What is the best way to sell/rent a timeshare?

[kittimeow Junior Member Find all posts View Profile Close kittimeow]

I currently own five timeshare weeks. Four of them are annual, do not have maintenance fees unless I use them, but will have fees every 5 years and then every 20 or 25 years that are 1.5x and 3x the MF (Mayan Palace resorts and Sea Garden resorts all in Mexico) and the other one is a biennual that my husband inherited from his previous marriage and has NEVER used and we will never use that has a an annual maintenance fee of $410.

We want to sell the biennual week. I'd also like to sell 1 or 2 of the other weeks (we bought the four Mexico weeks as a packaged resale deal).

Does anyone actually have experience selling timeshares and could offer some helpful, specific advice on how to sell them? Ebay seems like a bad idea. I bought an ad on RedWeek.com with not a single contact in six months. I've posted on vacationtimesharerentals.com for renting and selling. Donating to charity will not actually get us any benefit because we don't itemize our deductions and even donating a timeshare would not push us into an itemized deduction being more than the standard.

Is there a reputable company that works well that would manage the renting out and selling of my timeshares?

Does Re/max charge an up front fee or do they work on commission? Has anyone ever benefitted from using something like TimesharesOnly? Are there other brokers that might be an option? Is it just entirely hopeless?

Thanks,
Kat

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Know the details of your ownership so you price properly...

The program you own has many variations.. You'll want to make sure you know the details of your ownership, and then be sure you price very competitively to have a good chance at selling in the current market, regardless of where you advertise.

First, check to discover what the transfer fee will be.. Some contracts require a fee equal to 10% of the original purchase price.. If you purchased multiple weeks on the same contract, your resort may demand the 10% be based on the total price you paid- which prices you way out of market. If you own such a contract- you may well be forced to either sell multiple weeks as a package, or simply give away the week- as the buyer's cost will be higher to purchase yours than others..

Also, be sure to disclose to the buyer about the renovation fee and renewal requirements, and if all inclusive fees are mandatory on your contract. I've seen many deals fall apart simply because of these kinds of surprises..

Finally, if your ownership is a certificate based ownership- you'll want to properly identify the specific requirements for the certificates. Be aware that in many cases, the first few usages have different requirements than later certs. For example, I've seen contracts where the first 5 certs did not require all-inclusive fees, but the later 20 certs required a mandatory 6 adult all-inclusive fees be paid at the time of booking.

Unfortunately, your program is VERY complicated, and many brokers won't accept listings for it. You may have to continue to deal with marketing companies. My recommendation is simply to know your ownership, research pricing carefully and pay attention to a buyer's total out of pocket expense to purchase, and try to get the most bang for your marketing dollar in regards to exposure.

Good luck!

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

It all depends on what you own

If your MP weeks are prior to 2001 with the low annual fee and low transfer fee, then you can find a buyer.
If however they are after 2001 but before 2004, you may still find someone to take them off you hands. If after 2005, best of luck.

I have never seen a 4 week package, we have several 2 week packages that have the vacation fair weeks, giving you the possible use of 4 weeks per year, so if you have a true 4+4 package, it will be the 1st I have seen.

I am unsure if you can split the packages, I believe that you will need to sell the entire contract( you could call Grupo Mayan to verify)

There is not enough money in these to pay a broker, the best way is to advertise them yourself, at the correct price, and they will sell.

If you can furnish me via email the annual fees, I can give you an idea of their real value( not the pie in the sky price that some upfront fee seller will gove you to part you from $399-$1099)

Greg

[kittimeow Junior Member Find all posts View Profile Close kittimeow]

a couple more questions

I don't know what certificates are. As far as I know that has nothing to do with what we have.

The biennual is at Red Wolf Lakeside with annual MF of $409 but only every even year use. That's the one we're trying harder to get rid of.

The 4 weeks we have are the 2 weeks (1 Mayan Palace, 1 Sea Garden) plus the 2 Vacation fare weeks. I don't really know what the difference is. Our current MF is $417 to use them and the mandatory 5-year is 1.5xMF. I'm not sure about the 20/25 year fee (or even if it's 20 or 25 years).

So when I call the Mayan Group I need to ask...
1. What is the transfer fee?
2. Can we split up the 2+2 weeks or do they have to be transferred altogether?
3. What is the actual 5 year and 20/25 year fee? Is it on each week including the vacation fare weeks?

What's the difference between hiring a "broker" versus a "pay up front" place? Are there brokers that don't require a pay up front for timeshares? If so, who are these people and where do I find them?

Thank you SO MUCH for all the help!

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I don't know what certificates are. As far as I know that has nothing to do with what we have.

The biennual is at Red Wolf Lakeside with annual MF of $409 but only every even year use. That's the one we're trying harder to get rid of.

What season is the Red Wolf? If it's not ski season or summer vacation, it may be worth little.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

What season is the Red Wolf? If it's not ski season or summer vacation, it may be worth little.

By 'little' - TR means $500 or less.(edit - I should not put words in TR mouth! - my opinion would be less then $500 for off season...MHO)

You mentioned you had your Mexico weeks on Redweek for 6 months - how was YOUR price compared to the other MP weeks listed?
That could be why u did not sell.

[kittimeow Junior Member Find all posts View Profile Close kittimeow]

everything's peak season.

I've priced everything at or below the low end of the prices on the sites i'm posting on. I was just wondering if anyone had any experience with a broker that was both profitable (even if marginally so) and would take the time and energy investment off me.

thanks again for your input

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Red Wolf

Red Wolf has two season designations- High and Swing. 2Br villa types have some value- and 1Br High have a viable resale market as well. 1Br Swing and all Studio ownerships are difficult to sell. Biennial ownerships also give you limited options.

There are a few resale brokers in Lake Tahoe that you can contact to see if they'll accept the listing without an upfront fee. If not, perhaps they'll give you a realistic valuation for your ownership so you can price properly. Simply google search or send me a private message if you want a few referrals.

In my opinion, your Palace contracts should be considered as two weeks ownership (don't count the VF bonus weeks) and should be advertised in that manner, with an explanation of the VF privileges shown only in the item description. 2 week contracts are fairly common- so the transfer fee and renovation fee requirements won't scare off too many buyer prospects since those are based only on the two contracted weeks.

If you've been advertising as a four week contract- you may be eliminating some potential buyers.

Finally, the two marketing sites you mentioned are more popular for rentals than sales- so may not have been the best choices for your specific situation.

Good luck..

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

$417 sounds like the annual fee for a Sea Garden ownership, that can be used at the MP and it sound like 1 week of ownership. Please read over your contract, and get the exact details.

If I am correct, your Sea Garden ownership regularly sells on Ebay of under $500, if it is a 1 week Studio MP ( based upon annual fee) they also sell for about the same value.

This is why there is no money to pay a broker, low resale value units can't pay for their time.

Greg

The 4 weeks we have are the 2 weeks (1 Mayan Palace, 1 Sea Garden) plus the 2 Vacation fare weeks. I don't really know what the difference is. Our current MF is $417 to use them and the mandatory 5-year is 1.5xMF. I'm not sure about the 20/25 year fee (or even if it's 20 or 25 years).