For those of you that like to take a timeshare vacation on the 4th of July in RCI or Interval International, you should already have your request in for 2009.  I’ve found, in the 18 years that I’ve been in the timeshare business, that the people who exchange for holidays are the most knowledgeable timeshare exchangers in the world.

There are two things that make getting a timeshare exchange during a holiday so difficult.  First is the fact that the owners are more likely to want to use their home resort on holidays so fewer weeks are given up to RCI and Interval International. 

Second, the demand for holiday weeks is much greater than normal.  Fewer weeks coupled with much greater demand leads to a much more difficult timeshare exchange.

There is already a waiting list for many timeshare for next 4th of July so get your request in now.

Mistake 7: Not knowing what you own

Whether you’re selling your timeshare through a timeshare resale company or on your own, get clear in your mind exactly what it is that you own.  Go over the documents you got when you purchased and call the resort’s Owner Services department for further clarification. 

Do you own a  studio, 1 bedroom or 2 bedroom?  Is it a lock-off?  Is your resort affiliated with RCI or Interval International? Do you have a deed or is it a right to use?  Do you have a fixed or floating week?  If it floats can you reserve it for any one of the 52 weeks in the year or are certain dates like Christmas, New Years, Easter and Fourth of July blacked out?

You wouldn’t want to find an interested buyer and find out that your floating Red week is only good in the summer.  Or, that the Home Owner’s Association fee is $751 rather than $610.  That will kill a sale faster than anything. 

If you’re listing with a timeshare resale company and it doesn’t have a good description of your resort, the on-site amenities, nearby attractions and why someone would want to own there, make them get one.  The operative word when selling your timeshare is “selling” your timeshare.  I’ve seen many a timeshare resale company with multiple listings for the same resort, use the exact same verbiage to describe the resort in each listing.  Think up some selling points on your own.  You want your listing to stand out from all of the other ones.

Mistake 8: Buying into the timeshare resale companies guarantee

Many timeshare resale companies guarantee that you’re timeshare will be listed for as long as it takes to sell for no additional charge.  Many sellers misunderstand this to mean that the resale company is guaranteeing the sale.  Big difference! This is one of the ploys disreputable timeshare resale companies use to get you to list with them.  Since they’re paying very little if any fees for advertising YOUR timeshare, it’s easy to guarantee the listing will never expire. You’re likely to hear this from timeshare resale companies that are mainly interested in collecting up front fees than actually selling your timeshare.

Mistake 5:  Signing an exclusive listing with one timeshare resale company

Never give an exclusive listing to one timeshare resale company to sell your timeshare.  An exclusive listing means the company will be paid their commission, typically 10%, no matter who sells it.  Even if you sell it to your neighbor or co-worker you will owe the listing company their 10% commission.  And it effectively prevents you from listing it with multiple other resale comapanies since they wouldn’t get paid if they did sell it.

Always sign an “open listing” giving you or anyone else the right to sell your timeshare.  This means you will only pay the listing company a commission if they sell it.  If you can find more than one reputable resale company then sign an open listing with all of them.

Mistake 6:  Not checking with your home resort

See if the developer of your resort will buy it back.  It’s rare but worth a shot.  Also, check to see if there is still an onsite salesperson that handles re-sales.  It’s easier to sell it to someone onsite than to someone that just sees it on their computer screen.  Finally, if the first to suggestions aren’t available see if there is an onsite bulletin board where you can hang a flyer.  I would advise against putting an add in the local paper.  It’s too expensive and not effective.