Investing in luxury property is one of the best ways to spend your hard-earned money in 2021, giving you an additional home or stream of rental income that will set you up for the future. Viewing and choosing the next place to add to your portfolio is fun, giving your imagination a chance to run wild and dream up all manner of renovation, remodelling and redecorating ideas to truly put your stamp on it and add value both at the same time.
But, longer term, there are some less than exciting things to consider to ensure your property is always kept at its best, with regular maintenance and management essential – especially if you won’t be living in properties yourself and have a large portfolio to deal with.
Luxury property management differs from the management of other residential properties – particularly if you’re investing in vast estates where there are no tenants to tend to them in your absence. Such homes can be of considerable value and be steeped in a rich history you’ll want to maintain, keeping it finely tuned all year round for when you do decide to drop in – but doing so from afar can prove stressful if you don’t opt to hire in the professionals.
Investing in the best
Appointing a property management expert who is experienced in overseeing the plight of luxury abodes will go some way to alleviate the weight of having to do it all yourself, allowing you to think less about leaky ceilings or tricky tenants and more about the things you love doing, leaving you free to enjoy your lavish lifestyle just as you had no doubt always intended.
Rather than looking for a company that will do the bare minimum, opt for one that will go all out to impress – adding touches like placing cut flowers in the hallways of your empty properties for your arrival so that they already feel like home.
Your properties are more than just an investment; they are a representation of your hard work and successes in life, and as such, should be treated as something very precious indeed. The right management company will share your vision – not just seeing them as homes, but as landmarks they have the opportunity not just to maintain, but to improve, too – going above and beyond to deliver the utmost in impeccable service.
If you’re planning to rent out your properties – or are currently doing so already – then having the maintenance and tenant liaison taken care of on your behalf can go a long way to free you of handling the burden yourself. Let’s face it; no-one wants to have to deal with a burst pipe or the renewal of their landlord boiler plan when relaxing on the beach in the Caribbean, and the beauty of having the money to outsource is that you don’t have to.
Before appointing your management company of choice, be sure to do some digging. Before entrusting them with your most prized investments, you’ll want to ensure that they have a proven track record of delivering on quality.
Quiz them about their experience with managing properties like yours, and investigate whether they have the relevant resources to deal with any renovations you may have in mind.
A reputable luxury property management and maintenance company will designate you a single point of contact within their office, so that you’ll always know who to speak to should you require an update. And insist upon dedicated and individualised service you deserve – because your properties are worth it.
The idea of bringing in a property management company is to alleviate you of the responsibility whilst being certain that you are leaving your investments in the best possible hands, so neglecting to do your research at this stage could lead to more headache later on.
The good news is that there are some excellent service providers out there who will be ready and willing to take on the job, leaving you free to get on with your life without fear, worry or stress.