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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.

 

 


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