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What Defines a Luxurious Property

The looks of the property is directly related to its appeal and the type of residents who would be interested in occupying such property. While curb appeal plays a major role, many other important considerations will also define a property to be luxurious.

 

Properties that are considered luxurious are not only popular and fill up fast, but also they demand a higher rent. Hence, if property management wants to market the property as being luxurious, it is important to know the elements that would define luxury. Here are some important points to consider while making such a claim.

 

Differences between Areas

 

The unobstructed view of a stunning sunrise might be considered luxurious in the desert landscape of Arizona, whereas in Florida access to a quiet beach, which does not cater to tourists, would be considered a luxury. Hence, luxury is defined differently in different areas and from different viewpoints.

 

Local Expectations

 

While marketing a property it is important to know what the local population considers luxurious in a property. This can also vary between tenants demographics. For instance, younger tenants will be more interested in a secure garage for bicycles and a fully equipped gym, whereas senior tenants would consider an exquisite health center with visiting nurses, luxurious. The culture of the majority of the prospective residents and the climate of the place will also influence expectations about luxury.

 

Lifestyle

 

Even upgrades done on a small scale can make the property outstanding and terrific if it properly targeted to suit the lifestyle of the possible residents. The ability to customize and addition of fanciful decorations are very appealing to many tenants. Providing smart storage, and incorporating unique patterns and textures for the interiors play a major role in demonstrating luxury.

 

Important interior elements that can be considered are abundant space for storage, subtle lighting fixtures, built-in shelves, especially in kitchen and bathroom spaces, and loads of tech support that includes docking stations, USB outlets, and many electrical outlets for digital and entertainment equipment.

 

Size vs. Amenities

 

A compact unit does not necessarily mean that it lacks luxury. Most tenants are now looking for more amenities and convenience, rather than vast spaces. In fact, many professionals think extra space would translate into extra maintenance and cleaning chores, which would be bothersome.

 

Mostly residents, now look for comfort and features that make things convenient for them. For instance, attractive features could include HVAC with zoning technology, better drapes for privacy, hi-tech security systems, and round the clock availability of various services.

 

 

While considering luxury, another major change is that now many tenants are not concerned about the materials used, as long they are convenient and long lasting. For instance, the older generation seeking luxury would look for tubs and countertops made of granite, but now people mainly want efficiency, convenience, and the latest technology. For instance, residents who invite many guests are no longer concerned about the countertops being made of granite, but will be looking for hi-tech ovens and cooking tops, and whether they can hook up the latest entertainment system.  

Tips to Make Move-In Day Better for Tenants

It is necessary for property management to view things from the point of view of tenants to render better service. One of the difficulties many tenants face is on the move-in day. Considering that, most families move from their residence, once every two to three years, move-in day holds quite a bit of significance and they would like it to be as smooth and easy as possible. Property management can use this opportunity to have meaningful interaction and be helpful, which will in fact set the tone of relationship with the new tenant.

 

What they say is true: first impressions are pivotal.   

 

According to studies, most tenants come to a decision whether they would want to renew their lease, during the first two days after moving in. Therefore, it is paramount for property management to focus on move-in day. Here are some tips that can be helpful in creating the right impression.

 

Keep Lease Signing and Move-In Day Separate

 

Signing the lease can take time, as the property manager might have to explain various terms and conditions in the document. At such a time, the tenant cannot have the truck with all the belongings waiting outside, as the rental will simply add up. The property manager will also not be able to provide the required service, as he will be involved with the lease signing procedure.

 

Make Sure the Unit is Ready

 

The unit must be ready before the move-in date, and this is often overlooked. Property management team must have a checklist, and inspect the unit thoroughly the day before, to make sure everything is ready for the tenant to turn the unit into a home. Reacting when something is noticed by the new tenant sets a bad impression.

 

Add a Personal Touch to the Inspection Procedure

 

In many properties, the inspection form is handed over to the tenants, and they are asked to fill it out and submit it to the management office. This might seem convenient for tenants, as they are usually busy on their move-in day. However, it lacks the personal touch, and if a staff member assists them in the unit's inspection, it leaves a much better impression, and property management has the opportunity to make sure everything is in order.

 

Even a Small Gesture Counts

 

Picking up and carrying even a single box will show that you are helpful, and it will stick in the memory of the new tenant. The gesture might be small, but it reveals your attitude, and it will be appreciated. After the move-in is complete, have the maintenance staff stop by and introduce themselves to the new family.

 

A Welcome Gift or Treat

 

 

Property management can surprise new tenants by leaving a welcome note along with a pitcher of refreshing drink on their dinner table. Even simply leaving bottled water in the fridge will be appreciated. For new tenants, it is highly convenient, when they realize they have forgotten to shop for toilet paper. For just a few dollars, property management can make a fine impression by leaving a toilet roll. 

Improving Customer Service in Property Management

Providing a good service is the best sales and marketing tool, especially for property management. Simply mentioning on the property website that the best service will be provided is not enough, as people expect you to deliver. Prospects or potential tenants often check social media and tenant reviews to find out whether they can indeed expect impressive and professional service.

 

In today's world of networks and connectivity it is not easy to get away with poor service, and in fact most people expect to be surprised by excellent service, since many companies are able to deliver this now. Here are a few tips that can improve the quality of service considerably.

 

Listen Attentively to Residents

 

Each tenant is different, and will have their set of requirements. It is therefore important to know you tenants more by initiating conversations and asking pertinent questions. Now only will property manager learn new things about tenants, but also establish more connectedness with residents, which can result in more loyalty. Property manager should also be able to customize responses according to the type of tenant he is responding to, and avoid unnecessary confrontations.

 

Finding Opportunities to Connect

 

In a large community, it is often difficult to maintain close relations with all tenants. However, property management should not miss any situation where there is a possibility to interact and establish marvelous communication. Simply things like sending thank-you notes as per the situation or acknowledging an important event in their lives can go a long way in forming outstanding relationships. Additionally, make sure all office staff is able to recognize tenants when they call or walk into the office.

 

Quicker Responses

 

Responding to questions, complaints, and issues of tenants is the basic duty of property management. However, you can stay ahead of the competition when you have a very quick response time. The level of your service will significantly improve when you are able to respond within a few hours, even if it is just acknowledging the complaint, and assuring them that it will be attended to shortly.

 

Deliver as Promised

 

The result counts the most, and if you are unable to deliver on your promise, no amount of strong or cohesive relationship will make any difference. If you are setting certain expectations, make sure you are able to deliver. Simply mentioning various services and not delivering can have much more negative impact, compared to offering fewer services and delivering them. Trust is built by not only doing what was promised but also doing it on time.

 

Identify Areas for Delivering Special Services

 

For rising above the competition, it is now necessary for property management to identify areas for delivering specialized or standout services. In a service-oriented market, it is not possible to survive without providing basic services, but that is provided by almost everybody, and when you need to compete, you need to think of unique ways that can surprise your tenants with services that they would not normally expect. For instance, providing some extra service for pets or having much better security system will definitely impress tenants.

 

 

How to Lease to Frequent Travelers

Many companies employ expert staff to fulfill important contracts, and there are many such professionals who are looking for a comfortable and convenient place to stay. This is a lucrative segment for property management to consider, since these professionals are sometimes paid handsomely and the company is usually ready to reimburse their employees for the price of the renting charge.

 

Even though this presents a salient opportunity for a property manager to decrease vacancies, maintaining current contact info and collecting the rent can sometimes be challenging. 

 

To simplify these challenges, property management will need to maintain a proper contact record, plus certain protocols for protecting the property from legal and other issues. For instance, how to respond to an emergency when the tenant is a traveling nurse who is away on assignment to some foreign land. It is therefore essential to design special riders, agreement information, or terms and conditions in the lease for such tenants. Here are certain situations to consider while designing special riders.

 

Different Communication Platforms

 

When the tenant is going to remain away from the unit for a month or more, and that too frequently, then it is important to have multiple contact points. Property manager should be able to communicate with the tenant through written correspondence, phone, email, or by texting. This way, there will always be some platform available to communicate when the others have failed. Secondly, contact information must be updated at least once in three months to ensure correct information is available in the tenant's file. Having an online portal would be the best way for facilitating payment of rent and updating current contact info.

 

Accessing Tenant's Vehicle

 

There could be many situations where the vehicle of the tenant will have to be moved. It could be due to resurfacing of the parking lot, or during general maintenance of the building. Consider whether tenant should leave the key of the vehicle in the custody of some local person, or whether the vehicle should be stored off-site. If neither is possible, then fix the responsibility for towing and storing the vehicle.

 

Protocol when the Tenant is missing

 

First, determine when the tenant would be considered missing, if he has not returned to the unit when expected. If the property manager is unable to reach the tenant directly, then lay down a procedure for contacting interested parties of the tenant, or the police if you have too.

 

Protocol when there is Property Damage or Natural Disasters

 

A natural disaster, or plumbing problem, or fire originating from another unit can damage the unit of the tenant who is away. Under such circumstances, there should be a protocol in place to access the unit for preventing, or repairing such damage.

 

Policy for Guests

 

Tenants, who are away for a long time, usually employ house sitters or engage services that will take care of their plants or pets. Property management should design policies that will take into account the requirements of such tenants, but at the same time protect the property from issues of sub-letting. Secondly, proper security procedures should be in place to keep track of people who are entering such a unit. 

 

 

Handling Competition from New Construction, New Apartment Complexes

According to reputed and trusted financial sources, the level of construction of new rental units is the highest it has ever been in the last forty years. This is an amazing sign, since it indicates the economy is still struggling because more people are looking to rent than to own. However, this also means intense competition in the rental market, and property owners or property management have to think of various ways of staying ahead in the competition.

 

Almost all the newly constructed units will have better amenities and features, which is going to attract prospective and motivated renters. On the other hand, older properties will still have their existing features and amenities, which may not look as appealing as the new features available in modern units. Therefore, how can these properties compete effectively to maintain their profits and reduce vacancies? Here are certain suggestions that might prove very helpful.

 

Maintain the Property in Top Condition

 

If costly renovations and adding new features are not possible, you can still be in the competition by maintaining the property in top condition. Dirt and clutter are the two main enemies when you want the property to look pristine. Maintain a neat and beautiful landscape, have the trash picked up regularly, and include policies that eliminate clutter. All this will improve the looks of the property and the first impression should be full of smiles.  

 

Highlight the Best Features of Your Property

 

Consider all the features of the property and pick out the best ones. Your property could be having the best view in the area, you might be providing high speed Wi-Fi, or it could be the new pool. Take pride in these features, brag about them, and broadcast them, whenever you have the chance. Make sure you prominently display all the best parts of your property.

 

Take Measures to Retain Terrific Tenants

 

When the property is already having an acceptable rate of occupancy, then steps should be taken to retain fantastic and reliable tenants. Focus on implementing policies to improve services and start initiatives that will keep tenants happy. Retaining existing tenants, works out much less expensive than finding new ones.

 

Using Marketing Initiatives of Your Competition to Your Advantage

 

New properties coming up in your area will start advertising, and that can be a positive detail for you, since more people will be driven to the area. Use clever marketing campaigns to turn this influx to your advantage, and highlight your community to be the most respected and admired for quality services in the area. 

 

Plan a Facelift

 

When new properties are being developed in your area, it is imperative to update certain features on your property. Carefully calculate available budget and consider what investments you need to do to stay in the competition. Modern tenants are mainly looking for convenience and reduced costs. Improving broadband and cable connectivity could bring about the break you may be seeking. Sometimes, it could be simply pruning overgrown trees and sprucing up the landscaping. Consider the demographics and preferences of your tenants and invest in updating features accordingly.

 

 

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