Posted on September 24, 2020
It’s no secret that COVID has dominated the minds and conversations of people around the world, impacting businesses and industries in an unprecedented way. Timeshare is no exception, with resorts closed for a number of months earlier this year and the industry continuing to feel the impact even with the majority of resorts now open across America. So for owners looking to sell timeshare, how to sell your timeshare during COVID may seem like a daunting task, but you’d be surprised how much activity is taking place in the marketplace.
As of August of this year, we’ve seen over 79,000 offers placed on timeshares in 2020 by consumers through our web platform, indicating significant demand for the product despite the limitations brought about by COVID-19.
Recent indications are that the public is looking to travel, with TSA reporting the highest passenger traffic through U.S. airports since March over the Labor Day weekend. Timeshare operators such as Wyndham Destinations reported an average occupancy rate of 77 percent across its resorts over the Labor Day weekend. Bluegreen Vacations had a solid 60 percent occupancy rate across its resorts as far back as June when many regions were just reopening following COVID-related shutdowns. These figures compare very well to the most recent average hotel occupancy rate of 47 percent in July reported by Statista.com.
Timeshares are very well positioned to bounce back sooner than most of the travel market simply because owners have pre-paid for the product. With owners already invested, they will determine the best way to use it, whether it is driving to a resort, taking shorter flights to closer destinations or exchanging into a resort that may offer more convenience for them.
Timeshare brands have also led the way in developing cleaning protocols such as Holiday Inn Club Vacations’ Safe Travels program and the Hilton CleanStay program for Hilton Grand Vacations. This is important in light of a survey conducted by P&G Professional - showing that 70 percent of travelers would go to a hospitality venue if they knew they were using cleaning products they trusted.
The timeshare industry is trending upward as travel comes back from COVID, and sellers can make sure they are positioned to take advantage of the upturn.
Because timeshares are booked so far in advance, with some booking windows starting 13 months before the ownership week or season, buyers understand that purchasing a timeshare resale is for the future, not necessarily for a last-minute vacation option. So today’s COVID numbers won’t automatically stop someone from looking at an August week for next summer in places such as Marriott's Grande Ocean resort on Hilton Head Island.
Without getting into the political realm of COVID, the consensus view is that it will pass as vaccine development continues to quickly advance and numbers continue to level off. Demand for travel will increase, and timeshare buyers will look for bargains as they prepare for travel to return to normal.
So, how do you sell your timeshare during COVID? Much the same way you always do:
One constant we’ve seen in the timeshare resale space over the past 20 years is that owners are always looking to sell regardless of the strength or weakness of the economy. Our agents are ready to answer your questions, so give us a call on 877-624-6889 and we’ll be happy to help you.