Managing for a Timeshare in Owner Control

We Bring Immediate and Noticeable Changes
When Goodmanagement takes on a new assignment, we are typically replacing another management company that does not have a similar focus for working with the Board to make significant advancements in the operation and the financial standing of the owners’ association. We work with each Board to develop innovative solutions to existing challenges and to those challenges that, no doubt, will arise in the coming years.
• We dramatically increase communications with the resort’s owners through our owner services call center, and newsletters, e-blasts and an informative website
• We assist the Board of Directors to develop plan and standards for operations and then we work to achieve their objectives
• We focus to minimize operating costs
• We focus to maximize collections, rentals and the bottom-line
• We serve as a trusted advisor to the Board

We Reduced the Number of Timeshare Units
Goodmanagement assisted the Board of Directors of a 30-year old resort to consolidate their timeshare owners into a lesser number of timeshare units. The program the Board pursued likely did not include what would be considered by an industry-insider as new ideas. What was new and different in this case is that the directors and Goodmanagement spent so many hours to repair an association that was very likely on the verge of failure. Goodmanagement worked with the Board throughout the unit consolidation process tracking progress of the efforts to contact and move owners. Most important in this process was Goodmanagement’s production and maintenance of a chart that clearly demonstrated the status of ownership of each week as either performing, delinquent, or association-owned. Once units had no timeshare owners, those units were sold to provide revenue to the association. This effort, which they dubbed “unit consolidation,” produced more than $1 million in gross sales.

We Found Substantial Savings
As a rule, Goodmanagement will reduce the costs of operations. In one case, the year before Goodmanagement assumed responsibility for operations, the Association spent $1,150,000 to operate the resort. Over the next two years, Goodmanagement cut costs drastically, spending less than $850,000 a year to operate in each of our first two years. Over those two years the balance in the Association’s Operating Fund went from <$120,000> to a positive balance above $330,000.

Goodmanagement implemented alternative approaches to deliver Telephone and Cable Television services to all Units. We also convinced the Board it was possible to deliver a quality Wi-Fi signal to Units in a concrete multi-story building. Even with the addition of the internet service, the cost of these three utilities is at 40% of the cost what the Association had spent just for Telephone and Cable Television in the year before we arrived.

We Significantly Increased Rental Revenue
As a rule, Goodmanagement significantly increases rental revenues. Goodmanagement took on a timeshare management assignment where the Association had a significant amount of unit/weeks delinquent in the payment of their assessments and that owned several whole ownership condominiums. The year before Goodmanagement was hired the prior management company had produced under $75,000 in rental revenue that year. Goodmanagement’s rental company, Kees Vacations, successfully implemented their timeshare week rental program producing $340,000 in rentals in their first year.

We Prevented the Termination of an Exchange Affiliation
In our first week on one assignment we learned, at the same time the Board of Directors also learned, that the exchange company had informed the prior management company more than six months before that the Association’s exchange affiliation would be ended due to negative comments received from exchange company members who visited the resort. Due to Goodmanagement’s relationship with the exchange company the Association was given the opportunity to develop a plan to make improvements. We improved the quality of cleaning and maintenance. A combination of our operational savings and increased rentals funded property improvements. The association was allowed to remain as an affiliate resort of the exchange company while the improvements were in progress.

We Researched and Resolved Financial Irregularities
Goodmanagement was hired by a Board of Directors that consisted of all individual timeshare owners to replace a management company related to a successor of the original Resort Developer. In the transition, a Board member noticed certain costs that were charged in the past that were not in accordance with an existing cost-sharing agreement. Goodmanagement investigated that and found other inconsistencies. We visited the office of the other management company and took away more than 2,000 pages of records. The recovery for the Association was in excess of $100,000.

Taking the Lead in the Recovery from a Natural Disaster
Associations look to their management company to lead efforts to recover when their resort is damaged. After a recent hurricane, Goodmanagement has taken the lead to work with the insurance carriers and their adjusters, with required professionals and contractors, with vendors needed to repair the equipment they sell and support. Our Owner Services department is in regular contact by telephone and email to reach owners scheduled to arrive in the coming weeks. We keep all owners up to date by Email blasts, Facebook postings and Website alerts.

Managing for a Timeshare Developer

Turned Developer Operations to Profitable
Goodmanagement was brought in to operate a resort for a small independent timeshare development company that had purchased a timeshare resort from a large development and sales company. In prior years the previous Developer had incurred annual losses approaching $1-million. Goodmanagement restructured the operation in a way that better served both the Developer and the timeshare owners. We focused to improve the performance and the accountability of the staff and we took a drastically different approach to rentals. Within two years the Developer achieved a six-figure operating profit and the annual assessments for the timeshare owners were at an amount comparable to the year prior to our engagement.

Established Postive Relationship with Resort Developer
Goodmanagement was hired to manage an Association at a large four-season resort that was an Association out of Developer Control and that was not managed by the Developer. To that Association’s detriment the prior management company had a caustic relationship with the Developer, who was still very actively developing and selling additional timeshare product in the resort. After being hired Goodmanagement convinced the Board of Directors that a positive relationship with the Developer would definitely be in their best interest. Sales to new timeshare owners in the resort’s other timeshare associations would bring with it more amenities for the owners at our managed Association to enjoy. Goodmanagement also identified several services that the Developer was providing to their other managed associations that they could perform for our managed Association at a cost way below what we were currently paying.