Luxury rentals are a subset of the overall rental market which are oftentimes exclusive to high end neighborhoods such as Belmont Shore or Naples. Although in order to manage luxury rentals you should consider that they require more investment to maintain their status.
A full service property management company should be able to provide the necessary resources to aid you in properly managing your luxury rental.
Below are five elements a
full service property management company can provide to maintain an edge against this competitive market.
Luxury rentals require far more attention than a typical rental. A full service property management company needs to be able to provide premium services to their tenants. This means offering personalized services that can include deliveries and package handling, setting up reservations, and help with event planning.
It's crucial to be available around-the-clock for the tenants needs and in case of emergencies. Having excellent communication is incredibly important for any landlord or investor, however with luxury rentals communication is even more important. As it is expected to receive premium services when paying a premium for the rental. Professional and prompt communication is necessary to ensure tenant satisfaction for your luxury rental.
Luxury rentals need to be maintained to a higher standard. This means that the property managers should provide frequent and detailed inspections, as well as provide and maintain high standards of quality.
Not only should repair requests be logged efficiently, there should also be little to no downtime between the request and the repair. The exterior of the rental should also have a premium aesthetic and presentation. It should be kept in pristine condition, using professional landscaping and features can help achieve these results.
Luxury rentals need to maintain a premium feel. This may require updating the core systems, such as HVAC, electrical, and plumbing, to modern standards. Additional features such as high speed wireless internet, and smart home systems should be monitored so as to not fall behind the rapidly evolving technology.
To attract legitimate inquiries for your luxury rental, it's key to use marketing channels that specialize in luxury rentals to ensure only legitimate inquiries are done for your luxury rental. In order to stand out from the competition, listings should use high-quality photos, as well as videos displaying the rental property inside and out. Professional photos of the interior along with drone footage of the rental from the outside has shown positive results.
A full service property management company should offer private showings and virtual tours focusing on every detail of the luxury rental to prospective tenants.
California has many laws set to protect tenants over landlords and investors. A full service property management company should have adequate resources and experience in local laws to protect your assets from many of the more obscure tenant laws. Like with most rentals, dealing with the uncooperative tenants can be stressful and expensive. However for luxury rental the risk is greater due to the original investment. Many legal issues can significantly impact your bottom line, therefore it's essential to have a property management company capable of protecting you and your investment.
Luxury rentals need to go above and beyond for their tenants. This means providing amenities for tenants, their guests, and their pets. These amenities may include pet friendly common areas, a game room, fitness center, and spa just to name a few. Within the unit some luxury amenities should include the aforementioned smart home systems, heated floors and high speed internet.
Luxury rentals seem difficult to manage because of the financial and time investment needed. Although a full service property manager can help relieve some of the stress that comes with managing a luxury rental. If you're interested in managing your luxury rental or need help managing your other Beach City rental properties. In that case, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
