Choosing a timeshare management company is a difficult task, and often we get asked questions about how to choose a timeshare management company. Here are a few tips about the search process, and things to consider when searching for a new management company for a timeshare resort.
How long should the search for a new management company take?
This process can be as long or as short as a Board wishes. We have scheduled presentations for management services in as little as a week, and others have been scheduled months in advance. Even though SPM can put together a presentation and meet with a Board on short notice, in general, we usually send out an introductory package first, and then schedule a meeting with the Board to discuss our management services in detail.
What are some questions the Board should ask prospective management companies?
We created a checklist to help Boards members assess the current management of their resort and to use as a guideline in their search for a management company. Over the years, we’ve found some common things that have prompted HOAs to search for a new timeshare company to manage their resort, and compiled the Board Member Strategy Planner to evaluate resort operations and create an action plan. Some of the questions include:
- Is your owner data stored securely?
- Can your owners pay fees online?
- Does your resort generate income from vacation rentals?
What is an RFP?
An RFP is a Request for Proposal, and is a document the Board creates to send to prospective management companies to learn more about each one. This helps the Board select the top choices to schedule a presentation.
How long will a presentation last?
This is up to the Board to decide. We have presented management services in an overview that lasted one hour, and we have had presentations that lasted 8 hours due to questions. We recommend allowing plenty of time for questions and discussion.
We hope you find this information useful! Please feel free to reach out to Bill Young, President/CEO, to find out more information about SPM’s management services, how to start your search process, or to get a copy of the Board Member Strategy Planner: Email firstname.lastname@example.org or call (843) 238 – 5000.