Selling your timeshare for the highest price possible is a nuanced process that calls for strategic planning and understanding of the market. Many of our clients are navigating the process of selling a timeshare for the first time. As such, they often enter the process without the insider knowledge and strategies that our brokerage has accumulated over our many years in the business.
In this article, we’ll be focusing on one effective strategy for enhancing the appeal of your timeshare property to potential buyers, which is offering an existing, pre-booked reservation that would transfer to the buyer.
Read on to see why booking a reservation could be a crucial step when aiming to sell your timeshare for the highest price possible.
Why Should I Book A Reservation When Selling My Timeshare?
So, you may be asking yourself, what’s the point in booking a reservation if I’m selling my timeshare? In short, you can add significant value to your timeshare and make it more attractive to potential buyers, but there are other important reasons as well. Let’s dig a little deeper!
Increased Appeal to Buyers
When it comes to timeshare properties, buyers aren’t just purchasing a share in a property; they’re buying the ability to take fabulous vacations with their friends and family. In many cases, even once the purchase agreement is signed, it can take upwards of 90 – 120 days to transfer and ownership on the secondary market. Then once the ownership has transferred, it will most likely take the buyer some time to familiarize themselves with the booking process in order to get a reservation made.
That’s where pre-booked reservations come into play. If you, as a seller, have already booked a highly desirable reservation, it adds value to your ownership by offering the buyer a reservation that’s ready to go shortly after the closing process has completed. It’s like adding a cherry on top of the cake; it makes the deal sweeter!
In most cases, any existing reservations will transfer to the new buyer, thereby providing them with an immediate benefit upon purchase. This strategy can set your timeshare apart from others on the market and make it more appealing to prospective buyers, and allowing the buyer to start traveling quickly after the transfer takes place.
Access To Sought After Reservation Inventory
Booking as early as possible in your booking window opens up access to the most sought after reservation inventory. As we mentioned before, timeshare transfers can take some time, so the seller’s ability to start booking up to 1 year in advance (booking windows vary based on the brand of timeshare) can make all the difference in booking a hard-to-get reservation.
The early bird gets the worm, as they say! By securing a desirable reservation, you not only enhance the appeal of your timeshare but also increase your chances of a successful sale at top dollar.
The more attractive your timeshare package appears, the higher the chances of snagging a quick and profitable sale. With a sought-after reservation under its belt, your timeshare becomes a hot commodity in the eyes of potential buyers.
Ensuring Usage Continuity
During the process of transferring timeshare ownership, if your banking deadlines or usage expiration dates are looming, there’s a risk that the usage could become lost or unusable.
Keeping a watchful eye on when your usage or points expire leading up to the sale of your ownership can ensure you can offer as much usage to your buyer as possible, thus enhancing the appeal of your timeshare.
By booking a valuable reservation before selling your timeshare, you ensure that the usage for the current year remains accessible to the buyer. This strategy not only safeguards the value of your timeshare but also presents a clear benefit to the buyer, making your offer even more attractive.
How To Book A Desirable Reservation
Ok, so you see the benefits of pre-booking a reservation when selling your timeshare, but now you just need to know what to book. Don’t worry, we have you covered! Here are some tips and tricks on how to secure a desirable reservation that could serve as a bonus for your buyer.
Understand Travel Demand
Before booking a reservation, it’s crucial to understand the current market demand for different locations and times of the year. A powerful tool that can help with this is Interval International’s Travel Demand Index (TDI). This index provides a snapshot of the most popular times of the year to book within specific geographical locations, which can guide your decision on what reservation to book.
Let’s take a look at an example Travel Demand Index chart and see what insights it provides:
As you can see in the charts above, the numbers of each week in the year are listed from the top down, and the Travel Demand Index is listed from left to right. Keep in mind, there are different charts for each region, and the Travel Demand Index number can be different from year to year.
Looking at the Orlando area, we can see that weeks 26, 27, 51, and 52 are all shown to be the most desirable weeks for that area. For the New York City area, we can see that 23 through 26 are the most desirable weeks.
You can review the Interval International Resort Directory that provides access to the Travel Demand Index for each resort to get a feel for the projected availability vs. demand for that particular region.
Choose Popular Destinations
Consider selecting a reservation in a popular vacation destination. Locations such as beachfront properties, mountain resorts, or city-center timeshares are often highly sought after. A reservation at such a location could add significant value to your timeshare offer.
Consider Special Events
Booking a reservation that coincides with a major event or festival can also increase the appeal of your timeshare. Times like New Year’s Eve in Times Square, Mardi Gras in New Orleans, or a reservation during the recent F1 races that took place in Las Vegas would be high-demand periods to book where a pre-booked reservation could be a considerable advantage.
Timing Is Key
The timing of your booking can significantly impact the desirability of your reservation. The earlier you book, the better chance you have of securing a reservation at a sought-after destination during peak travel times. Remember, the most popular times and locations tend to get booked up quickly, so don’t delay in making your reservation.
Consult With A Knowledgeable Broker
While the strategies above can guide you in booking a desirable reservation, it’s always beneficial to seek expert advice. Consulting with a knowledgeable broker can provide specific insights tailored to your unique situation.
A seasoned broker, with many years of experience in the timeshare market, and knowledge about your particular brand of timeshare can help navigate the landscape of timeshare reservations that you can book in your situation. They can offer advice on what locations and times are likely to be most appealing based on current trends and market demand, and ensure they are feasible with your ownership.
Also, a broker can help you understand the intricacies of your situation, helping ensure that the booked reservation aligns with your selling strategy. By leveraging their expertise, you can make informed decisions that enhance the attractiveness of your timeshare on the resale market.
Conclusion
In conclusion, offering an existing, pre-booked reservations when selling your timeshare can help enhance its market appeal and overall value. It provides an immediate benefit to buyers, gives access to sought-after inventory, and ensures a smooth continuity of usage without loss of vacation time.
So, if you’re planning to sell your timeshare, consider booking a desirable reservation early in your booking window using some of the strategies outlined above. It could make all the difference in sealing a successful sale.
Contact Us Today
Whether you are looking into buying a timeshare on the secondary market, or selling your ownership, feel free to fill in a contact form today. Our team of licensed agents have years of specializing in all the name-brand timeshare developers, and will offer a free consultation to answer any questions you may have about the process.
