In the world of timeshare resales, there are the "good" guys
and the "bad" guys. Unfortunately, the odds are stacked against you.
With 15 years experience, we at Island Consulting Realty have seen
just about every scheme and scam imaginable. So in deciding whom you
should do business with, here's some tips on what to look for, and
what to look out for:
- Never give an exclusive listing. You are only tying up
your property on the hopes that only one company will be able
to get the job done.
- Never, ever, ever pay a dime for anything. A legitimate
resale brokerage should earn their commissions only after they
have brought you a buyer. In the past few years we have seen companies
charge fees for: listing fees, advertising fees, appraisal fees,
etc., etc. Never pay an up-front fee for your listing.
- Be especially aware of the latest: Appraisal Fees. They
are totally unnecessary in the world of timeshares and
are nothing more than an excuse to charge you a fee. And yes,
we know they tell you that you can supply your own. They are banking
on the fact that you won't be able to and will use their "suggested"
sources. And no, the "Bank" does NOT need an appraisal. (Call
us at 800-809-6020 if you need more info on this.)
- Don't be fooled by familiar names. Some individuals will
buy a franchise to a company you are familiar with. They will
then use that familiar name in the hopes of gaining your confidence.
It works well. There ARE legitimate companies trying to do the
right thing. The "red flag" is if they ask you for money for any
- Don't be fooled by promises of unrealistic selling prices.
This is a familiar ploy to grab your listing. Most of the time
you'll only see this with the companies who will then ask you
for money for an appraisal, advertising fee, MLS fee, etc. After
they've got your money, they then just go on to the next customer.
Your "listing" is then filed away. Far away!
- Check if they are a member of the Better Business Bureau
and what their standing with the bureau