Luxury Property Care provides full-service management for ‘high net worth’ properties. A luxury property care team ensures to keep your property in perfect condition. The team also guarantees you always arrive at a fresh, clean home where everything is in good condition, even to the tiniest detail.
A good luxury property care company will consider every aspect of your home, including rent collection, tenant screening, property marketing, property maintenance, and much more.
Apart from managing your high-end real estate, a luxury property care company should also be able to provide valuable insights into the industry and market trends.
What are the Luxury Property Care Services?
A luxury property care company will provide you with a range of services, including:
- Property marketing: A team of experts will take care of your home and ensure it is represented online, in print media, and on the market.
- Rent collection: The company will collect monthly rent from tenants. It includes full tenant screening as well as drafting contracts for you.
- Permits and licenses: As local government rules and regulations also govern real estate management, the company will take care of all necessary permits and licenses for you.
- Property maintenance: A property manager will maintain your home as if it were their own. The company will fix anything broken, replace old appliances, and take care of all maintenance issues.
- Tenant relations: A luxury property care team will see that your tenants are happy with the rental contract terms, including rent payment schedule, pets on the property, utility costs, etc.
- Tenant screening: The team will conduct a full tenant background check to make sure you only get high-quality tenants.
- Emergency repairs: Since emergencies do happen, the company will be there for you in times of need. They will take care of anything from fixing weather-related damages to bringing over a locksmith.
- Renewals of lease: When the lease expires, a luxury property care company will work on renewing your home rental with existing tenants. It reduces the chance your home becomes vacant.
What are Luxury Property Care Management Services?
A luxury property care management service is a full-service management solution for luxury properties that provides a range of services, including:
Property marketing: The luxury property care company will ensure your home is marketed online, in print media, and to potential tenants. However, there’s a difference between property marketing for luxury property care services and property marketing for luxury property care management services.
While both marketing services would optimize your property’s appeal to tenants, a luxury property care service will work on getting you the best value from the market. However, a luxury property management service aims at maximizing rental returns by optimizing tenant turnover and minimizing vacancies.
Vacation rentals: A company can help you rent out your home as a vacation rental. It is beneficial for those with homes in popular holiday destinations, such as Cape Cod or Florida.
Thorough tenant screening: The luxury property management company will conduct a full tenant background check and provide you with reliable reference checks for each interested party.
Rent collection: Luxury property management services guarantee you receive complete rent collection on time, allowing you to spend more on vacations or manage your work-life balance better.
Preventive Maintenance: The company will schedule, coordinate and conduct regular inspections of your home. As a result, you will have the peace of mind that everything is taken care of and your home is in top condition.
Tenant Retention: Luxury property care management services will work closely with you to find a suitable tenants and keep them around for the duration of their stay. It will significantly reduce the chances of your home being vacant or having to pay for an expensive short-term lease.
Lease Renewal: For the inconvenience of dealing with that, a luxury property management company will help you find and negotiate terms with a new tenant for your home lease renewal.
What Types of Houses are Being Taken Care of?
Luxury Property Care offers property management for all types of luxury properties, including:
- Villa: Apartments in high-rises to luxurious country homes, villas are luxury rentals.
- Condo: Luxury condos for sale or rent
- Mansion: A luxurious house, manor, or large home
- Single-family homes: A luxury house with a single family
- Apartments: Luxury apartments for sale or rent
- Townhouse: A luxury home with several stories
- Commercial buildings: Office buildings and commercial establishments
- Offices: Luxury business offices for lease or sale
- Hotels: Hotels, resorts, and other types of holiday accommodation
What are Real Estate Management Services?
Real Estate Management Services is a broad term that covers any rent collection, leasing, and upkeep for business owners. They typically work with commercial properties, although they can handle residential homes as well. A luxury property management company usually takes over the entire day-to-day operation, including budgeting, maintenance, taxes, etc.
Real estate management services manage real estate and residential properties, while luxury property care management services focus on luxury homes and high-end markets.
Luxury home management services are similar to real estate management services, except there is a heightened focus on providing the best experience for tenants. Luxury homeowners are more demanding than your average homeowner, so it’s essential to have a management service to understand their needs.
Do Luxury Property Managers Make Good Money?
Yes. Luxury property care managers make good money since they usually earn a salary, plus a commission for the homes they work on. A manager can earn an average of $39,102 to $57,894 per year. If they are good at what they do and work hard, they can make more than that.
Luxury property managers sometimes receive $773 to $10,000 commission. It helps managers earn more money and incentivizes them to work harder. Many managers receive bonuses as well, such as a holiday bonus or year-end bonus. It ranges from $498 to $10,000. Also, managers sometimes receive a percentage of the profits from their managed properties, which usually ranges from $502 to $6,000.
What are the Duties of a Luxury Property Manager?
A luxury property care manager’s duties include:
- Collecting rent: The property manager will collect rent from tenants every month. They will review contracts and work with everyone involved to make sure they collect all rent on time.
- Tenant relations: A luxury property care manager will see that your tenants are happy with the rental contract terms, including rent payment schedule, pets on the property, utility costs, etc.
- Maintain the property: The property manager will maintain a safe and clean environment for your tenants. It includes getting rid of any pests, taking care of the lawn, fixing anything broken, etc.
- Handle bills: When it comes to utility bills, the property manager will handle everything. It includes getting detailed information on each bill so they can accurately calculate who owes what.
- Manage legal issues: When there is a lawsuit at hand, the luxury care manager will work with all parties involved to reach an amicable solution. They are good at communication and reaching out to all parties involved to help resolve problems.
- Negotiate contracts: When it comes to negotiating a contract, the property manager is an excellent negotiator. They know how to read between the lines and review every aspect of the agreement before signing it.
The roles aim to provide luxury property care management services for businesses, organizations, etc., to have continued uninterrupted high-quality service they are used to.
What is a Luxury Property Manager’s Most Important Duty?
The most important duty of a luxury property care manager is to maintain the level of satisfaction for your tenants. It means keeping the property clean, maintaining the appropriate amenities, and providing high-quality customer service if there are any complaints.
Keeping tenants satisfied means they will remain on the same property as possible and may even recommend the luxury home to others. It ensures that your business remains successful.
Is a Landlord the Same as a Luxury Property Manager?
No, although people can use them interchangeably. A landlord runs a rental property while luxury property care managers take care of the high-end vacant homes. It includes collecting rents on time, leasing to new tenants if necessary, and ensuring that everything is running smoothly with the current tenants.
A landlord is typically responsible for any necessary maintenance on the property. However, luxury property managers will still do light maintenance in the event of an emergency.
People should separate these two identities because luxury homes need an exceptional level of care compared to the simple rental properties that a landlord manages. Luxury property care managers are held to a higher standard because they handle high-end properties. They must ensure that the tenants are happy and keep any legal problems out of the headlines.
How Much Does a Property Manager Make Percentage?
The percentage of profit that a luxury property manager earns from every project may vary depending on the management company. Some companies will charge a flat fee for their services, while others take a percentage from the rent amount.
More commonly, a property manager will collect a percentage of the monthly rent as a management fee. The rate collected will vary but is traditionally between 8% and 12% of the gross monthly rent. Managers will often charge a lower percentage, between 4% and 7%, for properties with ten units or more or commercial properties and a higher rate, 10% or more, for smaller or residential properties.
A 5% fee for a property with $50,000 in monthly rent would be $2500, while a 5% fee for a property with $2,000 in monthly rent would only be $100, which would not even be worth the cost of business for the management company. A 10% fee for the property with $50,000 in monthly rent would be $5,000.
As the percentage increases for higher-end property management, so do the services. Luxury homes with multiple amenities are more expensive, which means that the percentage fee is higher.