Fractional ownership is an arrangement in which multiple individuals buy a property and own partial shares of it. This is commonly used to purchase vacation homes in high-end areas. Fractional ownership helps individuals who would not otherwise be able to afford a vacation home get involved in this market. When one of the owners decides that he no longer wants to own the property, he can sell his fractional share. While selling a fractional share is not exactly like selling a regular property, it carries some similar characteristics.
List your fractional property as a "For Sale By Owner." You can pay for a listing online on one of the many FSBO websites available. By doing this, you can skip any commission that you would have had to pay when using a broker. You can also post your property online in a number of fractional ownership resale sites.
Hire a real estate agent to help you sell fractional ownership in the property. If the "For Sale By Owner" option is not for you, hiring a real estate agent can help the process. A real-estate agent will take pictures of the property and create a listing on your behalf. The agent may have open houses and provide tours to potential buyers. Using a real-estate agent can save you a large amount of time and help you get more exposure for your property. The downside is that you will have to pay a sales commission when the property sells.
List the property at a price that is fair considering the surrounding market. In some cases, it can be hard to sell a fractional ownership when you are in a development that still has new units available. In these cases, you are essentially selling against a developer's units and you may not be able to ask full price.
Negotiate any offers that are provided to you by potential buyers. If you are working with a real estate agent, you will not be able to negotiate directly with the buyer. If you are happy with the offer that is given to you, accept it and move forward with the sale.
Attend a closing with a title office or a real-estate attorney. You will have to sign a deed giving your share of ownership to the new owner. The buyer will then give you the money agreed upon in the sales contract.