Nearly 10 million U.S. households own timeshare products that allow them to travel the world in spacious accommodations with top-tier amenities. While 90 percent of current owners are happy with their timeshare, sometimes, changes in travel preferences or other circumstances mean ownership is no longer a lifestyle fit.
If an owner is ready to exit their timeshare, they should first reach out to their developer to learn about potential take-back programs, which provide them with a way to return their timeshare product to the developer that initially sold it to them.
If a developer does not have a take-back program or cannot help the owner with their unwanted inventory, the owner can take several additional avenues.
Resales
If an owner does not want to engage a resale company or real estate agent, they have the option to sell their timeshare themselves on sites like RedWeek, eBay, and Timeshare Users Group (TUG). If they elect to take this route, owners need to understand the nuances behind a sale, such as the value of the timeshare, how to market it to the right audience on the right platform, and more. Timeshare Users Group (TUG) is a great resource for navigating the reselling process at little-to-no cost.
If an owner wishes to enlist the help of a resale company, they will work with a third-party entity that manages a timeshare listing on their behalf for a fee.
If a third-party company is enlisted to help sell a timeshare, it’s critical that owners avoid exit scams by checking reviews, looking for complaints online, and ensuring the company is registered with relevant authorities before engaging with them in any way. The Resale Directory on ResponsibleExit.com, the Federal Trade Commission (FTC), and the Better Business Bureau (BBB) are good ways to verify companies, and the tips for spotting scams available on ResponsibleExit.com will help owners avoid falling victim to bad actors.
Rental
Renting out the timeshare can provide a source of income to offset maintenance fees. Owners can also list timeshare on various short-term rental platforms, but they must first make sure this option is allowed under their ownership rules and regulations. Visit ResponsibleExit.com to learn more about rental options.
Give It Away
If time is of the essence and an owner simply wants to offload their timeshare quickly, they can list the timeshare for a single dollar in the hopes of attracting a buyer they can transfer the ownership to. TUG provides a free guide with tips and tricks on how to give away your timeshare without having to spend a dime out of pocket.
The secondary market has multiple options for owners to exit their timeshare. Whether they elect to resell through a third party, rent, or give away their timeshare, it’s important that owners do their due diligence in selecting the right avenue for their needs.