Part three of our Insights survey results blog series shows responses from timeshare board members and resort managers on managing risk assessment and planning for infrastructure maintenance and renovation, critical elements for a sound financial and legal foundation, along with preserving the quality of the resort property for its owners.
The survey results show that while many resorts are proactively evaluating risk and infrastructure needs, others are struggling to stay on top of immediate and future requirements.
While some resorts have postponed maintenance and refurbishment, others are completing both large and small renovation and refurbishment projects. Resorts also commented on the negative impacts of natural-disaster crises, which require advanced planning and flexible management.
Missouri: “Risk management is the most important. Property walk-throughs are important for making certain all life-safety systems are working in the buildings. State agencies inspect elevators, fire alarms, and units in each building. Staff are trained for emergencies and life safety. We are looking at old technology infrastructure and considering cloud-based solutions that are updated and protected better. Do we have generators for short-term power losses?”
Missouri: “We have put off capital expenditures for maintenance systems too long. You have more failures and service interruptions when you keep repairing systems at end of life. Better to reserve and update when the cycle comes to an end.”
New Hampshire: “Risk management is always part of our business. As each year passes, keeping up with safety assessments takes on a vital role within our business. Infrastructure as part of our ongoing capital-reserve assessments. We are always aware of various weather scenarios that could affect our region when annually planning our business steps.”
New Mexico: “Very poorly managed prior to 2022. New national management company this year.”
North Carolina: “Being an oceanfront resort, we have seen our share of storm damage. For this we regularly review our insurance coverage to ensure we are adequately covered against catastrophic loss.”
North Carolina: “When the resort was controlled by the developer, maintenance and unit refurbishments were deferred or cheaply done. The reason we levied two special assessments was to provide capital to address the most critical areas.”
Rhode Island: “Insurance costs have risen annually above the rate of inflation.”
South Carolina: “Our resort has a preventive maintenance program.”
For resorts to survive and thrive in these uncertain times, professional evaluation and management of risk and infrastructure needs are essential.
| Survey Feedback and Upcoming TBMA Insights meetings TBMA appreciates the participation of our association members in this survey, and their invaluable feedback is now the platform for two TBMA 2022 Insights meetings: • August 2, 2022, in Providence, RI. • October 24, 2022, in Las Vegas, NV. Timeshare board members and onsite resort managers are invited to register for these one-day forum discussions and networking events on the tbmassoc.org website. |
Photo by Marcus Kauffman on Unsplash