Changing with Aging Owners: Looking to the Future
By Catherine Reynolds
Timeshare owners often choose
vacation in their same “spot” year after year for good reason…they consider
their resort a home away from home. For long-time owners, countless memories
have been created on vacations over the years, creating a special bond between
them and their home resort.
But what happens when it’s not as easy to handle the burdens
of traveling and ownership? Time is inevitable and aging owners typically
experience a change in circumstances over the years between likewise aging
spouses, children and grandchildren, finances, health issues and other life
In addition, the resort itself must stay healthy as it matures. A property
that is struggling financially and becomes unable to maintain its quality can
lead to owners becoming displeased with their experience and ultimately the
resorts can use several tools to help mitigate some of these “age old” issues.
Set the stage for the next generation - If
your property is still offering the classic week-for-week exchange option to
your guests, you likely aren’t offering the level of flexibility the next generation
of owners’ want and need. A flexible points program offering nightly stays and
reward benefits are a great way to it the needs of the next generation.
Engage your owners - Keeping your owners engaged with
the property is imperative to keeping them as owners. When owners only visit
for a few days out of the year, it’s very easy for a resort to be out of sight
and out of mind. Setting up a consistent communication with owners can help
keep their attention.
it easy and safe for your owners to pay their maintenance fees - There is a wide
range of billing services available to assist a property with maintenance fee
collections. Providing the ability to submit payments easily via your resort website
and upkeep the property for
future owners - Where possible,
focus on updating the look and feel of the units and facilities. Even small
improvements, like painting and keeping common areas clean, can make a world of
a robust rental program - If annual travel and budgets are issues for your
owners, then providing them with a successful and reliable rental program will
allow them to keep their ownership and return to the resort when they are able.
a collections solution in place that you can stand by - Many services,
such as Blackwell Recovery, use a soft approach to collections and will work
with owners to find a payment plan that its an owner’s needs.
keeping owners in the loop through communication and making the vacation
ownership responsibilities simple, aging owners are more likely to keep up with
their timeshare responsibilities.