Most people who visit a resort and choose to participate in one of the resorts’ sales meetings in order to get free tickets or free lodging know what they are getting themselves into, i.e. a pushy sales person showing them around and doing anything they can to get the traveler to purchase a timeshare. I have heard from people who have visited Disney Resorts before and participated in these presentations and many seem to be surprised regarding the aggressiveness of the sales staff when compared to other resorts. It seems that Disney sales staff currently is less pushy and more respectful of a person’s wishes, however with the new payment structure outlined above I am concerned how long this reputation will last? With less base salary and higher commissions people visiting the resort will most likely see a more aggressive sales approach and can expect many of the sales personnel to do anything and everything to sell the timeshare. Current owners can also expect to start receiving phone calls and mailers regarding an upgrade of their current contract. This move is almost guaranteed to increase Disney timeshare sales, but we are afraid their reputation may suffer in the long run.

We would love to hear about any experience you have had with Disney whether it be good, bad or ugly? When you visited the resort what was the sales person like? Hopefully regular readers of our blog and anyone reading for the first time already knows that timeshare resales are the way to go and will save you thousands of dollars when compared to buying directly from the resort. If you are searching for a timeshare please feel free to visit our Disney Timeshare Resales section.

Hopefully this lawsuit will bring justice to both of these companies and the people involved defrauded by either company receive their money back as well as create awareness for any owners who may be interested in selling a timeshare. The story above illustrates why we stress people research any company they plan on doing business with, especially in industries where it is well known that many scammers exist and are searching for their next victim. Always remember timeshares do not increase in value over the years so anytime a company or individual contacts you via phone and asks if you would like to sell a timeshare for more than you paid for it you can rest assured it is a scam and you should run the other way as fast as you can. Vacation Timeshare Rentals has been assisting owners wanting to sell their timeshares for years, if you are interested please visit the following page to sell a timeshare.

The first step for this scammer is to steal a person’s credit card information in order to post an advertisement on the internet. Once the card is stolen a legitimate ad on the same or different website is copied, giving details of the unit being advertised. Once the listing is online the scammer then uses another fake identity to open a bank account which they will ask potential renters to deposit money into. When everything is in place the crook waits for an unsuspecting victim to contact them and ask for the rental on given dates, even though the person does not own at the given resort they say the unit is available and send further details, including a rental agreement contract, their fake banking information, and a request for the renter to make a deposit of anywhere from 50% to 70% of the agreed upon amount for the rental. Once the money is wired the amount is immediately withdrawn and the account is closed giving the renter little or no recourse to find the guilty party. There are a couple of signs a renter can use to spot these types of scams and make sure they do not fall victim, the first is most people will not give out their banking details so quickly to a perfect stranger. If they do give out their banking details it should raise a red flag if the name on the account is different than the name of the person you have been corresponding with. Secondly we recommend doing a simple internet search for any information they give you for example, name, phone number, email addresses, etc. Chances are this is not their first time trying this scam and if they try to use the same information more than once maybe someone has already reported the information and has outlined the scam on a website in order to keep others from being scammed.

Vacation Timeshare Rentals never recommends making payment for timeshare rentals via wire transfer, the information given out and the lack of knowledge of the other party exposes a great potential for fraud. If you have had any contact with any of these people we recommend ceasing all communication. We also invite you to post your story if you have been in contact with anyone listed above, all information will be helpful in trying to keep others from being defrauded and hopefully one day catching this criminal.

The first tip is to be polite, no one wants to receive an email slamming them or making them feel stupid. It is important to remember an initial contact with the owner is basically made to establish a channel of communication. In the initial inquiry it is beneficial to not even discuss the offer you intend on making for the unit. When first contacting an owner I recommend asking simple questions about the unit itself, for example how many bedrooms, bathrooms, usage time, view from room, etc. Once you have established a line of communication you can then make an offer and begin negotiating with the owner. The second tip is to present market research about the timeshare property in question. Presenting a document with market comparables of the timeshare unit when making the offer will show the owner why you have offered a certain price. The best document to have when making an offer is a timeshare market evaluation prepared by Vacation Timeshare Rentals. This document will give you and the owner the selling price of three comparable units that have sold over the past year and will give you an idea of what you should pay and the owner an idea of what they can receive for the unit. Sending a document to an owner from a third party without bias will make the owner feel more at ease with the offer and create a mutual understanding about the value of the timeshare. The final tip we will offer is to keep the line of communication open and try to end the conversation on a positive note. Even if you and the owner are not able to reach an agreement during your initial conversation make sure to let them know they can contact you in the future if anything changes and maybe the two parties can work out a deal at that time. You never know when someone may change their mind and decide to accept your offer, letting them know that you would be open for future contact will keep you at the top of their list if they do change their mind.

We are well aware that many of our readers have been on both sides of a timeshare resale transaction, if you are one of those please let us know about your experience, how did you go about making an offer and establishing communication with the owner? What was the final outcome?

The Good and Bad
There are a couple of trends that I find encouraging for the timeshare industry and timeshare buyers alike. The report indicates that more people below retirement age are beginning to see the benefits of owning a timeshare and deciding to buy a timeshare. This means there is a whole new generation of travelers that will be interested in timeshares and searching for bargains around the world, opening up numerous possibilities for both resorts and the secondary market. I was also pleasantly surprised to find that many of the new owners had decided to rent a timeshare at the resort they were considering before actually purchasing a week. For years I have been telling potential buyers to not only search reviews on the internet but visit the resort itself and view all of the amenities with your own eyes before purchasing. When visiting the resort be sure to note all amenities, likes and dislikes, and services offered by the resort, this will help buyers make an informed decision and be less likely to experience buyer’s remorse when they do finally decide on the resort.

The summary of this report indicated that 4 out of 5 new timeshare owners were still purchasing a timeshare directly from the resort. This shows that travelers are still overpaying for timeshare units and made to believe that purchasing from a timeshare resort is the best option. However, in the resale market the same unit can be purchased for a fraction of price, regular readers of this blog know how big a mistake these new owners are making by purchasing from the resort. One of the main reasons those surveyed gave for purchasing the timeshare was cost savings in the future, why not purchase a timeshare resale and save thousands of dollars from the very beginning of the experience. This shows many people do not know about purchasing a timeshare in the secondary market before it is too late.

Overall timeshare owners have been happy with their experience as 86% of them said that owning a timeshare was an excellent, very good, or good experience. What do you think, how has your timeshare experience been?

By this point many readers are now asking, “What does this mean for the timeshare resale market?”. I believe that a mixture of bad economic conditions and decline in timeshare sales directly from the resort can actually be a good thing for the secondary timeshare market. Given the state of the economy nearly everyone has been on the look out for bargain deals and will continue to further research different travel opportunities. Before this downturn families and travelers alike were more careless with their money and would purchase the first option that was presented to them, i.e. buying a timeshare directly from the resort. Now that families have began to cut back which might force them to hold off, not buy directly from the resort and search for other options. Even when the economy turns around and begins to grow again many people will continue this trend and be more frugal with their income, leading them on a path to find the secondary market for timeshares. Hopefully the word has been circulated throughout the industry enough so not as many people will make the mistake of buying direct and turn to the secondary market where timeshares can be purchased for pennies on the dollar. I believe the economic downturn may not be the only reason for the decline in timeshare resort sales, I think people are realizing the value and bargains that can be found for timeshares when purchasing a resale as oppose to buying direct from the resort. With more and more people turning away from the resort for their purchase owners may also see an increase in interest for a timeshare they have for sale. After all the more people that are searching for resales the better the chance that someone will find your timeshare.

If you are a person who is trying to purchase a timeshare because you have found that resort prices are just too high we would invite you to search our site for the best deals on timeshare resales. On the other hand if you are an owner who think you might be interested in capitalizing on this trend please feel free to visit this page to sell a timeshare.

Basically the company operates by contacting timeshare owners claiming they have found a buyer for their property, all the owner needs to do is pay an upfront fee and the sale will be completed over the next 30-45 days and the fee will be returned to the owner when the transaction is complete. To further cement the owner’s belief that the timeshare transaction will go through the sales man states the buyer has already deposited 20% of the total amount into an escrow account. According the informant Premier Timeshare purchases lists containing timeshare owner information which is used to contact the owner and make the company seem legit. The actual revenue figures these types of companies can generate are astonishing, according the informant “The company itself is doing a million dollars every week-and-a-half, anywhere from 40 to 50 thousand on the day shift they did 60 thousand on the night shift that I’ve seen.” This equates to literally hundreds of people being scammed every week, not to mention the informant told Contact 5 there never was a buyer interested in the property it was all a fabrication of the truth. Perhaps the most disturbing quote from the interview with the inside informant was regarding the managements’ view about the company practices:

“Buyers don’t exist, there is no buyer,” said the tipster. “We were told this during the pitch, we’re never going to sell this unit, we’re never going to list these units, these people are going to give you their money, the next person that calls they’re going to give them their money and they’re never going to get their money back. If they’re stupid enough to give it we’re going to take it, and you know why we’re going to sleep good at night is because we’re making a whole lot of money.”

“They told us what we’re doing, we’re never going to sell these timeshares, they will never sell,” added the tipster. “We don’t have buyers for these timeshares, but we say whatever we’ve got to say to get the credit card out of their pocket and if any of us have consciences we should stay home and not come back to work the next day.”

Regular readers of our blog have been informed of these types of scams for quite some time and know exactly what to look for and how keep themselves from being defrauded, however it appears this is still a major problem in the timeshare industry and does not show signs of slowing anytime soon. If you have been contacted by this company or another company with similar promises we recommend ceasing all communication with the company. If you have been defrauded or even contacted by a company like this we would encourage you to post the information here so no one else is victimized.

Timely Responses – Most timeshares sold in the secondary market are found on the Internet, because of the abundance of options available to the prospective buyer it is important to establish a good line of communication and respond to any inquiries in a timely fashion. Just remember the longer you wait to reply to someone interested in purchasing the more time it gives for other owners to reply to the same person with information regarding their timeshare. Once you have listed a timeshare with Vacation Timeshare Rentals users of the web are able to use our site to send an email inquiry if they are interested in your timeshare, for this reason it is important to check your email account on a regular basis, preferably on a daily basis to ensure that all inquiries are received and replied to as soon as possible. Lack of communication can cause a potential client to lose trust and move to the next option.

Take The Buyers Prospective Into Consideration – This can seem like an obvious item to point out however sometimes owners forget to step back and take into consideration the transaction from the buyers point of view. Keep in mind the buyer is trying to find the best possible fit for their needs so do not become impatient if they ask multiple questions and try to understand every detail. It is also to important to remember that negotiating is part of selling anything, not just timeshares, do not be insulted if someone sends an inquiry offering an amount lower than the number you have in mind. After all you are the owner and you can refuse any offer so do not take a low offer as a personal attack. We also recommend taking time to reflect back to when you first purchased your timeshare, especially if it was in the secondary market, try to remember what it was like to find a timeshare to buy and the factors that lead to your final decision.

Transferring Your Timeshare – Once you and the buyer have agreed upon a price and all other terms of the sale you can then send the transaction to a timeshare closing agency. The closing agency will handle all the necessary paperwork to transfer the ownership from one party to another as well as hold the funds in escrow until the transfer of ownership is complete. When enlisting the help of a timeshare closing agency remember to have the buyer pay for the closing service, this way if they decide to back out they will have their money invested and you will not lose anything. If you agree to pay the closing cost as an incentive for the buyer simply take the amount of the closing service from the final agreed upon sales price. There are many different timeshare closing agencies to choose from, the agency we recommend using is Timeshare Title, this company will perform the complete closing transaction in a timely manner for $375.

Following the checklist from this series of posts will help you in finding a buyer and ensure that the transaction goes as quickly and smoothly as possible, if you are an owner or buyer and have other suggestions we strongly encourage you to share your opinions with us to help others out down the road. Now that you know what goes into attracting buyers there is only one thing left to do, Sell Your Timeshare.

Advertise Your Timeshare – Many people each year decide to sell their timeshare but do not know where to begin advertising their timeshare, Vacation Timeshare Rentals was created mainly for this purpose, to provide timeshare owners a cost effective opportunity to advertise their timeshare for sale or rent or both. Many other companies focus mainly on timeshare owners wishing to sell their units, focusing all of their efforts on persuading owners to list and not really putting any effort into getting timeshare buyers to visit their site to purchase these timeshares. At Vacation Timeshare Rentals we spend an equal amount of time catering to both sellers and buyers, greatly increasing an owner’s chance of selling their timeshare. We have multiple different listing options, so no matter how high or low your advertising budget is we can accommodate you. Please visit the following page to sell your timeshare.

Be Descriptive – When placing a timeshare for sale we have found that the better you describe the unit for sale the high the possibility of receiving multiple contacts and finding a buyer. Make sure you describe the resort in your own words and any amenities that you and your family enjoyed while staying there. Personalizing your ad with your own experiences will hold potential buyers’ attention and make the timeshare sound more appealing than other listings with a short or generic description. Also describe the surrounding area of the resort, attractions, local destinations, restaurants, and any other aspect of the area you have found interesting during your time there. Recalling your experience and putting them into words may take a little extra time but will go a long way in attracting buyers to your timeshare.

Full Disclosure – In the first part of this series we recommended that you find all paperwork given to you when you first purchased your timeshare which would help you answer any questions that may arise during the sales process. If someone contacts you about your timeshare make sure to fully answer their question as honest as possible and review the ownership papers as needed. For example, if a user asks about the usage period do not give the impression that it is available to use every year if it is only available during odd numbered years. There are certain items that might make your timeshare seem more appealing at the time, however all information is reviewed by the timeshare closing agency and double checked with the resort, so if you have been less than truthful this will come out in the end. We have seen many transactions cancelled due to false representation by the owner of the timeshare.

Following these steps will help increase the chances of finding a buyer for your timeshare and increase the chance of both sides of the transaction being satisfied. If you are ready to begin advertising your timeshare please visit our Sell A Timeshare page.

Gathering Information – Once you have decided to post a timeshare for sale the first step we recommend is pulling out the papers you received when you purchased the timeshare. This will help you remember exactly what type of unit you own, the deed will state the usage time, number of bedrooms, number of bathrooms, whether it is an annual or bi-annual timeshare, and if leased the number of years left on the lease. More times than not theses questions will be asked by potential buyers so it will save you time having this information available before listing the timeshare. Another common question involves the yearly maintenance fees, be sure to check your records and have the amount you paid for the previous year’s maintenance fees available for potential buyers.

Market Research – Once you have gathered all pertinent information regarding your timeshare you will then need to do a little research to get a feel for the current secondary timeshare market climate. I would begin this process by learning a little about your competition, ie other owners with similar units. To find similar units you would want to visit the timeshare resort section on Vacation Timeshare Rentals. When you find the appropriate resort page you will be able to view every listing in our database for the given resort, once on this page you can see the number of listings for a particular resort including the number of listings similar to yours. When doing market research make sure you are comparing units exactly like the one you plan to sell, for example if you have a two bedroom timeshare the one bedroom units at the resort would not be in direct competition with you.

Setting a Price – Once you have researched the market and are ready to begin advertising there is one final item you should consider, which is perhaps the most important, setting the purchase price for your timeshare. There is a fine line between setting a price that is too high and a price that is too low, after all you want to attract buyers but you also want to get the highest amount possible for your unit. Many times people will get asking price and actual sales price mixed up when setting a price for their timeshare, these are two totally different values. Asking prices are set by individual owners, some owners may over value their timeshare to the point where they will never sell, think of your self as a buyer if you are interested in a timeshare and have found two different listings for the exact same type of unit and the first is listed for $10,000 and the second for $5,000 which timeshare would you rather purchase? To help you set a price it is a good idea to bring in some expert help and have us perform a timeshare evaluation on your unit. This evaluation will give you the average selling price of timeshares just like the one you owner over the past year. Using this document to set your price will ensure that you receive the highest possible amount for your timeshare while also setting a fair asking price that will attract buyers.

Remember these are just the first steps to begin the process of selling, continue to read our blog posts over the next week to receive more tips on selling a timeshare. Please feel free to visit our sell my timeshare page if you are ready to begin the process of advertising your timeshare for sale.