“Not all properties are created the same”, Forbes Real Estate Council. Consequently, property management styles vary in countless ways. Residential, commercial, and industrial properties all require a different approach and management technique. The same is true of luxury properties.
Luxury properties require red carpet treatment. Owners of luxury properties often view their property as a true work of art, an asset that symbolizes their dedication to arduous work, a reflection of their investment portfolio. Luxury carries a high price therefore owners carry stock in their management.
Managing luxury properties is not just about maintaining but about improving the value of the asset, crafting the piece of art. This requires deep understanding of the owner's value, taste, and vision. Luxury property management requires adapting the mind to see and be able to create the vision of the owner in terms of tenant placement, renovation ambitions, and maintenance standards. When managing luxury properties, we always remember these five things.
It is about the experience. Luxury real estate screams lifestyle. Being able to create a unique and exceptional experience for both the owners and tenants is key to success in the luxury property management market.
Details, details, details. In luxury real estate the magic lies in the little touches, it is more than location and amenities. Being able to recognize and cultivate appreciation for the value of the property's small characteristics is one of the biggest differentiation factors of managing luxury real estate.
Know the property. Teach the property. Understanding the ins and outs of all the complex systems incorporated with a property is critical. From maintenance to leasing - knowing all the details about how every component works is crucial when it comes to upkeep and tenant placement. The ability to transfer the property value to the tenant requires being able to manage and convey unique features and complex systems.
Distinguishable service. The number one priority of luxury property management is quality service - a result of intellectual effort and care coupled with superlative managers, maintenance, and technical support.
Bona fide communication. Luxury real estate investors and tenants expect and pay for luxury – luxury property, service, and communication. Managing this type of estate requires the ability to anticipate, plan and communicate owner, tenant, and property needs to the proper entities.
Luxury property management is managing to perfection - it requires foresight, strategy, and intuition. Our team of luxury property managers at Landseer Management provides expert management strategies and premier results. For more information about luxury property management services in Santa Fe, Taos, Los Alamos, or White Rock call our Long-Term Operations Manager, Tanya Kil at 505.795.7923. Your luxury real estate investment is our asset management priority.