in a local newspaper in one of the northern States such as in Chicago, Minneapolis, Buffalo, or even New York City or Boston.
7. Consider an exchange. Certainly exchanging your timeshare for another is not the best answer when if you really want to sell your timeshare, but it might give you other options of you need to change your dates or even change your location.
8. Consider other owners. There may be other timeshare owners who have a timeshare before or after you that might want to increase their time. See if you can contact them and ask if they're interested in your timeshare.
9. Consider trading your timeshare for something of value. Whether you decide to sell or trade your timeshare for land, you need to realize that just about every industry, including the resort industry, has taken a hit in this uncertain economy. Even when the economy was better, it was difficult to sell a timeshare for the amount that you originally paid; the best option may just be trading your timeshare for land.
Consider the above tips to sell your timeshare during recession, and we guarantee you’ll not be confused anymore!
1. Do your homework. Just like selling your car or selling your home, it is important to get a realistic idea of what your timeshare is worth. If you can, find out what similar timeshares have sold for recently.
2. Make sure you understand what you are selling. Before you begin to market your timeshare, make sure that you have everything in order. Know exactly what you're selling.
3. Gather all of the paperwork together and review it. This could include tax records, maintenance details, the payments you've made, and any other related paperwork. Gather photos of the property. If at all possible, find or take recent photos or even a video of the property, inside and out of the location.
4. Consider using an agency to sell the timeshare, but be careful. There are many internet-based and even "offline" companies/agencies that will list your timeshare for sale. Some charge you a fee to list your timeshare and then they will charge you a commission when it sells.
5. Consider listing your timeshare at an auction. You might consider an auction web site such as eBay.com. Make sure you set a reserve price, though, if you are expecting to sell timeshares for a certain amount of money.
6. Consider listing your timeshare on the classified ad web sites. There are several web sites where you can list your timeshares for sale. Craigslist, American Classifieds and Backpage.com are just a few. Consider even the local newspapers, as well. If your timeshare is in a warm location like Florida, consider advertising in a local newspaper in one of the northern States such as in Chicago, Minneapolis, Buffalo, or even New York City or Boston.
7. Consider an exchange. Certainly exchanging your timeshare for another is not the best answer when if you really want to sell your timeshare, but it might give you other options of you need to change your dates or even change your location.
8. Consider other owners. There may be other timeshare owners who have a timeshare before or after you that might want to increase their time. See if you can contact them and ask if they're interested in your timeshare.
9. Consider trading your timeshare for something of value. Whether you decide to sell or trade your timeshare for land, you need to realize that just about every industry, including the resort industry, has taken a hit in this uncertain economy. Even when the economy was better, it was difficult to sell a timeshare for the amount that you originally paid; the best option may just be trading your timeshare for land.
Consider the above tips to sell your timeshare during recession, and we guarantee you’ll not be confused anymore!
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