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1. How do I Sell my Timeshare?
Answer. Trying to sell your timeshare by yourself can be challenging, if not nearly impossible. You have made the first of many good decisions by coming to Vermont TimeShare Brokerage! We certainly can help, and we would very much like to. We have prepared this webpage so you can be informed and make the best possible decisions about selling your timeshare. We want to do all we can to assure that you avoid the most common pitfalls.
2. How do I Safely Advertise (and Sell) my Timeshare in Today’s Market?
Answer. Advertising in the local media gets such limited exposure and results that timeshare sellers often decide to try even more desperate methods. Some rush to try their hand at selling on the internet, only to discover a dizzying array of timeshare resale companies.
These internet companies fall into two major categories:
(1) advertising sites and
(2) licensed timeshare brokerage sites.
Vermont TimeShare Brokerage offers you the best combination of both of these types. For example, our licensed sales specialists are required to earn the bulk of their compensation only if your property sells. A commission is paid to us at the actual closing of your timeshare sale. We do require a very small listing fee up front, which allows us to maximize exposure for your listing.
3. How Much Is My Timeshare Worth?
Answer. Many factors influence the resale price of a timeshare property, including the season, location, unit size and age of the unit or resort. The primary factors which affect your timeshare’s value are:
(1) the desirability of the time you own
(2) whether your location is in greater or lesser demand, usually a function of the location
(3) whether the location is a particularly popular destination. These all affect the price you can expect to get for your timeshare.
Example: A studio unit offered during the off season in an undesirable location will obviously sell for much less than a two bedroom unit during the prime vacation season in a prime destination location.
Typically, most timeshares sell for much less than their original selling price, since original resort prices include things like purchase incentives, advertising, and sales costs. Resort prices may also include additional benefits, such as free skiing or summer camps, as incentives to attract buyers. On the other hand, a resale price simply reflects the actual value of the real estate.
4. Why does Vermont TimeShare Brokerage suggest a lower resale price compared to other companies?
Answer. Doesn’t sound like we took the Marketing 101 course, does it?! Well, if it happens that we come to you with a lower suggested price than you have gotten elsewhere, it’s because we simply believe in being honest with you. We promise to market your timeshare at a price that represents its truest value in the selling market. However, there are some brokers and unscrupulous companies in this business that will promise you a higher price than your property is worth. They will promise you “the moon” just to get your listing. These are the companies that charge a large up-front fee, which you pay well before you learn the truth about the market value of your timeshare. Many times, they do not exert any significant advertising and marketing effort. After all, they have already pocketed your hard-earned money.
Many timeshare resale internet sites offer “Current Market Surveys” (sometimes called “CMA’s”) at no charge or for a small fee. Why do they offer these “free-services”? It’s all part of luring in potential sellers, to whom they charge the steep up-front fees! This is an area that creates much confusion, and can often be misleading.
Our pledge is that we will be candid and honest with you about the value of your property. You will know early on in the process what you can expect to sell your property for, as opposed to finding out later that it cannot possibly sell for what the ad sites “promise’ you. We will not play games or use tricks, or overpromise. We value our customers and our reputation. We will keep on working hard for you, once your property has been listed, so that you will obtain the best possible price for your timeshare.
5. How will you market my timeshare?
Answer. For maximum exposure, we will employ the following methods to market your timeshare:
This Website and other Websites that post timeshares for sale. We have been very successful using Search Engine Optimization and Google Adwords Campaigns to advertise online when buyers are searching for Smugglers’ timeshare purchase our ads show on the search. If buyers or renters click on our advertisement for more information they are redirected to our website.
Referrals including Word of Mouth Advertising via our Satisfied Customers, Local Real Estate Agents, Attorneys and Business Owners throughout Vermont.
Cooperation with other Brokers Working together gets the job done!
6. How can I make my timeshare more attractive to sell so that it competes with comparable listings?
Answer. The following factors make timeshares with identical timeshare weeks at the same resort more attractive:
Usage: is it available this year or have you rented or banked your time with an exchange company?
Extra Incentives? What “extra-bonuses” are sellers are willing to give to the buyers like extra points, weeks, sharing of closing costs, etc?
Seller’s motivation and flexibility. If you need to sell and are more flexible and offers generous terms, a sale typically occurs much more quickly.
7. What are the differences between Vermont TimeShare Brokerage and timeshare advertising websites?
Answer. Timeshare advertising websites are more suited for “For Sale by Owner” types, those willing to pay up to $2,000 for simply placing an ad. The site can offer very little personalized service, most often none at all. Once these sites have pocketed your up-front money for listing your property, they have no more incentive to sell your property.
Your listing will be shown alongside hundreds or maybe thousands of other timeshares. Your online ad especially if it is inappropriately priced, can easily be lost in the shuffle among a huge maze of timeshare listings.
8. We will go the Extra Mile for You!
Answer. Vermont TimeShare Brokerage will take extraordinary care with your Timeshare. We will go the extra-mile, to ensure your satisfaction. We will go beyond simply listing your timeshare for sale on our highly-visible website. Our locally licensed agents will actively work with you, to connect you with real buyers. We utilize the best blend of traditional and modern online networking techniques to get your time-share sold as efficiently and effectively as possible. We only ask for a small up-front fee to support a huge amount of advertising so that we can attract the best potential buyers.
9. How Do I Know Which Timeshare Resellers to Trust?
Answer. Do your research, your due diligence. Take time to check references, compare real estate commissions, and query state regulatory agencies. It is better to be safe, than sorry! Only deal with licensed individuals and companies if you expect the best results. We know that Vermont TimeShare Brokerage will bubble to the top of your list when you check the facts and are seeking to deal with a company that will earn your trust and your business!
We promise only the honest truth in our dealings with you. Our licensed sales agents will only provide you with the most realistic recommendation for your property. We will honestly discuss the ‘true’ real property values. We are local, we have been in the timeshare resale business for many years, and we know the marketplace as well or better than anyone else. We will discuss the best marketing strategy for you. One simple rule is that if you are not in a hurry to sell your timeshare, you can market it at the higher end of the price range. Conversely, if you need to move your timeshare quickly, then a lower price will attract more buyers more rapidly. The timeshare resale marketplace is mostly price driven. Many timeshares are nearly identical, so you are competing with many sellers for the same buyer. While it is true that properties will have different types of views, building and floor locations, it is wise to remember that the main difference is the price.
10. Should I rent or exchange the property while I’m waiting to sell?
Answer. Owners who want to sell are faced with a decision about what to do with their weeks while they have their home on the market. The choices are to (a) use the home, (b) rent it out or (c) spacebank it with RCI to get points or weeks to use at another RCI resort of your choice. The best option, in our opinion, is (a) use the home or share it with family members so you get value out of the home while you to make it available for a buyer to either purchase or rent with an agreement to purchase. In fact, you may find when you start using the home again, that you change your mind about selling, as all your positive memories come flooding back to you!
The second best option is (b), rent the home to recoup some of your money while you wait for a buyer. The downside to this is that it only takes one buyer who wants your week, your home, your views and location, but if your home is rented, that one buyer may pass over your property as being unavailable and purchase something else. The upside to renting, of course, is that you are covering your costs while waiting for a buyer.
If you choose to rent, seek permission from the renter to allow a licensed real estate agent to show your home during your rental week if there is interest from a potential buyer. You might even consider offering a slightly lower rental fee in exchange for an agreement that the home can be shown and that the renter will keep the home reasonably clean, with beds made each day and clothing put away.
11. Do I need to pay tax on a timeshare rental?
Answer. Most often the answer is ”no”. The State of Vermont Tax Department says that a rooms tax should be collected on vacation rentals, but there are two exceptions: 1) no tax is required when total days that the property is rented per year are fewer than 15 days (these first 14 days are taxable if you rent for more than 14 days in a year), and 2) no tax is required when a rental to a single tenant is for more than 30 continuous days and there is a pre-existing written lease.
Addressing this issue from the start may save you difficulties and penalties later. The Vermont Tax Department looks at many print publications and internet advertising sites for properties that are rented out short-term, and which may be subject to the tax. They sometimes contact the advertisers directly, using information in the ads. Back taxes, plus interest, may be assessed.
Currently the Vermont rooms tax is 9%, subject to change by the legislature. For more information, or to register to collect this tax, contact the Tax Department at (802) 828-2551. Ask them to mail you the “Guide to Vermont Business Taxes,” or download a copy of the guide from their website:http://www.state.vt.us/tax/business.shtml
If you are collecting the Vermont rooms tax and if you include rental rates in your listing, the Tax Department recommends you either specify “plus 9% VT rooms tax” or “includes VT rooms tax” (and any local tax), both in your listing and in your rental agreements.
An additional 1% local option rooms tax, administered by the Vermont Tax Department, also applies in some towns. Other towns administer and collect their own rooms tax through city charters. See an up-to-date list at:http://www.state.vt.us/tax/businesslocaloption.shtml
12. What’s My Role When I am working with a Broker?
Answer. As in other real estate transactions you may be familiar with, when working with a broker, you will be presented with offers that you can decide to accept, reject, or counter. Your broker is paid his or her commission at the time of sale. This means that it’s in your broker’s best interest to sell your timeshare efficiently, yet at the highest rate possible. But ultimately, it is you the seller who is in charge.
13. Who Handles the Timeshare Closing?
Answer. You have a buyer! What happens next? Finally, the closing process for your timeshare begins, and you are in the home-stretch! You can rest easy, particularly if you have chosen Vermont TimeShare Brokerage. We can guide you and the buyer through the process. Local attorneys or a timeshare closing company will handle all the legal work to transfer ownership.
We partner with only the best attorneys and closing companies. We will only work with companies that are licensed and bonded so as to ensure the safe and reliable transfer of your timeshare property.
14. Do I Need an Attorney to Complete the Sale?
Answer. No, however we always recommend an attorney or timeshare closing company handle the legal transfer. Vermont TimeShare Brokerage will refer the seller and the buyer, if he or she requests, to local attorneys or reliable, licensed and bonded timeshare closing companies. These companies will provide security, for both the buyer and seller, to ensure that the closing process goes “by the book”.
Timeshare closing companies can take charge of the closing process from beginning to end, including deed preparation, escrow of funds, estoppel certificate, closing statements, and recording fees. These companies typically charge one low flat fee. Their work is scrupulously reviewed by in-house attorneys, and the title will be guaranteed to be “free and clear”.
Local attorneys also can handle the sale but most often at a slightly higher cost than a closing company will charge. For sellers who prefer to work with a private attorney, we can make a referral to any of several local attorneys who are familiar with the area and the local laws.
15. How long does an escrow take to close?
Answer. An escrow takes about 60-90 days to close, on average.
16. Who Pays the Closing Costs?
Answer. For most transactions, the buyer will pay the closing costs on the purchase. Typical closing costs may include a property transfer tax, administration fees, deed preparation, escrowing funds, estoppel certificate, closing statements, recording fees, and delivery of documents.
17. Must I be Present to Sell?
Answer. No, for most sales, the closing of the sale of your timeshare can all be accomplished by mail and faxes, and your presence at the final closing meeting is not necessary.
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