When selling a week yourself, the buyer already knows what they're getting, right?

[clairebear]

Forgive me if this is a stupid question. We are considering selling our timeshare in Key West and would prefer not to use the resort sales person for obvious reasons. Since we wouldn't be able to have "showings" like the sales person would, I assume that anyone who might be interested in purchasing would have to already know what they're getting. Correct?

 

[theo]

We are considering selling our timeshare in Key West and would prefer not to use the resort sales person for obvious reasons. Since we wouldn't be able to have "showings" like the sales person would, I assume that anyone who might be interested in purchasing would have to already know what they're getting. Correct?

I would assume no such thing, frankly. Someone seeing whatever ad you place might like the idea of owning a timeshare in Key West, but they may know absolutely nothing about your particular resort (or its' maintenance fees, reservation policies (if not a fixed week), how a week is defined there (Saturday to Saturday, Sunday to Sunday?), transfer fee amount and who will pay it, exchange company affiliation(s), unit size, amenities, resort location within the nearly 5 mile long island (proximity to Old Town), etc. You should be prepared to provide all of this kind of information in clear and specific detail to any respondents to whatever ad you might place, wherever you might place it. Some inquirers may know quite a bit about these details already, but I wouldn't make any such assumption. Be ready to provide informed, accurate answers to questions posed by prospective buyers.

Since you evidently intend to sell your interval on your own, you should also give some advance thought to selection and use of an established and reliable third party closing entity (such as LT Transfers), as well as giving some thought to who (i.e., buyer or seller) will be paying those costs.

Consider too that you could have an interested party who asks "So....just how do these timeshares work, anyhow?", in which case you would have an additional educational burden on your hands, if you are even willing to go down that road.

The good news of course is that most (...not all, but certainly most) timeshares in Key West tend to be desirable and consistently in demand.
If priced competitively, you should have little difficulty selling, although (IMnsHO) Coconut Mallory might very well be a noteworthy exception.

 

[sts1732]

Forgive me if this is a stupid question. We are considering selling our timeshare in Key West and would prefer not to use the resort sales person for obvious reasons. Since we wouldn't be able to have "showings" like the sales person would, I assume that anyone who might be interested in purchasing would have to already know what they're getting. Correct?

First off are you using a realtor, or are you listing your TS here on some other site? Either way there is no showing per say, unless you are going to be there. Haven rented and sold both I provided pic's, and info on what exactly I had to offer. By using TUG, or some other site your prospective buyer has the ability to contact you, either by email or phone. Then you can answer any questions, or provide further detail. Other than a first time buyer, most would have some knowledge of what to expect when purchasing a TS.
I would highly recommend selling it your self, if it is a high demand resort(which in Key west most are) and a good week. There is no need to pay commission to some one when you can pocket the money yourself. GOOD LUCK..........

 

[clairebear]

Thanks to both of you for the advice. I probably should have been more specific when I typed that a prospective buyer "would have to already know what they're getting." I meant that in terms of what the unit was like, not necessarily the terms, etc... I assumed that because I can't imagine anyone buying a timeshare without having ever set foot in the place. I gather from your posts, however, that some people actually do this.

We had hoped to use a friend of ours who is a realtor; however, he thinks we are contractually obligated to sell through the resort (Galleon). This sounds off to me as I see units for sale on TUG. I will be checking our documents this weekend.

 

[ronparise]

Thanks to both of you for the advice. I probably should have been more specific when I typed that a prospective buyer "would have to already know what they're getting." I meant that in terms of what the unit was like, not necessarily the terms, etc... I assumed that because I can't imagine anyone buying a timeshare without having ever set foot in the place. I gather from your posts, however, that some people actually do this.

We had hoped to use a friend of ours who is a realtor; however, he thinks we are contractually obligated to sell through the resort (Galleon). This sounds off to me as I see units for sale on TUG. I will be checking our documents this weekend.

Obviously I haven't done any kind of scientific poll but I would bet that most timeshare buyers don't need a personal visit before buying

Reviews here and on the various travel sites and a look at the the timeshare's own website is certainly enough for me

For example. I wanted something in San Antonio. When I saw a twobedroom in a building right on the Riverwalk and it's for a week at the end of March, (my wife's birthday) I looked at the pretty pictures and a location map, read some reviews of the property and of the manager and then I bought it

 

[sts1732]

Thanks to both of you for the advice. I probably should have been more specific when I typed that a prospective buyer "would have to already know what they're getting." I meant that in terms of what the unit was like, not necessarily the terms, etc... I assumed that because I can't imagine anyone buying a timeshare without having ever set foot in the place. I gather from your posts, however, that some people actually do this.

We had hoped to use a friend of ours who is a realtor; however, he thinks we are contractually obligated to sell through the resort (Galleon). This sounds off to me as I see units for sale on TUG. I will be checking our documents this weekend.

If you are a deeded owner for the unit/week, I don't think nor am I aware of a stipulation that you have to sell thru the resort. There are lots of people who buy a unit for points/trading, if it is a good week at a good time with trading/ points that could be rentable. These people already have a good knowledge of the property and what's offered, in units size and lay out.

 

[presley]

Most people who respond to your ad will have no idea what the property is like. You can even list complete details and lots of pictures and you will still get people asking questions about what you've already posted.

 

[theo]

We had hoped to use a friend of ours who is a realtor; however, he thinks we are contractually obligated to sell through the resort (Galleon). This sounds off to me as I see units for sale on TUG. I will be checking our documents this weekend.

Your realtor friend is likely completely unfamiliar with timeshares and accordingly, simply mistaken. He may (incorrectly) be confusing the issue with Right of First Refusal (ROFR), which some timeshare companies (e.g. Marriott) have the right to exercise, but afaik Galleon is not in that category.

If your realtor friend actually knows that little about timeshares (and about yours in particular), you can surely be much more effective selling on your own without his "help". You need to advertise in timeshare-specific venues like TUG, RedWeek, MyResortNetwork and of course you need to price the interval competitively. It doesn't matter what you paid previously; all that matters is current resale value to a willing buyer in the open marketplace.

 

[DaveNV]

I can't imagine anyone buying a timeshare without having ever set foot in the place. I gather from your posts, however, that some people actually do this.

I've bought and sold a number of timeshares over the years, and I purchased every one of them without visiting the place first. Knowing the area, doing my research, and reading a cross-section of reviews of the resort told me enough to know I wanted to own there. For buyers on the resale market, especially using sites like eBay or even Tug, there is never a guarantee that the images or details in the listing are accurate. And for that matter, there is no guarantee the seller has a clue what they are selling. Due diligence is a vital step in any t/s purchase, and the onus is on the buyer to know what they're getting into.

Having said that, I think you'd be in a good position to advertise and sell your unit yourself. Those who balk at your price won't know what they're missing, and those who are serious about owning where you're selling would likely have already done their research. I'd take each inquiry seriously, and move forward with the one buyer you think has the best chance of performing on the purchase. But people can be flaky, so make sure to have a backup contingent buyer, just in case your first deal flips.

Good luck!
Dave