Timeshare Resale Companies - 3 Key Things You Need To Know
The timeshare industry has an established and mature market in attractive resale inventory, providing buyers with excellent opportunities
Much of the upfront cost of a timeshare product is sales and marketing related so purchasing direct from a resort could mean you are paying additional amounts to cover this operation. While some people feel comfortable buying direct from the sales team on site having attended a presentation, purchasing a resale timeshare in today’s market could save you thousands of pounds off the price of the product direct from the resort.
But such an approach to a resale company needs handling with care, read on to understand the 3 key things you need to know
The timeshare market has historically suffered from some unscrupulous companies on the periphery of the industry ripping-off both buyers and sellers. It’s no secret that if you Google ‘Timeshare’ you will be presented with many similarly named companies promising to ‘help’ timeshare owners. That being to either offer release from a timeshare commitment by purchasing it from you, or assist a timeshare exit for an upfront fee. The press and media also seem to delight in focusing on stories of doom and scandal, ignoring the many thousands of contented timeshare owners.
But – there is light! Industry standards, codes of conduct and compliance with new EU law’s brought-in to protect consumers in 2011 have done much to clean-up the industry of late. The Resort Developers Organisation (RDO) is the trade association for vacation ownership across Europe, and its members are bound by a code of conduct and independent arbitration scheme which provides levels of protection even beyond those required by law.
The Importance of the Logo
The RDO logo is the sign of quality and trust in vacation ownership and we recommend to the public that they check on the RDO website or with the consumer services department firstname.lastname@example.org that a company is affiliated to RDO before they make a purchase.
We asked the three RDO resale timeshare members to give us the 3 key insights you should consider when looking to buy (or sell) a timeshare resale product.
1. Only deal with reputable companies
Maria Mills-Farinas MD
“With many fringe companies offering their services nowadays for the resale of a timeshare interest via the internet it is very difficult for the consumer to establish their reputation and trustworthiness.
There is no guarantee that the EU Timeshare Directive 2011 is respected, and in many cases the actual timeshare being purchased is not free of encumbrances or even exists. The owners also need to be sure that their ownership documents are not assigned without the guarantee that the purchase monies are held secure in Escrow by a reputable Trustee company for example, the First National Trustee Company, Isle of Mann.
To buy and sell timeshare through a resale broker you must make sure you are in safe hands and that can only be possible by using one of the reputable companies on the market – the RDO resale members.”
2. How to obtain big discounts
Mark Bell MD
“There is no secret that by purchasing a private timeshare resale this allows you to gain access to timeshare ownerships at discounted prices. The rise of the internet has allowed our company to place ourselves in front of a global audience of timeshare buyers and sellers from every corner of the world.
The power of email allows us to handle a huge amount of the actual resale transaction and negotiations in multiple languages and we have a customer service team on hand by phone. Clients who are searching for a discounted timeshare ownership can do so from their home tablet or on the move through our smart phone compatible website safe in the knowledge that they are dealing with an RDO-approved Resale Company.
You will often find owners looking to sell are ready to negotiate and will realise that they need to add flexibility into their pricing. Buyers have the opportunity to make their offer and work within their budget. Sometimes both parties need to meet in the middle to achieve a purchase and sale.
A lot of timeshare owners looking to sell have owned for many years and, due to a change in circumstances, are looking to sell their ownership. They will have used the benefits of their ownership and usually fully understand the need to offer their ownership at a flexible price to achieve a sale. This also works for the purchasers who are searching for the discounted timeshare ownerships.
Savings on timeshare resale ownerships can differ from resort to resort and you will find that some of the niche ownerships hold their prices very well especially when you have a shortage of inventory at these resorts.
We are always on hand to provide up to date resale valuations and advice to buyers and sellers about how to achieve the best possible prices.”
3. What to pay and your security
Phil Watson CEO
“When buying any timeshare through ourselves, the only cost over and above the price paid for the timeshare itself is a one-off administration and legal services fee of £299. This covers the work carried out by our dedicated contracts team to ensure that your timeshare is completely free of any debt and the ownership can be passed cleanly into your name. The fee is payable for each week of timeshare purchased and is payable once any offer has been accepted. If for any reason your timeshare purchase cannot complete then the fee will be refunded to you in full.
Our consultants are also happy to put forward any reasonable offers on your behalf to the seller (as long as they are registered with us). We operate strictly within laws governing both the UK timeshare industry and Europe. Any money paid by the purchaser in a timeshare sale is held in trust by, and not released until, our contracts department has successfully transferred the timeshare ownership from the seller to the purchaser. ”
For more information about buying, owning and selling timeshare, please visit our dedicated pages Read more
How old is the timeshare industry?
The timeshare concept began in Europe in the 1960s as an innovative way for increasing holiday choice. Instead of booking a week or two at a resort every year, or purchasing a holiday property outright, timeshare offers holidaymakers the ability to buy rights of occupancy in a property, typically in multiple of one week, for either a set period or in perpetuity. It puts a holiday home within the reach of millions who could never afford to buy a property.