Timeshares are a wonderful investment in the owner’s quality of life. Vacations enjoyed at timeshare resorts are among many owners’ most cherished family memories. The ability to trade weeks for getaways to luxury resorts in prime destinations around the world draws many people into the timeshare community. But situations can change. After many years of creating memories to last a lifetime, some owners start to think about selling their weeks.
“It’s important for all owners to be well-educated on best practices for timeshare resales,” says Michelle Donato, a licensed real estate broker and founder and owner of Orlando, Florida-based Concierge Realty.
A leader in real estate and vacation ownership, Ms. Donato is one of the nation’s top sales agents, having achieved more than $50 million in timeshare sales during her career. Ms. Donato’s company offers comprehensive timeshare resale, rental and travel services. Concierge Realty boasts an outstanding track record with the Better Business Bureau. It also is affiliated with and accredited by the leading timeshare industry associations.
Ms. Donato shares these tips below for owners who are considering selling their timeshare weeks.
- Start by gathering everything needed to sell your timeshare, including the deed and any other documents, such as the maintenance fee information. Also call the resort where your timeshare is located to find out if the new owner will have the same perks and benefits as you and if there are any transfer fees.
- If you are planning to work with a broker or real estate agent, check the company’s track record with the Better Business Bureau (bbb.org). Also make sure the broker or agent is licensed and certified. Ask for his or her license number and verify its legitimacy with the applicable Department of Real Estate. In Florida, call (850) 487-1395.
- The National Timeshare Owners Association (NTOA) is another excellent resource. For nearly 20 years, this organization has been dedicated to fostering a better understanding of the benefits, value and usage of timeshare ownership through information and educational programs. The NTOA website identifies reliable companies and resources for timeshare resales. Visit NationalTimeshareOwnersAssoc.com and click on the Services tab for a list of preferred brokers. For additional assistance, the NTOA also offers a free owner assistance helpline at 844-ASK-NTOA (844-275-6862).
- If you work with a company to sell your timeshare, only consider those that charge a fee after the timeshare is sold. Do not pay the reseller any upfront fees. This applies to fees for listings, advertising, appraisals, title charges or anything else. All fees should come out of the closing costs at the end of the sale.
- Be cautious about appraisals. “At this time, it is almost impossible to appraise a timeshare that is sold on the resale market,” Ms. Donato points out. “There simply is not enough data compiled to produce a bona fide appraisal.” She advises owners who must have an appraisal, as in the case of a divorce or for the IRS, for example, to make sure the appraiser is licensed.
- Owners who want to check out the company they are going to list with should consider becoming a “buyer” first, Ms. Donato recommends. They can call the company and ask for information about a listing to see how that company is likely to go about selling their timeshare.
“This is the company you will be putting in charge of an important investment,” Ms. Donato points out. “It pays to know who you are working with and how the company will interact with potential buyers.”
For more information on timeshare and timeshare resales, visit www.conciergereality.com.
About Concierge Realty
Concierge Realty has a combined 30 years of vacation rental experience. Founded by Michelle Donato in 2011, the company offers comprehensive timeshare resale, rental and travel services to a wide variety of consumers and industry clients. Based in Orlando, Fla., the timeshare capital of the world, Concierge Realty boasts an outstanding track record with the Better Business Bureau. It also is affiliated with and accredited by leading industry associations, including the National Timeshare Owners Association (NTOA), Cooperative Association of Resort Exchangers (CARE), the American Resort Development Association (ARDA), and the International Air Transport Association (IATA). For more information, visit http://www.conciergerealty.com.No tags for this post.