Very easy! It's fast & straightforward. All you need to know about the resale process and how Flyway can help you.
The ease of reselling, along with the existence of a market to do so, are, of course, vital to consider when you purchase ownership of an asset. Much like with any investment, you need to be able to know with certainty that you can liquidate it at some future time of your choice. Buying into a Flyway Second Home gives you this safety. Reselling is one of the rights that come with holding ownership interest in one of our property-specific LTDs.
Here are the five things to know about reselling your second home ownership.
All Flyway owners can choose to sell their ownership at any point in time, at the price they set.
The decision to resell depends entirely on your judgment, your liquidation needs, and your market assessment. Flyway has no say in this decision nor means of enforcing you to do otherwise. Did you buy a share in a downtown high-rise in London and decided the neighbourhood is too central and loud for you, or you rather sell for personal reasons? Put your ownership up for sale in a snap. We don’t want you to feel ‘stuck with your share’; thus, we do everything in our power to help our owners resell on their terms, not ours.
The same goes for setting the price you deem fair for your ownership. You own a proportion of a real estate asset, which of course, fluctuates with market prices (and we will be by your side to advise you on this — see point 3). However, you are in control of the final price, and it is up to you to instruct us on your asking price if you’d like to use Flyway’s marketplace to resell.
Buying into a Flyway Second Home entails a clear investment proposition. You invest in a prime asset, in a prime location, putting in the amount of capital you feel comfortable with. In this sense, buying a share (or more) in a fractionally owned property does not differ from a usual real estate investment. It is an equity purchase.
The value of your share in the house, of course, increases or decreases following the real estate market trends. Since you are the legal property owner of your share, in the case of appreciation in the market value of your second home, you gain proportionately to the number of shares you hold.
This is an essential dimension in which co-ownership of a second home fundamentally differs from old-fashioned timeshares (having bought time in a calendar of a holiday resort). Most of our owners buy Flyway Homes as a lifestyle purchase; to own and enjoy a pied-à-terre. Regardless, it is important to know that you have put your hard-earned capital into a safer asset class, such as downtown central London luxury property, that has resisted the test of time with regard to price fluctuations.
The potential of realising investment gains is another reason why many of our Flyway Owners turned into a fractionally owned second home versus wasting money on hotels and short-term rentals every time they visit London.
There are three ways in which Flyway can help you resell your share, two of which are before your share is listed on the market! These are the following:
Before putting your ownership into the market, we give priority access to other co-owners of the same property. We often find that current co-owners want to upsize their ownership, which is an excellent opportunity for them to do so. When you announce your decision to resell, Flyway informs all other co-owners that one or more shares are available. They have a time-limited window of 5 business days to respond to this opportunity by giving them what we call a ‘first right of refusal’. This is one of the many benefits of co-ownership. Your fellow owners ultimately have already experienced and love the home and are convinced of the benefits of co-owning.
(b) We offer your resale opportunity to Flyway Waitlisted Buyers
Secondly, many Flyway Homes have a waitlist of interested buyers who may have missed out when your second home was first listed. Our team immediately taps into this prospect buyers pipeline when existing shares are up for resale.
Between current Flyway owners and Waitlisted Buyers, you stand a good chance to sell your share without listing it.
(c) We promote it on the Flyway Marketplace
If the above does not lead to a very speedy resale, we make your share(s) publicly available in all Flyway channels. You then benefit from a full-blown marketing pack by Flyway, including the resale opportunity being featured on:
Our Listings page — the home will become an ‘Active Listing’ on our website, with the visible tag ‘Available Shares’.
Our Weekly Newsletter, to be complemented by a dedicated Email Feature sent to our email database.
Our Social Media channels.
Our Partners Network.
Is there a fee for this?
When Flyway facilitates the new transaction process with access to the Flyway Marketplace, a 6% fee is applied and deducted from the share price to cover all legal, filing, and closing costs, as well as any potential partner commissions and other transaction fees. Buyers get an easy path to owing the share, avoiding the hassle, time and cost of title checks, inspections and process fees compared to any other real estate transaction.
Flyway can be a great source of advice and support throughout the resale process. The moment you decide to resell, we’ll provide you with a current Evaluator Report on the property that shall help guide your decision on the pricing of your ownership interest. Flyway employs Expert Advisors on the ground to provide an up-to-date market analysis of all the properties we manage, using local market data and valuation models. Moreover, we can advise you from our knowledge of what active second home buyers are willing to pay for this or similar properties at the current time. You remain in control of the price you set, but you can always use our Evaluator Report to guide your decision.
As the resale process goes through and provided we market it in the Flyway marketplace, we will share with you the feedback we get from our pool of buyers. For instance, if there are indications that the price is too sharp and there is a mismatch with the buyer's willingness to pay, we will be the first to let you know. Moreover, we can advise and facilitate the negotiation process with interested buyers.
When you market your ownership via the Flyway Marketplace, you tremendously cut down on transaction hurdles and bureaucratic fuss. Reselling your second home ownership should be as fast and straightforward as when you first become a Flyway Owner. No lengthy closing process, endless due diligence, and no need for a title and escrow company, thanks to the Flyway property-specific LTD model. When the transaction closes, we simply re-assign the membership/shareholder interest to the new owner. If the new owner buys in cash, the transaction can be completed in a snap within one business day. If the new owner would like to opt-in our payment plan, we still speed up the process by opting to complete the resale in a matter of weeks.
Marketing your resale with external agents
Remember that you can choose to market your share, just like any other real estate asset, with an agent of your choice exclusively or in conjunction with Flyway.
Downsizing your ownership
You can always sell part of your ownership if your occupancy needs change. If you bought three shares in our Mayfair design home, for example, but ended up using the house only for 1/3 of your allocated time during the past year, you could resell two of your shares and keep one to continue having a London pied-à-terre. The downsizing process works exactly like a resale transaction.
Resell in one home and buy in another
You can always swap ownership while staying a Flyway Owner. Did our legendary Mandarin Oriental Second Home catch your attention, and you’d like to jump on it, despite having previously acquired shares in a different location? We will work with you to complete the resale process of your old shares as fast as possible so that you can quickly become an owner of your new home!
At Flyway, we promise a truly hassle-free second home ownership experience. Fast and clean-cut reselling of your shares is part of it. Committing to a co-owned second home is an investment decision, together with a lifestyle choice, so we want it to work out on your terms. If you decide to resell, we’ll be here all along the way to give you the ease, flexibility and transparency you need.
Do you have further questions on Reselling your Flyway Second Home Ownership? Book a Call with a member of our team or fill in the form below.
Send us your questions, comments or simply declare your interest to buy shares. A member of our team will reach out to arrange a call