If you’d like to successfully attract tenants to your luxury property, you must invest in luxury property care.
Luxury properties are different from standard properties in that they often require more upkeep. Because of this, many owners have a hard time managing several luxury rental properties, forcing them to reduce the amount they have.
By learning how to maintain a luxury property, you’ll have a much easier time attracting tenants and expanding. Here at Choose Marbella, we regularly assist luxury homeowners, so we’ll provide all the info you need to know about luxury property care.
Read on to learn about the top 7 luxury property care tips to ensure you find success in real estate.
1. Make a Thorough Lease or Rental Agreement
When it comes to caring for luxury property, one of the main things you must do is make a lease or rental agreement that establishes roles. This is crucial if you want to own luxury rental properties because tenants must know what they’ll be expected to do before moving in.
In your lease or rental agreement, you should outline what exactly you’ll do with the property. Should a tenant not maintain the property, you can use their security deposit to cover the costs. If you plan on selling the property, you won’t have to worry too about this.
2. Make a Checklist of Move-in Conditions
Whether you’re selling or renting a luxury property, ensure you know what needs to get done before having someone else move in. You can do this by making a checklist of several conditions that should be met.
Note the things that need to be repaired and cleaned. You should also write down what you’ll do to solve those issues. The more defined your checklist is, the easier it’ll be to go through everything.
After making the checklist, you can start going through each thing until you’ve finished. Focus on one task at a time, unless you decide to hire someone else.
3. Implement Preventive Maintenance
Preventive maintenance is something that many people overlook, but it can help you save a lot of money with your luxury property. It revolves around being proactive to prevent problems instead of waiting until they occur.
You can implement preventive maintenance by performing routine checkups around the property. If you see something that could cause a major problem later, fix it. For example, a leaking pipe can be replaced or sealed instead of waiting until the gap enlarges.
4. Document Changes
Whenever you change something on your luxury property, you should document it to reference later. This will help with preventive maintenance because you can get a better idea of which things need to be looked at. As you solve problems, your property will become easier to manage.
If you’re making drastic changes, such as remodeling rooms, take pictures before and after them. These images can then be shown to clients when you sell or rent the property.
Some changes may also be tax-deductible, so having documentation will ensure you can save money when possible. If you work with an accountant, they can use the info to accurately file your taxes.
5. Modernize Everything
Another way to make caring for a luxury property simpler is to modernize everything. From the light switches to the water system, installing new things will ensure your luxury property looks as best as possible. It’ll also prevent you from having to repair things more often.
You can also modernize the floors and walls of your property to make it look more appealing. Not only will they be easier to maintain, but you’ll also attract tenants quicker.
If you look at new properties for sale, you can get a better idea of what modern luxury properties look like. This will help you decide what to install in yours.
6. Use Automation When Possible
Automation reduces how often you need to fix things, especially if you use self-sufficient equipment. For example, automatic solar-powered lights can recharge themselves, requiring no battery replacements. Because they turn on when detecting motion, you won’t have to worry about wearing down a switch.
Go through your luxury property and look for things that can be improved with automation. From there, you can put up your luxury property for sale and ensure people get attracted to it.
7. Hire a Property Manager
The last thing you can do is hire a property manager. If you search online, you’ll likely find a plethora of property management companies in your area. They work with homeowners that offer both luxury rental properties and properties for sale.
With a property manager, you can assign luxury property care to them. Not only will they be responsible for cleaning the property, but they’ll also ensure things are operating efficiently.
Property managers can also outsource the work to other companies. For example, they can hire a company to maintain your property’s lawn.
Luxury property management is crucial if you own several properties because you’ll have more time to focus on other things. Whether you own villas, apartments, penthouses, or ground floor apartments, a property manager can benefit you.
Start Using These Luxury Property Care Tips
Now that you know how to take care of a luxury property, all you must do is decide what your priorities are. We encourage you to start by putting together a lease and checklist before having new tenants move in. After doing that, you can come up with a luxury property care plan to keep yours in the best shape.
Contact us to learn more about our luxury properties and the processes we use to maintain them.