Posted on February 25, 2023
Anyone getting ready to buy or sell their timeshare on the resale market should know the right questions to ask timeshare brokers, because if you work with a broker, you want to make sure you’re getting the most out of the relationship.
Throughout our years of helping owners sell their timeshares, we’ve heard just about every type of question imaginable. Our executive team has been in the timeshare resale business for 23 years, so we’ve heard from a lot of people with questions to ask timeshare brokers.
The vast majority of owners are selling for the first time, and most will only sell once as they move on to different ways to vacation. Because this is all new to many owners, it is understandable that they have a number of questions when entering the resale space.
Many of the questions owners ask are repetitive, so we’ve decided to list the most common ones here on our timeshare blog to help sellers identify the primary issues they are dealing with when looking to sell a timeshare. You may even see a question you hadn’t thought of asking.
Costs, pricing, and how the process actually works are just a few of the areas that come up, so we’ve developed our top 10 questions to ask timeshare brokers from the sellers we’ve come across over the years.
Besides the cost of selling your timeshare, this is the number one question owners ask us, mainly because it is such a moving target in the timeshare marketplace. There is no MLS listing service for timeshares like there is for residential real estate, so it can be tough for sellers to assess the worth of their timeshare.
The variety of timeshare resorts is amazing, with resorts ranging from 30 year old resorts in seasonal coastal destinations to new, urban-based timeshares in the heart of major metro areas.
Because of criteria like location, seasonality and whether your timeshare is affiliated with a major brand, it can be a challenge to identify the worth and realistic asking price for a timeshare. Even reviewing other resale listings is an inexact science since owners often take educated guesses when putting them up for sale.
The best way to find out how much your timeshare is worth and identify a proper asking price is to speak with a licensed resale agent. In states such as Florida, licensed agents are the only ones who can legally price properties on the resale market, along with the resorts and the sellers themselves.
We do not charge upfront fees or any advance fees to list a timeshare for sale. We are licensed timeshare brokers operating under Florida real estate regulations and it is against Florida real estate law to charge an upfront fee, so we work on commission similar to the way a residential real estate agent operates when selling a home.
Our agents get paid when a sale is closed, so we have a major incentive to sell timeshares and we will be as transparent as possible when discussing the potential to sell your timeshare with you.
This is an area that may help sellers but can be misunderstood because it is not a direct sales method. Some resorts have a ROFR policy in place but many do not, depending on how they manage their resale inventory.
Resorts can have this policy in place to maintain a certain level of resale pricing. Keep in mind that resorts or developers approve resale transactions, so they may have a minimum price set for timeshare resales. If a buyer is found and they agree with a seller to a sale price, the resort will assess if that price is high enough to maintain resale price integrity for the resort. In some cases, the resort may step in and buy back the inventory themselves, in which case the seller is still able to sell the timeshare.
Keep in mind that this process hinges on the owner first finding a buyer, which is why the owner still needs to choose a sales channel. Because brokers do not charge upfront fees, the best option is to work with a licensed agent to determine if your resort has a ROFR policy in place and to find a buyer for your timeshare.
In rare cases, the resort ownership documents may inhibit the transfer of ownership such as in certain right-to-use ownership models. The vast majority of timeshares can be sold on the resale market, but in some cases the full benefits may not transfer to the new resale owners. Best to get your original sales documents together and check with a broker to clarify if you can sell and what benefits transfer to the resale buyer.
Having your original purchase and sale agreement will definitely help as well as the deed (or trust certificate in the case of pure points ownership). If you have joint ownership and, following a divorce, both names are still on a deed, you may need a copy of the divorce decree to get the deed changed to a single owner.
A copy of your maintenance fee or annual fee statement will also help. If you have owned for a number of years, your management company may have changed (and perhaps even the name of your ownership plan) since you first purchased your timeshare. This is why your fee statement can help. The more documents you can provide, the better.
We work similarly to a traditional real estate agent, except for the walk-through of the property. We discuss your need to sell with you, provide you with a market value assessment to determine a realistic asking price, work with the resort if needed to confirm the specifics of the ownership, market your timeshare, and negotiate the sale on your behalf.
Once we negotiate an agreed-upon sale price, we prepare the purchase and sale agreement, obtain signatures, collect a deposit from the buyer to place into escrow, and facilitate the sale with a reputable closing company.
The advantage of using licensed timeshare brokers is our ability to combine the online marketing tactics needed in today’s resale space and assign a dedicated agent to handle all of the details for you.
We have marketing agreements in place to aggressively promote timeshares for sale online in multiple areas, where buyers are looking for deals. Our agents also work with a network of brokers across the country to connect sellers with buyers through co-broker agreements. We also pre-qualify buyers to minimize the chance of a deal falling through and make sure our clients have the best opportunity to complete a successful sale.
Our status as a Featured Reseller for companies such as Wyndham, WorldMark, Capital Vacations, and Divi, combined with our successful working relationships with Marriott, Hilton, Bluegreen, Disney, and Grand Pacific give us an advantage - especially since those companies prefer to work with resale outlets that do not charge upfront fees. Remember that Marriott also looks after resales for Hyatt, Westin, and Sheraton, so we comfortably work with those brands as well.
Any company that guarantees your timeshare will sell is not being honest with you. Selling a timeshare depends on a number of variables, especially the market forces at play in the region, demand for a specific location, and price.
Since there is no MLS for timeshares and no consistent guidelines for the resale market, looking at whether a company is regulated by state law can protect you from listening to companies that may promise anything just to get your business.
Part of proving that we are a legitimate company is our licensing under Florida real estate law. Being accountable to the state means we have a legal responsibility to be as truthful as possible when it comes to selling timeshares. Here are a few ways we demonstrate that Timeshare Broker Associates is not a scam company:
Providing our services in written listing agreements
Maintaining memberships in good standing with associations such as the American Resort Development Association and the National Association of Realtors
Using escrow accounts
Our no upfront fee policy
Knowing what timeshare questions to ask is half the battle when looking for a trustworthy company to work with to sell your timeshare. With these questions and answers, we have presented the basic information to help you in your search, but you may have other questions about your specific resort or ownership program that you need answered.
You can always send us your questions through our Contact Us form and we’ll be glad to answer them as best as we can, at no cost to you. Otherwise you can call us at 877-624-6889 and speak directly with one of our licensed timeshare resale agents.