Being the owner of a luxury rental property can be a gratifying experience. Not only do you get to enjoy the fruits of your investment, but you also get to provide people with a lavish and comfortable abode with breathtaking views, five-star amenities, and the best security features.
However, as with any investment, there are some responsibilities that come along with being a landlord, more so when your property is part of the luxury market. To keep all your five-star tenants happy and enjoy a good return on investment, you need to ensure that your high-end rental property is always in excellent condition. Here’s a look at some of the reasons why taking preventive measures to keep your property in tip-top shape is essential.
Why You Should Keep Your Luxury Rental Property in Excellent Conditions
First impressions matter
Deluxe rental property is like a five-star hotel; people expect it to be perfect in every way. From the moment they step through the door, they should feel like they are entering a world of elegance and opulence. If the property is not up to par, it will reflect poorly on you as the owner and may dissuade potential tenants from signing a lease.
So, having a few cosmetic issues here and there is not an option if you want to attract high-paying tenants, as you will have a more challenging time finding and keeping them.
You want to attract high-paying tenants
If you want to rent your property to the most affluent tenants, you need to ensure it meets their standards. These tenants are used to luxury and expect nothing less when looking for a rental property.
So, if your property is not up to their standards, they will simply look elsewhere. Keeping your property in excellent condition can attract the best tenants and maximise your rental income.
Improve your property’s exposure
There’s no better way to market your property than by word-of-mouth. If your tenants are happy with the property’s condition, they are likely to tell their friends and family about it, which can help attract more high-paying tenants. This is one of the most effective forms of marketing because it’s free, and people often trust recommendations from loved ones or people they know.
On the other hand, if your property is not in excellent condition, it will have the opposite effect, as unhappy tenants are likely to spread negative reviews, which can deter potential tenants from renting your property.
Avoid costly repairs
Being proactive with managing your luxury property will help you avoid any costly repairs that may come up down the road. By keeping on top of things and ensuring that your property is well-maintained, you can prevent any major issues that could set you back financially.
This means you won’t wait for things to break down before you take action. Similar to having regular car inspections and maintenance, catching minor problems early on can help you avoid any significant issues in the future and save you a lot of money.
Maintenance improves the value of your property
Another reason to keep your property in excellent condition is that it will help increase its value over time. By regularly maintaining your property and making any necessary repairs or upgrades, you can ensure that it retains or even increases in value. This is important if you ever decide to sell your property, as you will be able to get a higher price for it.
It’s the law
In some cases, it may be required by law to keep your property in good condition. For example, it is the landlord’s responsibility to ensure gas and electrical equipment are properly maintained, and the property is free from health hazards.
Failure to comply with these laws can result in hefty fines, so it’s important to be aware of any regulations that apply to your property.
Better profit margins
In the end, keeping your high-end rental property in excellent condition can help you achieve higher profit margins. By attracting high-paying tenants and avoiding costly repairs, you can maximise your rental income and minimise your expenses. This will allow you to keep more of the profits for yourself and improve your overall ROI.
With this in mind, it’s clear that there are many reasons to keep your luxury rental property in excellent condition. However, knowing what to do and having the expertise or the time to do it can be challenging.
This is where a luxurious rental property management company comes in.
Chambré: The Private Client Property Specialist
Chambré is an experienced private client property specialist that offers bespoke services for luxury rental properties. We know and understand the needs of high-end tenants and can help you keep your property in pristine condition.
We offer a wide range of services, including, but not limited to;
Regular property inspection and maintenance:
We will regularly inspect your property to ensure that it is up to the high standards that luxury tenants expect. We will also carry out any necessary maintenance or repairs to keep your property in excellent condition.
Marketing and advertising:
We will market your property to the right audience and ensure that it gets the exposure it needs.
We will carefully screen and select tenants for your property to ensure they are the right fit. We can also handle rent collection, so you don’t have to worry about it.
This service is designed for property owners who are not in London full-time. We will manage your property in your absence and take care of everything from collecting the mail to dealing with emergencies.
If you’re looking for a private client property specialist that can help you keep your luxury rental property in excellent condition, contact Chambré today. We would be happy to discuss your specific needs and tailor our services to suit you.
- Why is it important to hire a property management company for your luxury rental property?
There are many reasons to partner with a property management company for your luxury rental property. As we mentioned, a property management company can help you keep your property in excellent condition, attract high-paying tenants, and comply with the law. Furthermore, a property management company can save you time and money in the long run by taking care of all the details for you.
- How can you ensure your luxury rental property is always in excellent condition?
The best way to achieve this is to partner with an experienced property management company with the expertise, workforce, and resources to keep your property in excellent condition.
- How can you keep your luxury rental property in excellent condition when you are not in London full-time?
Chambré companies offer vacant management services designed for property owners who travel frequently or live outside of London.Back to Blog