Sometimes it takes more than a Home Owners Association to manage a timeshare resort. Problems may arise that are not within the expertise and capabilities of the HOA. Board members may have other jobs and responsibilities that preclude their timeshare duties, there may not be enough owners willing or able to take on all the responsibilities of managing a resort. It may be time for the services of a professional timeshare management company. A timeshare management company can help identify cost savings and revenue-generation opportunities to keep your resort functioning at a high level.
Advocacy and Compliance
A timeshare management company can also advocate for owners and help to ensure compliance and protection of the owners' investment. Unexpected contractual disputes can occur such as one recently mentioned in a Conde Nast Traveler article. A couple with a timeshare in Aruba received an unexpected special assessment invoice, in addition to their yearly maintenance fee. Nowhere in their timeshare contract could they find where it said they were obligated to pay. The resort told them that the assessment was industry norm and threatened to take their timeshare away if they didn’t pay. A timeshare management company has the expertise to do the research and help resolve issues like this.
Other Services Provided
A professional timeshare company provides comprehensive services necessary for the successful operation of a resort. They can provide full or partial operational resort services. Here are some of the services timeshare management companies provide:
- Technical and Legal Assistance
- Resort Operations
- Financial Services
- Transient Rental management and marketing
- Employee and Owner Services
- Communications
- Property Maintenance
What To Consider
There are several considerations to think about when looking for the right timeshare management company. One of the oldest and largest timeshare management companies, Grand Pacific Resorts, shares some universal considerations to ask about when considering a management company:
- A long-term plan for your resort- The management company should have at least a five-year revenue and reserve fund plan for your resort as significant change takes place over time.
- A successful rental program- Income from rentals is important for the health of the association. Make sure the company has a successful track record with other resorts and know how they plan to market unused nights.
- Low employee turnover- Loyal employees provide the best service, reinforce the resort’s value and drive additional rentals and resales.
- High owner engagement – The company should regularly communicate with owners. Attempts to contact and reengage with delinquent owners should be made. Both good and bad feedback should be actively solicited.
In addition, find out if the company does a professional reserve study with timeshare-experienced consultants? Does it offer a robust activities program? Does it take ownership of the resort while welcoming board involvement? And does it offer a complimentary consultation before you sign on the bottom-line.
Running a timeshare resort is not easy. It requires management that is experienced, knowledgeable in all areas of resort operations, and has your best interests in mind. Do the research and take your time in finding the best management company for your resort.
Post a Comment