Maybe you are in the property management industry. Maybe you are looking for the best company to manage your properties. Either way, there are several things both parties should know about luxury property management.
Managing luxury properties is not a one-size-fits-all venture. You need to know the individual needs of each tenant and each property and understand what is expected of each. Luxury properties come with different expectations from potential clients than those of residential or commercial management.
So, what do you need to keep in mind when you are working with luxury properties? Here are a few things to keep in mind to offer the best service possible.
Luxury Property Management
There are several things that the top luxury property management companies share. These are the little things that make tenants stay on longer and build a good name and reputation.
- Focused on customer service and customer satisfaction
- Understand the luxury property market
- Know the unique requirements of each property
- Proactive rather than reactive with scheduled inspections, maintenance reports, reliable contractors
- They understand that communication is key
While these may seem like simple things, luxury property management is not as easy as it may seem. There are certain requirements and expectations of current and potential tenants, especially due to the high prices on luxury property rentals and ownership. Whether you’re dealing with luxury property for sale or luxury rental properties, the management style must be a step above.
Understanding the Luxury Property Industry
Customers who own or rent such homes often see them as a reward that they have achieved from their hard work. Whether they are new properties they have bought or apartments they are renting, they do not just consider them assets, rather as a symbol of what they have accomplished. You need to understand the value of the properties and the assets and amenities so that you can look after them to the best of your ability.
Many of these properties are or become almost works of art, so you need to learn to see them from the tenant’s viewpoint. Think about the opportunities you have to improve and maintain these beautiful homes, and you will be well on your way.
Deliver the Experience
As a luxury property manager, know that the appeal of these homes is lifestyle-driven. The best way to manage them is to understand the home and the tenants and learn to deliver an experience that goes above and beyond.
The service that you provide is essential and can make or break your company. Make sure that you deal with requests and queries as soon as possible and in person if possible. Clients like to know that you are involved and are overseeing things as the manager or the company. At this level, perfection is expected, and you want to know that you are going the extra mile for them.
It’s the Little Things
Luxury property management is not the industry to miss the little things. Always pay attention to details, be it the furnishings and the amenities available to having fresh towels and linens daily. Never claim anything is “not your job” – always aim not only to satisfy but impress and surprise your customers with your exceptional service. This is a great way to quietly build a good management reputation in luxury properties and apartments by word of mouth.
Learn what your customer need and want, and offer it to them without being asked. It is also a great selling point if you can be flexible in your services, as no one customer’s need is the same.
The appeal of luxury properties is that they offer a higher standard of living. Luxury property care is critical to this image, and there should always be extra offered and of the highest quality. Especially if you are involved with luxury apartments, a few of these services that offer an exceptional experience are
- Room service and luxury robes and slippers
- Heated pools, fitness centres or gyms with complimentary passes
- Fast internet, cable TV, and streaming options
- Flexible check-in hours and welcome baskets
- Concierge services
Many of the tenants you will have as a luxury property manager have spent a lot of their time in hotels and will be expecting a similar treatment in your accommodation, especially if they are short-term tenants. Make sure that you offer and maintain quality from start to finish, and you will find that tenants stay longer or return often.
Luxury Property Care
The maintenance of your properties also goes a long way to this image. Well-maintained gardens and well-cared-for buildings offer the air of sophistication, which is critical to the pricing points of luxury property. It is often beneficial to use third-party managers and invest in a well-vetted team of professionals when it comes to maintenance.
It is better to leave the jobs to those who know them best, and you can still stay involved and visible from the sidelines. It is another way to offer the best possible services to those who do the best.
Communication Is Key
All the top luxury property management companies understand the importance of communication. Staying in frequent contact with your tenants will make them feel more comfortable and is a great selling point. It may seem like such a simple thing, but no one likes to feel that they do not know what is going on and are out of the loop!
We all dream of living in the lap of luxury. The second best to living the dream is being able to make these dreams a reality. In luxury property management, you can use your extensive skills and expertise to make this happen.
Build an exceptional reputation for your company by always going the extra mile, paying attention to detail, and being fluid in what you offer. Being able to overdeliver rather than over-promise is a rare thing, and it is something to aim for!
If you are looking for a luxury property or someone to manage your current property, contact us today and speak to one of our friendly professionals about what your next step should be.