Starting a timeshare business is akin to starting a real estate business. You are working with buildings, property and location. A time share is when multiple people stake ownership in a property, such as a vacation home, for example, and share the rights to spend time in it. Knowing the real estate laws of the country in which you are considering starting your business is important as you move forward with research, applications, hiring and advertising. The laws are different with selling timeshares in that you do not have an indefinite period of time to sell and there are usually scheduled periods that the client can use a timeshare. There are many different types of time shares, which can include campgrounds, recreational vehicles and condominiums.
Obtain at least a basic knowledge of real estate laws in the country you want to start your timeshare business or employ someone with this experience.
Research timeshare properties that are available for purchase. Be thorough and make a physical visit to the site and inspect every detail, property, land and condition of the building.
Write a business plan that identifies your business name, personnel, location of your office and equipment required. For example, you may want to start a timeshare business that deals with recreational vehicles. Be specific with every aspect, from estimated start-up costs, marketing and advertising, to a one-, three-, five- and 10-year financial plan. Also, be clear about the financial projections, loans required and length of time to pay off the business loans for the time share. Include the location of the timeshare property. Having your goals clearly identified will assist you in securing a business loan.
Apply for a business loan with a financial institution. It is a good idea to get at least three quotes on how much a business loan will cost you, including all fees and whether insurance (property and contents) is offered through the financial institution. If you are trying to start a timeshare business and are not well established with your financial institution, it may be more difficult to secure the business loan. A good business plan will assist you in securing a business loan.
Schedule any construction, repair or renovation work; and once this portion is completed have an inspector come to verify your timeshare is up to code and you are ready for business. Apply for all business licenses, permits and certifications necessary for the type of timeshare business you choose to operate.
Hire administrative and sales staff knowledgeable in timeshare and real estate sales. Of course, this is not a prerequisite but is beneficial to a successful start.
Begin generating leads of individuals who are interested in timeshares, spread the word of what your business offers.
Expect to work hard to create a successful timeshare business.
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