keys to a successful resort stack the deck! session 4 tuesday, october 29 8:45 am – 9:45 am your...
TRANSCRIPT
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
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 [email protected]://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, [email protected]