Luxury properties need to be treated better. Not only are they hard to come by, but they’re also not that easy to buy. Luxury properties have premium prices that make them hard to obtain, even for experienced investors, especially if the property is in a prime location. What’s more, luxury properties come with more competition, so if you find a property that you want, you can expect to fight for it against other – and more experienced – property owners.
Considering how challenging it is to get a luxury property, it’s only appropriate to expertly run it. And while this type of real estate tends to retain its value, it’s only through property management that you can make the most out of your real estate investment.
The problem is that luxury real estate tends to be more taxing. Footage-wise, there’s simply more to manage. Plus, luxury properties are commonly made of premium materials that need expert care. Because of this, you may have a hard time managing your luxury property (particularly if you own multiple mansions).
The good news is that mansion management can be learned. Below, we’ve put together a few tips on managing a mansion investment to provide your tenants with the top services, improve your property’s value, and more.
1. Pay Attention to the Aesthetics
What comes to mind when you think about luxury properties? You probably think of premium materials, top-of-the-line features, stainless steel appliances, floor-to-ceiling windows, and more. Rather than a “regular” property, you’ll likely think of a piece of real estate in Architectural Digest. That said, remember that your potential tenants expect to be in a place that’s all about the aesthetics. Bear in mind that they wanted to rent your property because you said it was a luxury property, so be sure to meet their expectations.
Consider certain property improvements, such as converting it into an open floor plan, covering the walls with eye-catching art, and decorating with upscale decor. You can take inspiration from deluxe resorts in terms of color schemes, decor, etc. But as a rule of thumb, you must make your property look expensive.
2. Offer Luxurious Amenities
When deciding what to add to your rental property, consider what your tenants wouldn’t find at a typical rental. Whether a fancy fireplace or a fire pit, it’s crucial to include a couple of “add-ons” to your property. This will allow you to prove to your tenants that your property truly is a luxury. That’s also one way to guarantee that your tenants feel that they’re getting their money’s worth.
Remember that tenants expect you to surpass their expectations. If all they wanted was a three-bedroom rental, they could’ve simply rented any old home. When people rent with you, always keep in mind that they’re looking forward to that one-of-a-kind, deluxe experience.
Here are more amenities you can consider:
- Toiletries from brands such as Le Labo and L’Occitane
- Fully stocked fridge with the tenant’s preferred food options (you can call them ahead to ask if they have certain dietary restrictions)
- Fresh flowers in the entryway
- Pillows (softness is according to the tenants’ preferences)
- …and many more
3. Provide Luxury Services
If you’ve converted your property into a short-term rental, you may want to consider providing certain services that will elevate your tenants’ experience. One way to do this is by simply being there for your tenants in case they need someone to meet them at the airport, shop for groceries, and so on. You can get a concierge who will wait for your tenant, hand and foot, all day.
You could also enlist the services of a chef so that your tenants can taste the local cuisine. Or if your property has outdoor features such as a pool or tennis court, you could ask your tenants if they want one-on-one lessons with a professional coach.
Ultimately, your goal is to get everything ready. By anticipating your tenants’ wants, you’ll be able to give them a memorable experience that exceeds expectations.
4. Make Time For Property Maintenance
Since you’ll be renting to a specific type of tenant (one that has incredibly high expectations), you’ll want to maintain the property’s condition at all times. Nothing should be out of place, and there shouldn’t be a speck of dust anywhere. In other words, it should be flawless.
To do that, you and your mansion management team will have to stay on top of your routine maintenance to-dos. It’s essential to check the property regularly and to conduct daily cleaning, particularly in areas that tend to get dirty like the kitchen. If possible, partner with a South Florida company that can be on-site to stay on top of your maintenance checklist.
Also, note that your tenants may report an issue with the property at any time. They shouldn’t have to wait a day for you to conduct repairs. It can be helpful to have a team that can oversee the necessary repair works.
5. Partner With a Luxury Property Management Company
Luxury property management is in a league of its own. With that said, standard property management may not be up to par with the day-to-day demands of your property. That’s precisely why you need to partner with a property management firm that specializes in upscale properties such as mansions.
These professionals have been in the business for a long time, meaning they’re experts when it comes to luxury property management. They can anticipate what your tenants want, and they understand what your property needs in order to stand out.
Luxury Property Management Services in South Florida
For property management services that are designed for premier pieces of real estate, count on the experts at Luxury Property Care. We help South Florida real estate investors manage their luxury rentals, whether for the long-term or short-term. From tenant relations to maintenance, our role is to provide your tenants with superior services that truly make their stay worthwhile.