Managing a property comes with many benefits but also great challenges. For those looking to manage a luxury property, it can mean an even great profit but high stakes. In order to successfully manage a luxury property, follow these tips and rules:
Details Are Everything
When it comes to luxury properties, the renters are paying for the details. This goes far beyond location and amenities. Property managers and investors must focus on staying up-to-date on tech and rental trends. With luxury, they are expecting the best of the best which means skimping on the details will be noticeable and bring down the value of the property.
Create an Experience
The property must, above all, reflect luxury. Renters and tenants are not paying for the property itself, but for the lifestyle that it emulates. In order to appeal to your tenants, it’s important to create the experience of the home and then exceeding their expectations.
Beyond the property itself, the manager has to offer a luxury experience. This means prioritizing communication between you and the renters. It’s important to be readily available to them to answer any questions, comments, or concerns. Offer amenities such as high-quality customer service, bringing groceries up to their unit, a valet service, or whatever can enhance their stay.
Keep It Neat and Clean
Besides cleaning the units from tenant to tenant, it’s also imperative to keep the property as clean as possible. Keep up with the garden, snow removal, gutter repair, window cleaning, and anything else that will ensure the property keeps its luxury value.