Hiring the best and property management, especially for luxury or high-end properties does take a little bit of finesse and research. Not every property manager handles high-end properties they need a little bit more care, a lot more focus, and most owners are a lot more discerning when it comes to the tenants. This is not your average multi-family condominium or apartment complex. These are high-end luxury properties that need the right tenant while following equal housing laws and certain discriminatory rights.
If you’re currently looking for a luxury property manager for your Hollywood Hills home, Beverly Hills, Belleair, or anywhere throughout the luxury Los Angeles real estate market, here are five things to expect in the luxury property manager.
#1. Expert communication.
Communication is essential when it comes to property management and any type of real estate transaction. My job as your property manager is to make sure everything runs smoothly and that also requires everyone involved in the building or those involved with the property to understand one another.
Conflict typically is a result of a misunderstanding, often precipitated by a lack or breakdown in communication. Like a good foreign diplomat, a luxury property manager needs to be able to see other people’s perspectives, truly understand what they are saying, and have a solution based mindset. I want to make sure that I understand all of your needs and balance the views of multiple interested parties.
#2. An understanding of the luxury market.
Knowledge is power but experience is even more important. It’s important to understand what kind of properties your manager is handling, how many there handling, if they are licensed and qualified to handle property management, what the screening processes is like, and what type of rental management tools are used.
Understanding the luxury market means not just letting anyone enter the property but only those that are well-qualified. The luxury market is quite different than the general market and it must be handled as such. Because I work specifically with properties $2 million and over, specifically $10 million and over, I have a deep understanding of not only the real estate market but the property management market as well. Luxury leasing is a different animal altogether and understanding the process as well as the market is essential in finding a good luxury property manager.
#3. Proactive instead of reactive.
Handling and diffusing issues before they become an issue is the key to finding a luxury property manager. Is your property management teen reactive to issues with tenants, property issues or communication or are they proactive. Only the most experienced and successful luxury management companies have the wherewithal to be proactive. This includes understanding regular property inspection schedules, timely maintenance reports, cleaning records and the relationship with local contractors and service companies.
#4. Proper reporting.
It’s important to ask your luxury property manager about reports. Ask about annual financial statements and how to understand certain reports. Can you explain everything that goes into the property, the amount of rent collected, emergency repairs, cleaning reports, and so forth. Ask if your property manager can provide a sample report so that you understand how the reporting can suit your preferences and make adjustments as necessary.
#5. Response time.
Response time is crucial whether you are responding to the tenant, the owner, or service personnel. Real estate investments are your largest asset. Answering questions or concerns about the property, responding within 24 hours or less, and responding to tenants and service professionals is key. Taking days or weeks to respond is simply bad business.
If you’re looking to rent your luxury Los Angeles home and need a qualified luxury property manager, contact Pezzini Real Estate at any time. This is my specialty. Whether it’s a $1 million home or a $20 million home, your needs, concerns, and goals are my top priority.
Contact me below for more information on luxury lease options in LA or to list your home as a luxury lease.
Mobile818 445 9557
Office310 275 2076
More Resources for Home Sellers:
- How to Sell an LA Home
- How COVID Has Affected the Hollywood Hills Real Estate Market
- Top 5 Qualities you Want in a Luxury Real Estate Agent
- Do you need to stage a luxury home?
- Leasing a Luxury Home in Malibu
- 5 Tips for Luxury Lease Home Marketing