Lemonjuice Solutions provides valuable insights when planning and exploring options
Many timeshare resort board members find themselves facing unique challenges. At a recent Timeshare Board Members Association conference, Lemonjuice Solutions executives Jan Barrow, Vice President of Development, and Scott MacGregor, Executive Vice President & COO, shared their insights and expertise regarding timeshare resorts in transition and how Board members can navigate these transitions successfully.
A unique perspective based on proven results
Barrow and MacGregor applauded the tireless efforts of timeshare resort board members who have dedicated decades to owner satisfaction and resort maintenance. Lemonjuice Solutions brings innovative thinking to the table, offering out-of-the-box solutions to address industry challenges. With 21 resorts under management, the successful implementation of their Resorts Reimagined™ program has returned $59 million to timeshare owners since 2016. This program focuses on restructuring and repositioning resorts as a way to adapt to changing circumstances and owner needs.
Planning takeaway: To ensure the long-term success of your resort, embrace innovation and consider unconventional solutions.
Offering owners options: A path to transformation
The Resorts Reimagined™ program is at the heart of Lemonjuice Solutions’ success.
This program involves partially or fully reimagining timeshare resorts to maximize their value proposition for all owners and stakeholders. A partial reimagination will reinvigorate a project and its appeal. Bay Club in Ocean City, a 48-unit resort, is an excellent case study of a partial reimagination. Half of Bay Club’s units were converted into mixed-use condos, offering timeshare owners an opportunity to enjoy a refurbished resort and updated amenities while accommodating other forms of ownership.
Planning takeaway: Explore options like partial reimagining to cater to evolving market demands while preserving the timeshare vacation experience.
The importance of In-depth analysis
Barrow and MacGregor highlighted the thorough analysis Lemonjuice Solutions conducts when reimagining resorts. Deep dives into financials, legal documents, and even the possibility of repositioning legal documents can be required. The goal is to ensure the resort’s transition aligns with the owners’ interests and future sustainability. This level of due diligence and planning requires intense focus to identify and overcome challenges. Strategic partnerships and industry experience become increasingly important when tackling these nuanced issues.
Planning takeaway: Prioritize in-depth analysis and legal considerations when contemplating resort transitions.
Owners: Stories behind the numbers
Every delinquent owner represents a unique story. Delinquent owners were once enthusiastic timeshare buyers who, due to various life events, found themselves unable to maintain their ownership. Lemonjuice Solutions is dedicated to providing options to these owners. Transitioning to different timeshare products or repurposing units to address the affordable housing needs of the local community all become options on the table to achieve the best possible outcomes.
Planning takeaway: Remember that behind every delinquent owner is a deeply personal story; consider how your resort’s transition can provide the best options for all owners.
Adopt forward-thinking strategies
A parallel can be drawn between timeshare board members and developers. Board members are responsible for making decisions that shape your resort’s future. Aging infrastructure, changing owner demographics, rising costs, and new regulations are essential considerations. This role of board member requires forward-thinking strategies, akin to a developer’s approach.
Planning takeaway: Recognize that board members play a developer’s role in shaping the future of a resort. Embrace forward-thinking strategies.
Utilize owner surveys
Conducting objective owner surveys enables boards to gather valuable insights about owners’ mindsets and preferences. It also empowers owners to share their input giving them a voice. Surveys help board members make informed decisions and understand the evolving needs and desires of their owners.
Planning takeaway: Utilize surveys as an important planning tool. Objective owner surveys eliminate guesswork and provide a deeper understanding of owner perspectives.
Restructuring maintenance fee structures
A conference attendee raised the question of whether Lemonjuice Solutions amended maintenance fee structures in reimagined resorts. While this strategy isn’t explicitly implemented, it is acknowledged that evaluating, and adjusting, maintenance fee structures is a possibility and a viable option. Creating a trust or separate organization can allow for different usage-based maintenance fee structures to the benefit of both high and low-season owners.
Planning takeaway: Explore adjusting maintenance fee structures to better accommodate varied owner usage and needs.
Consider your options
MacGregor concluded the discussion by encouraging board members to ponder these four words: “What are our options?” Board members must continually explore alternative courses of action, considering factors like maintenance fees, regulatory changes, and evolving owner preferences.
Planning takeaway: Regularly assess your resort’s options. A periodic inquiry can lead to informed and adaptive decision-making yielding better results for timeshare resorts, board members, and owners.
About Lemonjuice Solutions
Lemonjuice Solutions (www.LemonjuiceSolutions.com) delivers professional management, investment capital, and strategic planning solutions for timeshares, condominiums, and mixed-use properties. With its Resorts Reimagined™ program, Lemonjuice Solutions rejuvenates and repositions timeshare resorts and condominiums, ensuring maximum value for owners. By aligning its interests with owners, stakeholders, and associations, Lemonjuice Solutions delivers innovative, results-driven solutions that foster growth and profitability. To learn more about Lemonjuice Solutions contact Jan Barrow at 863-602-8804 or email Jan.Barrow@Lemonjuice.biz.