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Four Essential Business Services for a Legacy Resort

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 Four Essential Business Services for a Legacy Resort

 4 essentials 

Legacy properties have very different needs than a resort that is in the active sales phase. Lead generation and sales tools are no longer the priority, but finding ways to drive rental revenue, make investments in the resort, and protect your property become the new focus areas.

To ensure the property continues to flourish, there are four key business services that should be in place. If the list looks overwhelming without the in-house expertise needed, there’s no reason to worry. There are plenty of companies that can provide these services.

#1 – Gain Control of Inventory 

One unique challenge facing legacy resorts is gaining control of inventory. Legacy resorts face common issues like aging owners, increasingly delinquent maintenance fees, and the “Sunset Clause” that will come into effect over the next few years. 

In these situations, it’s important for legacy properties to work with professionals who can handle these issues and obtain deeds back from delinquent owners.

#2 – Maintain Revenue Streams 

With timeshare sales no longer happening onsite at legacy resorts, maintaining cash flow requires rental revenue. To optimize the revenue your property can generate, it’s essential to make sure the right unit is reaching the right person at the right time—and most importantly, at the right price.

When this is done properly results include growing revenue and occupancy, increasing efficiencies, and enhanced reporting and forecasting. 

#3 – Invest in Your Property 

When investing in your property, a good starting point is gathering feedback from your owners and rental guests. That way, you know what will have the most significant impact on traveler experiences.

After reviewing feedback, it’s time to prioritize needed renovations and invest where you see fit. 

#4 – Protect Your Property 

While it’s never a happy exercise to imagine what could go wrong at your property, insurance is essential to keeping resorts running smoothly and mitigating risk. Legacy resorts need to be mindful of their insurance coverage while also being mindful of budget.

 

 

Your Future Board Leaders

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 Your Future Board Leaders 

By Sharon Scott, RRP  

 your future board leaders

It is probably going to be necessary for those of us currently in authority to break existing paradigms and restructure current procedures if we are to engage this generation. We need to rethink the way we do things currently. We need to deconstruct and then reconstruct our organizations to eliminate hierarchical, top down methods.

How then are we to recruit our resorts’ future leaders?

Do things “their way.” 

Engaging millennials in the leadership process begins with making the resort experience an important ingredient in their lives. Part of our resort’s ethos must be one of fun—supporting experiential travel younger owners can enjoy with their peers. Attract them with events and activities to which millennials can relate.

Do a little research to see what millennials are buying, using individual expenditure reports to follow their interests. The results may pleasantly surprise you, as there are beginning to be more and more millennials with money to spend on fun.

Give them connectivity. 

Once millennials begin vacationing at a timeshare resort, they will expect a level of service that, frankly, many of us just don’t offer. They want to stay connected to the internet at all times, but they also want to stay connected to the greater community.

Make them feel they’re part of it.  Solicit their opinions; seek their counsel. 

Leverage their sense of purpose. 

Those of us who have long retained the authority to operate our companies and associations in ways that have been proven successful in the past may feel resentful, as the “new kids” dispassionately dismiss time-honored processes.

Nationally-acclaimed political columnist and author of New York Times best-seller, Applebee’s America, Ron Fournier says “they are purpose-driven, having learned at an early age just how fragile life can be in the post-9/11 world.”  He argues they are impatient and demanding because they grew up with the Internet, which taught them they could command change and choice simply by typing.

If we want to attract millennials’ hearts and minds, HOAs need to first get them invested in the concept of being part of the resort’s family by providing vacations they will find desirable. After you earn their buy-in, then provide them with leadership opportunities.