Acquiring a luxury property requires time, effort, and a significant monetary investment. Coming across a property with character, history, aesthetic appeal, and the structural strength in an ideal location may not be as simple since they’re not as commonly built as other properties. Moreover, properties with a massive potential for returns attract interest from many buyers, making the competition more stringent than purchasing other properties. Finally, because of their intrinsic and extrinsic value, luxury properties are sold at premium prices that may vary depending on the square footage, design, location, and amenities that come with them.
Considering their value, owners need to manage their luxury properties accordingly to make the most of their investment. To do so, they’ll need to regularly clean and maintain the family home, villa, condominium unit, or townhouse. Then, they’ll have to explore ways to earn an income from the property, such as renting it out to long-term tenants, transforming it into a vacation rental, and other options. After deciding on one, the owner will have to plan how to manage the business to make it a steady source of income.
You can consider the quick guide below if you’re looking for ways to manage your luxury property.
1. Hire A Professional Property Management Company
Do you have a luxury property that you want to repurpose as a vacation rental? Then, the requirements of managing a vacation rental may have crossed your mind. Turning your property into a rental may seem daunting for owners new to leasing since it entails various tasks, such as placing advertisements, preparing the rooms, entertaining guests, and the like.
For this purpose, you can consider acquiring professional services for property management for vacation rentals. Companies that provide these services offer administrative support, cleaning and maintenance, marketing, and accounting aid. With these services, you won’t have to worry about taking care of your property and acquiring business for your rental, as the service provider will handle the work for you. Aside from this, you’re likely to earn more income from your property since experts will manage it.
By hiring management services from a third-party provider, you’ll be able to earn from your property without having to dedicate time and effort to its management and other related work. Moreover, you can ensure that guests will provide excellent feedback after their stay on your property, as experienced managers and servers assist them.
2. Select The Kind Of Experience Your Property Has To Offer
Luxury properties have an intrinsic value that allows tenants or renters to experience a unique lifestyle during their stay. This value is defined by the property’s amenities, the sense of comfort that renters can enjoy, and the place’s visual appeal and ambiance. These factors combined give the property the distinctive character that sets it apart from others, and you can use it to create the kind of experience you want your customers to have.
Suppose your property is a luxury apartment at the heart of the business district. During the guest’s stay, they will have access to an exquisitely designed swimming pool, gym, sauna, spa, garden, and the services they may require while using these amenities. Then, it may be a wise marketing strategy to advertise and brand your apartment as a luxurious city rental home ideal for business travelers who want an upscale ambiance and exclusive access to resort-like amenities.
By doing so, you’re giving potential clients an idea of the experience they’ll have while staying on your property. Furthermore, a detailed description of your rental offers can help you justify your price point and set customer expectations accordingly.
3. Invest On Aesthetic Quality
The aesthetic quality of your property will significantly influence its ambiance, comfortability, and character. Additionally, most of the luxurious appeal comes from the home’s design, starting with its build and structure, floor space and ceiling height, color and texture, furnishings, décor, and lighting display. Since the visual appeal of your property can determine its value in the rental market, putting your investment towards its improvement is a sound decision.
Here are some ways you can boost the luxurious appeal of your property:
- Take inspiration from high-end hotels regarding color palettes, lighting, and décor. Doing so will help you recreate the deluxe ambiance that will make your property more attractive.
- Optimize floor space and lighting. Spaciousness and brightness are associated with clean, well-maintained affluent homes, and it’s a great way to create the illusion of square footage.
- Include precious vintage pieces in your décor to add to the upscale ambiance.
- Incorporate greenery by using fresh flowers and natural plants to decorate rooms.
- Choose big, eye-catching art pieces to adorn your walls.
- Maintain cleanliness and organization.
- Keep the place well-ventilated and improve air quality using natural scents and fragrances.
While using lavish décor and furnishings can help make your property look and feel expensive, you can also opt for low to medium-priced items provided that you select good quality. Also, balance is critical in creating a luxurious, upscale environment. Hence, you’ll need to keep the embellishments at a minimum to ensure they’re not too loud or overpowering.
4. Offer Luxurious Comfort
Aside from aesthetic appeal, you’ll also need to invest in improving the standard of comfort in your posh property. Doing so will greatly enhance the customer’s experience during their stay and can significantly improve your chances of having repeat business or receiving rave reviews. For these reasons, you’re more likely to receive a return for your investment faster and at better rates.
To boost the level of comfort in your upscale home, you can consider the following tips:
- Design a welcoming exterior to help guests feel more at home at the beginning of their stay.
- Add images and décor that boost comforts, such as photographs or paintings of nature, plants, and animals.
- Consider adding a lighting design for the property’s exterior and interior. Doing so will ensure that the area is well-illuminated, which improves comfort levels quickly.
- Ensure that the temperature-regulating systems are in optimal condition.
- Invest in quality pillows, bedding, rugs, and carpets. They add a soft texture to the ambiance, making the area more comfortable.
- When choosing a color theme, pick one that has a muted and neutral undertone. This color theme is known to have a soothing, calming effect which is ideal for relaxation.
To make it easier for guests to relax in the bedroom, you can consider removing appliances or gadgets that emit blue light, such as a TV screen or computer monitor. You can also adjust the lighting to make the room look dimmer and cozier.
5. Allocate Time And Resources For Upkeep
To maintain the quality of your property, you’ll need to anticipate maintenance and repair costs and allocate resources accordingly. Doing so will help you keep your property clean, fully functional, and free of damage. On top of this, you’ll also avoid expensive repair costs that may happen when maintenance is neglected. Hence, you may need to dedicate a budget to cover cleaning and repair costs.
Home maintenance may require a set schedule wherein the area will be vacant. To accommodate this schedule, you’ll need to allow sufficient time for cleaning and repairs to complete before accepting guests or using the property for other purposes.
6. Consider A Tech Upgrade
To optimize your high-value property’s opulent feel and atmosphere, you can consider upgrading your home technology, appliances, and gadgets. Here are some ways you can incorporate a tech upgrade into your home.
- Install a floor heating system to improve temperature regulation in your home.
- Invest in innovative home technology that will allow you and your guests to operate home equipment more efficiently.
- Add devices that boost your home security, such as cameras and smart locks.
- Purchase state-of-the-art appliances for your kitchen, living area, home gym, bathroom, and other spaces.
- Upgrade your Internet speed and Wi-Fi access
- Boost your home safety by installing a smart thermostat, smoke detectors, sprinklers, or burglar alarms.
A tech upgrade can quickly boost your property value and its visual appeal and functionality. Hence, it might be worth considering updating your home systems and appliances.
7. Exercise Caution When Accommodating Guests
While it’s ideal to have many guests interested in staying in your rental property, you may need to be more selective when accommodating clients. Some guests may extend more courtesy than others, and selecting those who will use amenities, furnishings, and appliances with care is essential. Moreover, you’ll need to ensure that the guests know their part in taking care of the property during their stay. To do so, create a clear set of house rules and contract agreements that the guests are bound to adhere to. This way, you’ll be able to protect your property from misuse or damage and set proper expectations with your clients before they’re accommodated on the premises.
Managing a luxury property requires dedication, an eye for detail, adherence to quality service standards, and expertise in the real estate business. Apart from these, you’ll also need to be creative and willing to take risks to keep your competitive edge. Finally, you’ll have to be knowledgeable and updated about the latest trends and explore opportunities that will help you optimize your property investments while maintaining their quality. To accomplish these things, you’ll need the assistance of property management experts who can help you make the most out of your luxury property.
Information sourced by the author for luxuryactivist.com. All content is copyrighted with no reproduction rights available. Images are for illustration purposes only.