TS Today - Creating a Vision for the Future of Vacation Ownership Issue #142, Jul/Aug 2015

GREETIN FROM GS day Page 28 Jul/Aug, 2015 Providence Continued from Front Cover It was all business: Timeshare board members and resort managers talking with other board members and resort managers about the challenges at their resorts, and connecting with industry professionals to learn about changes and trends affecting legacy resorts. Looking at the Future So what’s in store for timeshare ownHUVDQGWKHLUUHVRUWVLQWKHQH[W¿YH\HDUV and beyond? Owners’ association board members have more responsibilities than the casual timeshare owner would ever imagine. Given all of the issues that legacy resorts face, from renovations and repairs to rising maintenance fees and, worst of all, owners who are aging out and defaulting, board membership is not for the faint-hearted. In fact, as the TBMA conference illustrated in extensive detail, board members need to pursue the following actions: )LQGDSURIHVVLRQDO¿UPWRKHOSGHvelop a strategic plan for the resort. This boring-sounding document will provide you with a blueprint for the future of your resort—even if that future is shutting the UHVRUWGRZQ1RPDMRU¿QDQFLDOGHFLVLRQV should be undertaken unless they are supSRUWHGE\WKH¿QGLQJVZLWKLQWKHSODQDFcording to the experts who presented details on planning at TBMA. Strategic plan- ning—or the lack thereof—is becoming a huge differentiator that favors legacy resorts adapting to changes in the market. +HUHDUHWKUHHNH\TXHVWLRQVWKDWGH¿QH the whole planning process: Do you have a strategy to enhance the value of your resort? 'R\RXKDYHDSODQWRDGGUHVVWKH¿QDQFLDO conditions at your resort? Finally, do you have a strategy to redeploy your inventory and put it back on the market? www.tstoday.com for back issues, Resort Report Cards, articles on resorts and much more

TS Today - Creating a Vision for the Future of Vacation Ownership Issue #142, Jul/Aug 2015 | Page 28