3 Ways To Rely On A Resort Development Advisor
Posted on: 14 May 2021
If you have dreams of starting your own resort, your first task should be hiring a qualified resort development advisor. These professionals are ready and willing to help you navigate the development process so that your resort has the best chance of experiencing lasting success.
Resort development advisors can help their clients in a number of valuable ways, but there are three major services you should rely on when you are in the early stages of planning your own resort.
1. Complete a Feasibility Study
Unless you have significant financial resources, you will probably need to acquire a loan to help fund the development of your resort. An advisor can be a beneficial partner when you are securing a loan.
Resort development advisors can complete a feasibility study for your resort. This study identifies your resort's potential for future revenue and expansion, as well as any risks that you will need to address in order to experience long-term success.
Lenders can use the results of the feasibility study to determine if your resort will be a good investment. You may find it easier to obtain funding if you have the help of an experienced resort development advisor during the application process.
2. Complete a Site Valuation
It's critical that you select the right location if you want your resort to be profitable. A development advisor can help you complete a site valuation for any property that you are considering to identify the most suitable piece of land for your resort.
A site valuation takes many factors into consideration. The advisor will identify any features and attractions that might draw tourists to the area. The infrastructure of the surrounding area will also be evaluated. These factors can determine the desirability of a resort in a specific location.
You can use the site valuation to identify growth potential and determine which location will offer you the greatest chance of success once your resort has been opened for business.
3. Manage Construction Contracts
Once you have obtained financing and purchased a piece of land, construction on your new resort can begin. A resort development advisor can help you manage your construction contracts to maximize efficiency.
Your advisor will be able to help you draw up contract agreements that protect you against common issues that can arise during construction. Multiple parties (like architects, designers, and subcontractors) can be kept on schedule with the help of a development advisor.
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