Four Essential
Business Services for a Legacy Resort
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.