Not all properties are created the same. Different classes of properties have different methods of dealing with and caring for them. Property managers need to be aware of what the needs of each type of property are. These aren’t merely based on the value of the property, but also on what potential clients will expect.
Luxury properties, for example, carry a high price for rental and ownership. That price is reflected in how a property manager should maintain that asset. Here, 11 members of Forbes Real Estate Council share their best tips on how property managers should deal with luxury holdings to keep residents satisfied and hopefully turn them into lifelong customers.
1. Deliver An Experience
Luxury properties are lifestyle driven, which means a one-size-fits-all approach may not be effective. It’s about knowing the uniqueness of your clients, understanding the story of the home and then delivering an experience that exceeds expectations. – Michelle Risi, Royal LePage Connect Realty
2. Mind The Details
The biggest mistake I see luxury property investors make is assuming the amenities and the location define the luxury. Don’t skimp on the little touches; those are what truly make a property have a luxurious feel. Keep the tech in the property up to date. Keep the towels and linens new and fresh. Details matter much more at this level. – Blake Plumley, BluWater Capital LLC
3. Provide Luxury Service
The most important thing is service. This is what gives a landlord their good or bad reputation. Any request by the renter has to be answered immediately. There must be a top-notch, vetted team of maintenance crews including plumbers, painters, cleaners, electricians, carpenters and handymen ready to go at any moment. Attention to detail in the décor, furniture, and amenities make a big difference. – Elena Smirnova, Douglas Elliman Real Estate
4. Keep Quality In Mind From Start To Finish
Managing luxury properties is different from residential properties. Take care of the building and assets within. Luxury properties offer tenants a higher standard of living. Include a concierge, room service, heated swimming pool or fitness center. Everything needs to be maintained with quality in mind from start to finish. A happy tenant stays longer and entices others to follow suit. – Bobby Montagne, Walnut Street Finance
5. Understand Guest Expectations
For luxury short-term rentals, remember guests accustomed to luxury hotel stays will have high expectations. Make sure your luxury listings encompass amenities, such as quality robes and slippers, fast Wi-Fi, flexible check-in hours, cable TV, streaming services, a welcome basket, complementary nearby gym passes or in-building fitness center access. – Vered Schwarz, Guesty
6. Offer Top-Notch Communications
Residents in the luxury segment want to get and pay for quality customer service and those services might differ. Perhaps it’s bringing groceries up to their unit or having their car ready for them at a certain time every day. Excellent and frequent communication is essential with luxury residents to better customize services to fit their needs. – Nathaniel Kunes, AppFolio Inc.
7. Never Overpromise, Always Overdeliver
When catering to a luxury guest or luxury property owner, we live by the mantra, “If we promise the moon, we deliver the moon and the stars.” This philosophy and commitment is both expected and appreciated. On our office wall hangs this quote by Bruce Barton, the legendary ad exec and U.S. congressman, “The big rewards come to those who travel the second, undemanded mile.” – Beverly Serral, Beverly Serral Signatures
8. Use Third-Party Property Managers
When you’re talking about managing luxury properties, there are professional property managers out there who specialize in this that you need to defer to. The biggest real estate managers in the world often use third-party property managers. This is the case for both commercial and residential. Find what you do best, stay inside that super power and find experts to really lean on. – Ari Rastegar, Rastegar Property Company
9. Keep Everything In Tip-Top Shape
For luxury rentals, it is even more critical than lower price points that you keep up with the garden, cleaning, snow removal, gutter repair and everything else needed to ensure the property is in tip-top shape. Affluent consumers pay for the best, and the smallest wear and tear will send an unintended message that the property is not cared for with any maintenance slip. – Stephanie Anton, Luxury Portfolio International
10. Serve Without Ego
Don’t be afraid to wear all the hats needed to ensure a successful lease. With luxury rental properties, clients are expecting to walk into perfection. Everything from the phone lines and Wi-Fi to the furniture placement needs to be overseen by you. It may seem beneath your station as a high-end agent, but these properties are seen by the types of people you want to be your clients in the future. – Ari Afshar, Compass
11. Learn How To Manage Complex Systems
Managing luxury estates often means managing complex systems. A good manager will both understand the customized complex systems and maintenance needs of the home. They will also convey to the tenant how to conveniently use these features to their benefit. It’s transference of value; the features of any home are less valuable and less special if the occupant doesn’t know how to use them! – Michael Thomas Chambers, Chambers Theory