London is home to some of the best luxury properties in the world, and if you’re interested in luxury property investment in the capital, then a good property management service is going to be beneficial. These days, luxury rental properties have become a popular investment for real estate investors, particularly in locations like London where there is a high demand.
Luxury properties can generate a good passive income. However, to manage your property successfully, ensure that tenants are satisfied, and maximise your profits, it is a good idea to work with a reputable luxury property manager.
With the help of experienced and knowledgeable property managers, you can ensure that your property is bringing in as much revenue as possible. However, with different property management firms on the market, it can sometimes be a challenge to choose the best option for your needs. Keep reading for some tips on what to look out for when choosing the best luxury property management company for you in London.
What to Look for in a London Luxury Property Management Company
When looking for the London management company you need to manage your luxury property, like most property owners, you are likely searching to get the best value for your investment. The best way to do this is to hire a reputable and trustworthy luxury property management company that you know you are going to be able to rely on. You can count on them to make sure that your property is well taken care of, quality tenants are found and moved in, and that maintenance is done regularly to keep the property in good condition.
Some of the main things to look out for when you are choosing luxury building property management include:
Property Condition
Before you choose the right luxury property management firm for you, it’s a good idea to spend some time visiting several properties that they are managing. This will help you get a better idea of how they are likely to handle your property should you choose to work with them in the future. It is no secret that tenants prefer to live in a property that is well-kept, especially if they are paying a lot each month to rent a luxury property in London. Because of this, it’s important to look out for a management company that takes maintenance of the property and cleanliness seriously. This will help you be in with a better chance of attracting high-quality tenants and retaining them for a long time.
When visiting properties that are managed by the management company that you have in mind, keep your eye out for anything that is undesirable such as bad landscaping around the property, debris, and rubbish on the grounds, or unattended repairs like leaks or broken lights. It is also a good idea to speak to the tenants if you can and ask some questions such as how their complaints are addressed by the property manager, how long the property manager generally takes to respond, and whether or not they are satisfied with the service. The information that you gather will put you in a better position to make an informed decision about a property management firm that meets your needs.
Flexible Contracts
A good property management London company should offer flexible contracts. Most will offer a one year contract to start with, giving you the chance to change the terms or cease the agreement if you are not happy with the service or do not get the desired results. It’s a good idea to look for a luxury property management company that gives you the option to end the contract if you are not happy with the services that you get. Not only does this mean that you reduce your risk of being tied into a contract that you do not want, but firms that give you an option to leave at any time will also often work harder to gain your trust and satisfaction.
Property Manager Experience
It’s important to understand that while there are lots of great property management firms out there, not all property managers are going to have a good understanding of the luxury housing market, or the knowledge that is necessary to handle your luxury property. Because of this, it’s a good idea to not only go with a firm that specialises in managing luxury properties, like UpperKey, but also interview and research the company and the property managers before you decide whether or not to hire them.
Getting to know the company a little bit better before you decide if it is the right one for you will make it easier for you to determine whether or not they are right for the job. Speak to property managers about their experience, any qualifications that they have, the services that they offer, and how many properties they are currently managing. Learning about their case load is a wise idea as this will help you get a better idea of the amount of time that they have to commit to your property.
Management Fees
It’s important to only go with a luxury property management firm that provides complete transparency when it comes to the management fees that they charge. Some companies will have unexpected and hidden costs, which can eat into your profits and leave your investment less worthwhile. Because of this, it’s important to ask about all the fees and costs that you will be charged before you decide if this company is the right option for you. Any good luxury property management company will be upfront and honest about all the fees that you can expect to pay for different services or in different circumstances.
Marketing Strategies
Another main factor to consider before you choose a luxury property management company in London is the marketing strategies that they use. If you want to make sure that you are getting the best return on your investment in a luxury property in London, then you are going to need a good marketing approach. Since when you hire a property management firm, they are going to be responsible for advertising and marketing the property to prospective tenants, it’s important to find out more about the processes that they use before you choose the best property management company for you.
A good company like UpperKey, an Airbnb management service in London, will use major listing sites to promote your property, along with working with professionals to create appealing marketing content in the form of copy, photos, and videos. A solid marketing approach will make it much easier for you to reach out to potential tenants and increases the potential income that you can make from the property. It’s a good idea to avoid working with a property management company that only uses its own website or local listings to market properties, as this could mean that you’re not getting the reach your property deserves.
What to Expect From Your Luxury Property Manager
Knowing what to expect from a luxury property management service is key to choosing the right company for your needs. Since managing a luxury property is often very different to managing a regular property, there are some key things that you should expect.
Range of Services: A luxury property manager should offer a wide range of services to both landlords and tenants. As the landlord, you should expect a minimum of rent payment collections, dealing with legal issues and evictions, dealing with any tenant issues and complaints, property inspections, repairs and maintenance, security, and emergency response.
Tenant Experience: In the luxury property industry, tenants do expect to get more from their homes, especially as they will often be paying a premium to live there. Because of this, it is important to choose a luxury property management company that prioritises the tenant experience. Whether this involves providing a concierge service for luxury apartments, a 24-hour helpline for tenants, or other perks that come with a luxury home, keeping your tenants satisfied should be the main aim.
Questions to Ask Your Luxury Property Manager
Before you go ahead and choose a luxury property manager for your London property, it’s worth asking several questions to get a better idea of who they are and the services that they provide. Some of the main questions to make sure that you have the answer to before you make the final decision on which firm to choose include:
Qualifications: When you own an expensive, luxury property, you may find that hiring somebody to manage it that has relevant industry qualifications and certifications will give you more peace of mind. A good property manager will usually be transparent about their education and any relevant qualifications that they hold that enable them to offer a great service. Ask if they specialize in the management of Airbnb properties in London.
Experience: Luxury property landlords usually feel more at ease when they know that their property is being managed by somebody who has extensive experience in the industry. Ask about the properties that they have managed in the past, the properties that they are currently managing, and about any properties like yours that they have experience with.
Maintenance: How your luxury home is maintained is very important. Failing to properly maintain the building and keep it in good repair can lead to a devastating drop in value for luxury properties, so it’s important to get a clear answer to how maintenance is done and how often you can expect the property to be maintained including repairs, cleaning, decorating and other essential jobs.
The luxury property market in London is booming. If you want to get into this kind of investment, then keep these tips in mind when choosing the ideal luxury property manager for you.