Keys to a Successful Resort Stack the Deck! Session 4 Tuesday, October 29 8:45 AM – 9:45 AM Your...

Keys to a Successful ResortStack the Deck!

Session 4Tuesday, October 29

8:45 AM – 9:45 AM

Your Pit Boss for this session is Kimberly Stibbs-Menster

Paul GoodrichSPM Resorts

Scott Riddle1800MyCondo.com & Resort Synergy

Gregg McMurtrieCollections Unlimited

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

• Discussing a Successful 5 year Plan• Know Your Resort• Building a Plan• 1, 3 & 5 Year Planning• Making it Work

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

Sample Bluebeard’s Castle Remodel

Solar Panel Installation

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

Historic Bluebeard’s Castle

Know Your Resort Building a Plan

• Use Professionals When Available

• Attorney• Accountants• Management Professionals• Engineers• Designers• Consultants

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

1 Year Plan 3 Year Plan

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

5 Years and Longer Making it Work

• Key Planning Tool• Reserve Study

• Communication • Board• Team• Owners• Fiscal Discipline• Know your Property

Keys to a Successful ResortStack the Deck!

3 to 5 Year Strategic Business PlanImprove your Odds!

Paul GoodrichSPM Resorts, Inc.

(843) 238-5000

pgoodrich@spmresorts.com

www.spmresorts.com

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

• Can you handle the truth?

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

• Account for 100% of Inventory– Public Records, Title Searches, Last Deed of Record

• Every Interval MUST Have an Owner Attached– Includes Deceased, Bankrupt, LLC Owned

• Have a True Picture of Performing and Non-Performing Inventory

Keys to a Successful ResortStack the Deck!

Sales

PerformingNon-Per-forming

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

• Fiduciary Responsibility– Budgetary Concerns/Not Addressing Delinquency

Issues– Bad Debt Special Assessment?

• Timeframe for Action– At 60 Days, Estimated Recovery % is 85%– At 180 Days, Estimated Recovery % Drops to 58%– At 2 Years, Estimated Recovery % Drops to 12%*

*Courtesy of the Commercial Agency Section, Commercial Law League of America

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

• Proactive Rather Than Reactive– Communication! Communication! Communication!

• Newsletters, Billings, Email, Text Messages

– Incentives for Providing Updated Information• Gift Certificates, Bonus Time, etc.

– Emergency Data Cards– Email/Cell Phone/POE

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

• IF YOU AREN’T COMMUNICATING WITH YOUR OWNERS, SOMEONE ELSE IS!

XYZ Postcard Company

Keys to a Successful ResortStack the Deck!

Accounting for Every IntervalElvis has Left the Building

Scott Riddle1-800MYCONDOscott@tradingtime.nethttp://1800mycondo.com/

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

• Licensure and Compliance– Licensed/Registered in all States Where Collection

Activity Takes Place– Compliance with F.D.C.P.A., F.C.R.A., State

Collection Laws– Surety Bond, Errors and Omissions Insurance, Hold

Harmless Agreement/Clause

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

• Considerations– Specialization in Industry/Number of Years in

Business– Memberships, Industry Affiliations and Accreditation– Skip Tracing, Credit Reporting; Information Flow from

Agency to Resort

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

• Keys to Successful Collection– Billing and Collection Policy– Timely Account Turnover– Multi-Lingual Staff– Collection Techniques– Understanding of Product/Collector Training

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

• Additional Considerations– Pre-Collect Programs– Custom Programs– Deed Recovery/Title Searches/Lien Placement– Proxy and Public Relations Calls

Keys to a Successful ResortStack the Deck!

Billing and Collections: Selecting and Managing a Third Party Collection AgencyCall in Your Markers; with Vinny?

Kimberly Stibbs-Menster, RRPCollections Unlimited, Inc.800-321-6023cui@tampabay.rr.comwww.timesharecollections.com